Middletown transcript., 1868-10-24
INCREASE OF THE NATIONAL DEBT.
Hon. Robert u. Walker ON the Finances.

An extract from letter dated Wash
ington, October 6. 1868, from Hon. Robt
j. Walker, late Secretary of tile Treasury,
to friend in Philadelphia, is as follows !:
I'm 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 Intelligencer of yester--
day morning is accurate in all respects J,
having been taken from the books of the
United States Treasury.
"You ask me if it is a fact that the an
nual expenditures of the government have
been increased, as therein stated, over for
tty-six millions of dollars ($46, ,056, $500
by an augmentation to that extent of the
yearly interest in currency of the public
debt since 30th April, 1865? l answer
that it is an indisputable fact; and 1 will
add that from careful consideration of
the condition of the treasury, it is clear
that this annual interest will go on increas-
ing. 1t is possible that there may be a
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 dol
lars since April 80, 1865, to meet the aug
mented interest as 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 expenditures.
As recommended in my financial letter of
November last, we must abolish the reed
mems bureau; we must recall the army
from the South and reduce it to a mode
rate peace establishment we must termi-
nate there the joint rule Of the negro and
the bayonet, and secession having been
forever abandoned, permit the Southern
States, in obedience to the federal consti-
tuition, to govern themselves as before the
rebellion
"The fact of this vast increase of the an
nual interest of public debt is not a disput-
ed question, it rests on the transcripts from
the books 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, in
cluding the war and heavy payments for
principal and interest of the public debt.
"But even if we take the Both of No
vember last, the date of the last annual
report of the Secretary of the Treasury,
we find the increased annual interest in
currency of the public debt $26, ,574, 800
from the Both of November last, 1867, to
3lst of August, 1868, being an augumen-
aion at the rate of three millions of dol
lars month, or thirty-six millions of dol
Irs year,
cat this rate Of increased annual ex-
penditure, for interest only on the Both of
November, 1869, little over year this
) 'ngl le item of yearly disbursements would
reach seventy-two millions Of dollars 1t
S clear. then. that the radical policy leads
'apidly and certainly to national bankrupt
,y, and that nothing can save us but
lew change of men and measures"