Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-10-15
'2H Z DEBT.
It's Incrense, Past and PrOspecs
tlve..R Oberi y. Walker On tho
Financial OllMaalOn.

Extract from letter dated Washington, Oct g. 1865.
from Hon. Robert }. Walker. late Secretary Of the
Treasury, 10 friend In Philadelphia
In reply TO your inquiry, would say
that tho table of the public debt Of the
Uni,od States At various periods referred to
in tho National lntelligencsr of yesterday
morning, is accurate In all respects, having
been taken frsm the books Of the United
States Treasury. You ask me il it is fact
that the annual expenditures Of the gov
ernment have been increased, As therein
stated. over forty six millions Of dollars
(s46 $50 559), by an augmentation, TO that
extent, Of the yearly interest in currency,
OF tho public debt aimee 3Oth April, 1866.
] answer. that il is an indispntsble feet, and
will add that from a careful consideration
Of the condition Of the treasury, il 10 clear
that this annual interest will 70 on increas-
ing. lii possible that there may BE- q
small reduction in the public debt last
month. but this reduction. il made, will BE-
in debts bearing mainly on interest, or in
war clams withheld, whilst the debt bear
iog coin interest will be aug nented.
That there 10 an increased yearly expcn-
diture, exceeding forty six millions Of dol.
lars since April 80, 1859. to meet tho aug
mcnted interes. las currency Of the pubic
debt, is certain. This is tho true test Of
our financial condition, and. to me. it seems
&c. tain that nothing but total change
Of policy will save rs from national bank
ruptcv. This change of policy must be
based upon a vast decrease of our annual
expenditures, as recommended in my fnan-
cal letter of November last. We must
abolish the Fceedmen's Bureau; We must
ta
il 10 a moderate peace establishment. W.
must terminate there the joint rulo Of the
negro and the bayouet, and (slavsry and
secession having been forever abandoncd)
permit the Southern States, in obedience to
the Federal Constitution, to govern them.
selves NJ before the rsbellion. The fact Of
this vast increase of the annual interest Of
the public debt 10 not disputed question.
1t rests on transcripts from the books Of
the treasury, and cannot DO denied. This
item Of expenditures for the increased On.
nual interest Of the public debt 10 nearly
equal to double the entire yearly expendi-
lures Of Mr.. Poke administration before
tho Mexican war, aad nearly equal TO ito
subsequent annual expenditures, includidg
the war. and heavy paymsnts fer the prin-
cipal and interest Of the public debt. Bat,
even il We take the 30,h Of November last,
the date Of the last annual report Of the
Secretary Of the Treasury, We find The in.
ersaasd annual interest, 10 currency. Of the
public debt, e26,574 1929 frem the 8oth Of
November last (lS67) to the S1st Of August.
1868, being IN augmentation q the rate .of
$4,000, 900 oonth. or 9S6, ooo, 900 year.
At this rate Of increased annual sxpsndi-
turs for interest only, on the 80th Of No.
vember. 1859, little over year, this sim
g!e item Of yearly disbursement would
reach ~, 100000. Il 10 clear, then, that
tho Radical policy leads rapidly and GER
tainly to national bankruptcy, and that no.
thing cen savs 20 but change Of men and
maasufea.