The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-12-10
NUMBER 80.

W NC" aeAicO was Optalncu HOiu 1SAds tOf thc
sum of ten millions.
EARLY in 1861 the war OF the rebellion COM
mepced, and from the LIST of Jolly of that year 10
the 30th Of June, 1865, the public expenditures
reached the enormous aggregate of thirtythree
hundred millions. Three years of peace have in
tervened, and during that time the disbursements
of the government have successively been five
hundred and twenty millions, three hundred and
forty six millions, aud three hundred and ninety
three millions. Adding to these smounts
three hundred and seventy-two millions.
estimated as necessary tor the fiscal year
ending the 3Oth June, 1869. We obtain total
expenditure OF sixteen hundred millions OF dollars
during the four years Immediately succeeding the
war; or nearly as much as was expended during
the seventy-two years tbatpreceded the rebellion,
and embraced the extraordinary expenditures
already named. These startling facts clearly Illus
irate the necessity of Tetrenching in all branches
Of The public service. Abuses which we're t0ler
ated during the war for the preservation Of the
nation. will not be endured by the people now
that profound peace prevails.
The receipts from internal revenues and Gus
toms have, during the past three years, gradually
diminished. and the continuance of useless and
eXtravagsDt expenditures will involve us Ia ma
tionsl bankruptcy, or else make inevitable an in.
crease of taxes already too onerous, and In many
respects obnoxious on account OF thelr inquisito-
rial character. One hundred millions annually are
expended for the military force, large portion OF
which is employed 10 the execution of laws both
unnecessary and unconstitutional one hundred
ana Dtty mlltlOu required tdcn year 10 pay the
interest ON the public debt; army of tax
gathers impoverishes the nation. and public agents
placed by Congress beyond the control OF the exc
cutve. divert from their legitimate purposes large
sums Of money which they collect IRON the peo-
pie In the name of the government.
Judicious legislation and prudent economy can
alone remedy defects and avert evils, which. if
suffered to exist, cannot fail to diminish confidence
in the people towards their political institutions.
Without proper care, the small balance which it
is estimated will remain in the treasury at the
close of the present fiscal year will not be reaiz-
ed and additional millions be added to debt
which lie now enumerated by billions!
Ii is shown by the able and comprehensive re-
port of the secretary Of the treasury that the
ceipts for the fiscal year ending June so, 1865,
were $405 ,63s 0S3, and that the expenditures for
the same period were 377 $40 254, leaving in the
treasury surplus of Is, ,297, ,79s. 1t is estimated
that the receipts during the present fiscal year,
ending June 80 1869 will be $34I 392 S6S, and the
expenditures 1886, l52 40. showing a small bal
For the fiscal year ending June 80 1870 it is est-
mated that the receipts will amount to 327 900 000
and the expenditures to s303 900 900, leaving es-
mated surplus of s24 10000
IL becomes proper in this connection to make q
brief reference TO our public indebtedness which
has accumulated with such alarming rspidity and
assumed such closssl proportions. In 1889, when
the government commenced operations under the
federal Constitution, II was burdened with an in
debteoness of seventy five millions OF dollars,
created during the war of the revolution. This
amount had been reduced TO forty-fve millions Of
dollars. when, in 1912, war was declared against
Great Britain The three years struggle that
followed largely increased the national obligations.
and in 1916 they had attained the sum of one hundred
and twenty-seyen millions. Wise and economi-
cal legislation, however, enabled the government
to pay the entire amount within period of twenty
years, and the extiDguishment of the national
debt filed the land with rejoicing. and was one Of
the great events of President Jackson's admins
tIatiOn. After its redemption large fund re-
msined in the treasury, which was deposited for
safe keeping with the several States, on con-
dtion that II should be returned when required
by the public wants. Ia lS49, the year after the
termination Of an expensive war with Mexico,
we found ourselves involved ia debt OF sixty.
four millions, and this was the amount owed by
the government in 1860 just prior to the outbreak
of the rebellion.
In the spring Of 1861 our civil war commenced.
Each year Of its continuance made an enormous
addition to the debt and when in' the spring Of
1865 the nation successfully emerged from the
conflict the obligations OF the government had
reached the immense sum OF s., ,S13 ,992, ,yO9 The
secretary of the treasury shows that on the 6rst
day Of November, 1867, this amount had been re-
duced TO 81 49l 504 450, but at the same time his
report exhibits increase during the past year Of
t35 ,625 ,l02, for the cebt on the first day of No
vember last Is stated to have been 527 l29 $50.
Ii is estimated by the secretary that the returns
for the past month will add 70 our liabilities the
further sum of eleven millions-making q total in
crease during thirteen months Of forty ak and
half millions
In ny message to Congress Of December 4th.
1865, il was suggested that policy should be de-
vised which, without being oppressive TO the peo-
pie, would st once begin TO effect reduction OF
the debt, and IL persisted IN, discharge IL folly
within definite number of years. The secretary
of the treasury forciby recommends legislation
OF this character and ustly urges that the longer
it il deferred the more difficult must become its
Accomplishment. We should follow the wise pre-
cedents established in l7s9 and 1916, and without
further delay make provision for the payment Of
our obligations at as early q period as may be
practicable. The fruits Of their lsbors should be
enjoyed by our citizens, rather than used to build
up and sustain moneyed monopolies in our own
and other lands.
Our foreign debt is already computed by the
secretary of the treasury at eight hundred and
fifty millions. Citizens Of foreign countries receive
interest upon large portion OF our securities aud
American tax pa yers are made to contribute large
sums for their support. The idea that such debt
is 10 become permanent should be at all times dis
csrded as involving taxation too heavy to be
borne; and payment once in every sixteen years,
at the present rate Of interest," of amount equal
TO the original sum. This vast debt, ii permitted
TO become permanent and increasing, must even
tually be gathered into the hands OF few, and
enable them to exert dangerous and controlling
power In the affairs Of the government; the Dor.
rowers would become servants to the lenders, the
lenders the masters OF the people.
We now pride ourselves upon having given free
dom to four millions Of the coiored race. II will
by their own federation Of usurpstion and profit
gacy, have suffered themselves to become en-
slaved and merely exchanged slsveowners for
new taskmssters in the shape Of bondholders and
| tax gstherers Besides, permanent debts pertain
| to monsrchicsl governments. and tending to mon
opolies, perpetutes and class legislation are to-
tally concable with free institutions. Intro
duced into cur republican system they would grad
ually bot surely cap its foundations, eventually
| subvert our governmental fabric and erect upon
| its ruins a monied aristocrscy.
| II is our sacred duty to transmit uuimpaired to
our posterity the blessings of liberty which were
bequeathed to us by the founders Of the repub-
| lie, and by cur example teach those who are TO
| follow us carefully 10 avoid the dangers which
| threaten free and independent people.
! Various plans have been proposed for the pay
| ment of the public debt. However they may
| have varied IS TO the time and mode 10 which il
| should be redeemed, there seems TO be general
concurrence as TO the propriety and jastness Of .
| reduction in the present rate Of interest The
secretary Of the treasury, in his report, recon-
| mends five per cent. Congress, in q bill passed
| prior 10 adjournment on the 9th Of July last,
| agreed upon four and four and half per cent,
while by many three per cent. has been held to
be an ample sufficient return for the investment
/ The general impressOn as TO the exOrbitancy OF