The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-09

This exhibit shows that large sum Of ST. S22 $780,
$50 was expended In the payment OF the interest and OF
other demands upon the Treasury In three years and
seven mOnths being an average. annual eypendi-
II the Statement of the public debt on the frst day
OF April, 1885, had included all debts due at that
time, and 81 1922, $50, 537 had really been expended
IN paynen. OF .ne interest &c, on sne pa0c deo and
that day and the first day OF November last, there
would have been pronigacy and recklcssness In
the government and disheartening to taxpay ers.
Fortunately this Is not the fact That statement las
s true Of all other monthly statements OF the Trea-
sury) exhibited only the adjusted debt, according
10 the books OF the Treasury and did not, and could
not ncuae tne large SUMS due 70 inc soldiers OF the
than million Of mem for pay' and for sbounties,"
or on claims OF various kinds which must OF neces-
sity have been unsettled. For the purpose OF putting
this matter right, the Secretary has endeavOred To
ascertain from the War and Navy Departments how
much Of their respective disbursements, SINCE the
close OF the war, has been In payment OF debts pro-
perry chargeabe to the expenses Of the war. The
following IL the result OF mis- inquiries:-
BY the War Department. ............ $685. 4S1 125
It has been impossible to obtain an exact state.
ment OF the amount OF such debts paid by the Navy
Department, but sufficient information has been re-
ceved to justify the Secretary estimating 1t In
under rather than over estimate. The expenditures
OF the War Department have been furnished in do
tail, and are believed to be substantially correct
These figures show that the money expended by
the War and Navy Departments between the Ist
day OF April. 1865. and the lst day OF November
1865 on claims Justly charseabe to the expenses OF
the war; amounted $3.50, 431, LIS
TO which should be added amount al.
vanced to the Pacific roads. 42,194.0oo
Amount paid for Alaska. 7.2O0,o0o
Total. 1913, s25 I2s
venues ST. 662 476062 and $780, t74475 the increase
OF the public debt-the remainder, s1142 s25,4l1 or
an average Of S3ls per annum, Is the amount
actually expended in the payment 0f current ex-
=
and seven months the revenues or the receipts from
oil sources OF revenue reached the enormous sum OF
$40 o62, aud that $500. l25 were paid
and for bounties which, like the pay Of the army,
were o part Of the expenses OF the war. Adding the
books OF the Treasury on the LIST day OF Aprii 1865
1t appears that the debt or the United states at that
time was $29s7 203 and that the actual reduction
has been $470 and but for the advances to the
Pacific roads and the amount paid for Alaska would
have been $5l9, 650, $50.
sources OF this young nation than this statement or
show more clearly ts ability to make short work"
Sar re 81 ,nd n, Sess ense rnvennes have
been collected while onethrd part OF the country
was In state OF great destitution, resulting from
Its terrible struggle to separate itself rom the Union,
with s political condition unsettled and Its industry
In great degree paralyzed. and while also the other
two-thirds were slowly recovering from the drain
upon their productive labor and resources, neces
sary accompaniment OF gigantic and protracted
war.
The Secretary has noticed with deep regret indica-
tions OF growing sentiment IN Congress-no It'll
standing the favorable exhibits which have been
from time TO time made OF the debt-paying power OF
the country-in favor OF a posponemcnt OF the pay
ment OF any part or the principal OF the debt until
the national resources shall be 30 Increased to
make The pay mcnt or II more easy. IL this sentiment
shall so prevail AZ to give direction TO the action OF
the government he would feel that very great error
had been committed, which could hardly fail To be
% severe misfortune 10 the country. The people OF
the United States VIII never be 80 willing to be taxed
Tor the purpose OF reducing the debt as ut the pre-
Is
ter understood aud appreciated than 1t be mt q
future day. Now 10 IL regarded by a largo majority
OF taxpayers a. part OF the great price paid for the
maintenance OF the government and therefore
sacred debt The longer the reduction OF IL ~ post
poncd the greater viii he the difficulties In the way
OF accomplishing Il and the more intolerable VIII
seem 10 DO the burden VI taxation. The Secretary
therefore, renews the recommendations made IN his
Irst report that certain dchnkc sum be annually
applied TO the payment or the interest and the prln
cipai OF the dent. The amount suggested
S20o,000,OOu. AZ the debt IL considerably smaller
tlan lts maximum was estimated ut the amount to
be so applied annually might now safely be fixed ut
SlIh,0O0,ooo, according To the estimate already mate
Ina this report.
The subject OF THE currency In which the ivc
twenty bonds are to be paida,itated for some time
past-was freely discussed during the recent poi-
cal canvass, and made question upon which par.
ties, 10 some extent were divided. The premature
aud unfortunate agitation aud discussion OF this
question nave been damaging TO the credit OF the
government, Doth ut home and abroad, 10y exciting
apprelenslons that the good faith OF the nation
might not be maintained, aud hayc thus prevented
our ponds ron advancing M price, as they other.
Wise would nave advanced, after 10 was perceived
tnaL tne maximum OF the debt had been reached
and have rendered funding at low rate OF interest
100 unpr0mising TO be undertaken In his report In
1853 the Secretary used the following language
Before concluding his rsmsrks the national debt tho
bonds sued uuder me scts OF Fsbuary ~ iG and Juna