Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1868-10-13
FROM the National Intelligencer. October 81
The National Finances.
Tie Fearful Augmentation of the Public
De6t-a Letter Of Hon Robert j. Falser..

Tie Fearful Augmentation of the Public
Debt-a Letter Of Hon Robert j. IFaLser. |
On account of the great authority of Mr..
Walker in what respects Government mt finances,
we take pleasure in laying before the public
an extract of a. letter from him, addressed to
a citizen of the city of Philadelphia. 1t is
as follows:
"Erfrdct of a letter dated Washington. Oc>
tober 6, 1865, from Hon RoGertJ. Wniker,
late Secretary IF The Treasury, to a friend
in Philadelphia
''In reply to your inquiry, would say, that
the table of the public debt of the United
States at various periods, referred to in the
National Intethgencer of yesterday morning,
is accurate in all respects having been taken
from the books of the United Suites Treasury.
You ask me if it is a fact that the dimWd!
expenditures of the Government have been
increased as therein stated, over forty-six
millions of dollars, (s46, O56 ,559) by an aug
mentation to that extent. of the yearly interest
in currency. of the public debt since 30th
of April, 1865. l answer that it is an inelis>
putdLEe fact and, l will add that from careful
consideration of the condition ofthe Treasury,
it is clear. that this annual interest will 90 on
increasing. 1t is possible that there may be
small reduction of the public debt last
month, but this reduction, if made, will be in
debts bearing mainly no interest, or in war
claims withheld, whilst the debt bearing coin
interest will be augmented.
That there is an increased yearly expen-
diture,. exceeding forty six millions of dollars
since April 30, 1865, to meet the augmented
interest Gas currency OF the public debt, is
certain. This is the true test of our financial
condition, and, to me, it seems certain that
nothing but total change of policy will save
| us from national bankruptcy. This change
of policy must be based upon a vast decrease
of our annual expenditure, as recommended
in my financial letter of November last. We
must abolish the Freedmen's Bureau; we
must recall the army from the South, and
reduce it to moderate peace establishment.
We must terminate there the joint rule Of the
negro aud the bayouet (and, slavery aud
! secession having been forever abandUned).
| permit the Southern States, in obedience TO
the Federal Constitution, to govern them
selves us before the rebellion. The fact of
this vast increase of the annual interest Of the
| public debt is not disputed question. 1t
| rests on transcripts from the bucks of the
! Treasury. and cannot be denied. This item
of expenditures for the increased annual
interest of the public debt is nearly equal to
double the entire yearly expenditures Of Mr..
! Polk S administration before the Mexican war.
and nearly equal to its subsequent annual
expenditures, including the war, and Heavy
| payments for the priucipa and interest of the
public debt. But even if we take the 30th
of November last, the date Of the last annual
report of the Secretary of the Treasury we
! find the increased annual interest as currency
of the public debt. S26:574 800 from tile
3Oth of November last (la67) to tie 3lst of
| August, 1868, being an augmentation at the
rate of three millions of dollars Il month or
thirty six millions Of dollars year. At this
rate OF increased annual expenditure for
interest only on the 3UIh of November, 1869,
little over year, this single item of yearly
disbursements would reach seventy two mil
lions Of dollars 1t is clear, then, that the
Radical policy leads rapidly and certainly to
national bankruptcy, and that nothing can
save US but changc Of men and measures
! Mr.. Walkers facts, figures and arguments
will not be questioned even by Radicals, Tor
| they lave exhausted encomiums upon him
for those great efforts at period of almost
pitch darkness concerning the finances during
the rebellion, when lie succeeded by the
Intense fire Of his nature in driving through
Congress the necessary measures for continuing
tie war to successful Termination. Suisse
queutly. as agent of the Government, lie
visited Europe, and succeeded in making
mnrket for Government bonds there. and
establishing our credit on firm basis These
acts OF supreme service to the country were
worthy of his great fame as Secretary of the
Treasury under Mr.. Polk, when he not only
piloted with entire success the financial ship.
but chnmponed with unsurpassed skill, force
and effect, the cause of pracrical free trade
by which the rate per cent. of revenue was
reduced to the low hgure of twenty six per
cent 1t were joyful, indeed were there hope
that such another bright day in our history
will ever come.