Vermont daily transcript. [volume] (St. Albans, Vt.) 1868-1870, 1868-12-10

hens !, rennrt of the Secretary OF the wi
Treasury. that the receipts for the nscai i,
year ending June 80 1868, were S4o2,- 81
63S .Os3. and that the expenditure Tor .he WI
same period were S37I $40 =, iea . -n9 sc
i'm the Treasury a surplus OF $50. 80. "a "a
1t is estimated that the receip'S u"ii or W
,ha nresont fiscal wear, ending Jun ~, I, ~
1890 will lie S341 800 1868, and the eXpen j,
diture S336, 1852 $40, showing small par ii
once of as. 24O, 1893 in favor oil the GoN-
O nment. For the fiscal year en Jung r
lime 20. 1870. it il estimated that the re- =
GENTS will amount TO 1927 u O,ooo, anu /
the expenditures to 1903 ,O0o;Ooo leaving il
an estimated surplus of S2l,ooo,ooo. - a
becomes proper in this connection !"
,,al,n = brief reference to our public III
| dnhtcdnes which has accumulated IA ,
nidlv md assumed such colossal proper
tins. o,oro.
tions under the Federal Constitution, ~
was burdened with an indebtedness OF
So 900 900, created during the VA y,
the Revolution This amount iii,u poSa
reduced to S45, 900 600, wnen, In
war was declared against Great Brita.li;;
The three years struggle that followed
, largely increased the national obiiga-
= tons and i'm 1916 they had attained the
ann of 1927. 900 600. Wise and econo'
, mical legislation however, enabled the
:. Government to pay the entire amour.
:, within period of twenty years, anu Wy
extinguishment of the natlonai ueot
y filed the land with rejoicing, ana was
IL ono of the great events of President
Jack administration. After Its re-
= demntion a large fund remained in the
~ Treasury. which was deposited tor sale
70 keeninc with the several States, on con-
u u tion that it should be returned them
y when required by the public wants.
~ In Is49, the year after the terninasu rs"vns
)I onnressive war with Mexico, we found ourselves
,d ;uvoved in debt of 500, 010'OU ana inns was
he the amount owned by the Government IN ioo
he inst previous to the outbreak OF the reoe.ino ~
,U tho snrinc of 1861. Once civil war commences
- eoch wear of its continuance made an enormous
us addition to the debt and when in the sprln.. Oh
ee isG5 the nation successfully emerged from tn1
ey conflict the obligations OF the Govern'c ono ~
yO roacbed the immense sum of ~, 7399s909.
oil Tbe Secretary of the Treasury shows 'hat o
!, tbe lat day of November, 1867, this amount mao
~ been reduced to 81 49i aot 4ou, ou. dr;ng the
nat wear of So 625, l03 for the dept o, VIC 90
N dav of November last is stated to we ooo 80
NJ 527 129, $50. 1t is estimated pv the LA !,
lilo that the returns for .he past month WI au 900
~; an, liabilities the further sum OF 81 ,Vu,uoo
III maxine total increase during the past thn'eei
III months Of SAG, 10000. .r.,,,o, ,.h
ary In nv message to Congress of December 3t !,
sht 1867 il was suggested that policy should D
yed devised by which, Without being oppressNe
ax the peope we would at once beg'n TO enc,
Pc charge it fully within a definite hnhper )
. years. go so,o;,,,,, ,aro,r
rec mends legislation OF TINS cha xrd ahe mo,
no. | difficult must become its Accomplishments, "
oa should follow the wise precedents es." a,ia
is: ed in 1889 and 1916, and, without luitn.i
lelr make provision for the payment OF our oonS
nil tons at us early period as may be pfaetleap,
ex- rbe fruits of their abors should be ENJOYED
OK our citizens rather than to build NJ anus"s.aa'
anu lands. Our foreign debt is already compu.'
ures ~ all tunes discarded ineoVng axa}inoh it
tho heavy to be borne, and the payment once
and of an amount email tp tbe nr rn.e VI l'e1es
With vas debt, if permitted to become pernane
ons, ana increasing, must eventually be gathered i
nty 10 me hands OF the few, and enable them
v th exert dangerous and controlling power in Il
affairs OF the Government
lie borrowers would become servants to Il
I'm zen ers and lenders masters of the peopl
OnS we now pride ourselves upon having given fire.
dom to four millions of the colored race. :
ged VIII then be our shame that forty millions of ii
leo people by their own federation of usurpatic
- and profiiSacy, have suffered themselves IN h
ioh come ensaved and merely exchanged slay
was owners for new task-masters in the shane ,
lift oondholders and tax-gatherers. Besides pei
ded manent debts tain to monarchcal govern
ALI mens, anu .eiiu TO monopohes These perpe
for utles ana class legislation totally irrecor
~ cilable with the free institutions introduced If
VI TO to-, our republican system They-w gradr
4
in suoVert our governmental fabric and erect upo
ced us RUNS moneyed sristocacy 1t is sacre
the hless;ng OF Ilat 10 our posterlty tn
VI us by the founders OF the Republic, and by on
ave example teach those who are to follow us care
Ol- fully to avoid the dangers which threaten fra
and Independent people.
Various plans have been proposed for the mn Y
eu, ment OF the public debt, Howeverthev ma,
nus nave varied as to the time and mode in which
civ it should be redeemed there seems to ba n con
MS eral concurrence as to the propriety and Inst
mo- ness OF production in the prese mt rate of inter
az est. The Secretary OF the Treasury in his re-
&c port recommends b per cent. Congress- in !
he bill passed prior to the Adjournment on the 27ti
ms OF July last, agreed on and Al per cent while
Ear by many 3 per cent, has been held to be amnI,
, a sufficient tor investment
81 The general impression as to the exorbitancv
OF the eXl sting OF interest had led to the inouiry
irs IN the public mind respecting the consideration,
as Wnieh the government has usually received fol-
d 1 tnat the amount which it obtained was In real
RIO money three or four hundred per cent les.
than the obligations which it issued in re-
turn. " ~
" 1t cannot be denied that we are paving AN ex.
all traVagant per centage for the Of the money
les borrowed which was paper currency G eaty de-
or preciated below the yaiue of coin This fact il
m made apparent when we consider that bondho,d
"a ersreceive from the Treasury, upon. each dol
az la they own III Government securities Der
Us cent, III goid which Is nearly quite euual to
rs per cent, III currency that The bonds are
d. tnen converted into capital for the National
ce Banks, upon which those institutions issue them
&c for circulation bearing per cent. interest and
es they are exempt from tax by the Government
y, and the States, and thereby enhanced per
OF cent III the hands of holders. We thus have
w an aggregate OF II per cent, which NAV he re-
If celyed unon each dollar by the owner of Govern
- ment securities.
l., system that produces such results is Justly
" regarded as favoring few at the expense of Tie
&c many, and led to the further inquiry whether
lie our bond holders, in view of the large profits
s. they have enjoyed. would themselves be ayerse
= TO settlement of our indebtedness in n 49,