Wyoming democrat. [volume] (Tunkhannock, Wyoming Co., Pa.) 1867-1940, 1868-10-28
THE NATIONAL FINANCES
The Fearful Augmentation of the Public
Debt.
A Letter of Hon. Robert j. Walker.
[From the National InteHigencer.I i

lFrom the National InteHigencer.l
/ On account "f the great authority of Mr.
Walker in what respects Gov-rnm-n Fl
nances, we take great pleasure il laying
before the public an extract of letter
/ from him addressed 10 citizen Of Phila-
delphis. II is AS follows:
| Extract from letter dated Washington.
Oct. 6, 1868, from Robert J Walker.
late Secretary Of the Treasury to a friend
in Philadelphia
In reply to your inqpry, | would say
that the table Of pubic debt of he Uaitpd
States, at various periods, reftrrei TO in
the Na'ionni IntelHg-ncer Of yesterday
morning, is accurte in all respects, having
been taken from the books of the United
States Treasury. Iou ask me if it is a
fact that the nnBurt Expenditures of the
Government have been increased. a there
III stated. over forty y-siX millions of dollars.
(Si6, 6,056.j99) by an augmentation TO that
extent, OF the yearly interest in currency,
# the public debt since April 30th. 1865.
! answer, that it i an indi- -pntabI. facr and
| will add, that from careful cOusidrra-
ton # the condition Of the Treasury, it is
clear that this annual interest will 20 or
increasing. 1t is possible that there might
be "a small reduction of the public ucbt
last month. but this reduction, if mlde,
will bc III debts bearing manly no interest,
or in war Gains withheld, whist the debt
bearing coin interest VIII BE- augmrn'+d
That there is an inrrras d yearI, exprn-
di'nre, exceeding forty six million of dol
lars since April 30. 1865. to meet tie All.
mrntrd interest (as currency of the pnbIic
d bt, is certain. Tins is the true test Of
our financial condition, and. to me, il
seems certain, that a0fhi~g but n totaL
change of Poiicy UW saUe u, trom nation-
al b'"kr"ptcy This change of polIct must
b. based upon a vast deere tse Of our an
nnal expenditures aS Recommended ~ my
financial letter of November last. We
must abolish the Freed mans bureau; We
must recall the army from the South, aud
reduce il to a moderate peare establish
m"nt. We must terminate there the joiut
rule Of the negro and the bdyOnet, (4nd;
slavery and secession having been forever
permit the S 'uthern States,
w Opc'!ItllIt ~ tll' pIl>lllull'ifi.
To govern thea srlvcs As before the rebel
hon. Thr fact Of this vast increase of rhr
annual interest of the public debt is not
disputed question. 1t rests on transcripts
from the Secretary, and cannot be denied.
lhi, item of expenditures for the increased
annual interest OF the punlic debt Is nearly
equal To double the cutire yearly exp-ndi- |
ture- Of Mr. Polk's administration b fore
the Mexican war, and nearly equal to It's !
subsequent annual expenditures, includ ng
the war, and heavy payment for the prin- |
cpal and interest of the pullic debt. But |
even if we take the 3Oth Of November last,
the date OF the last annual report of the /
Secretary of the Treasury, We find the in
creased ANNA interest, as CURRENCY, of the /
public dcbr, S2G,574,3 ,329 from the Both of
November !a,l (lS67) TO the 3lst Of Au-
gnst 1868, augmrnting at the rate Of
three million of d,lla month, or thirty
six millions Of dollars IA year. At this
rate Of annual expenditure for interest oL-
ly on the 30th Of November 1869, n littl,.
over a year, this single ir,m of yearly DIS
bursmentS would reach srventy.two mil
lions of dollars. 1t is clear then, that the
Radical pnIicy leads rapidly an certainly
to a national bankruptcy, and that nothing
can save rs but a change of men and
measure.