The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1868-12-17
EBNEsBURG, PA, THURSDAY, DECEMBER IL 1868


9341, ,392 ,s69, aid the expenditures $780,
152, ,470, showing small balance Of SIS, ,240, :
398 in favor of the Government. For the
fiscal year ending June 80. 1870, it is esti-
mated that the receipts will amount to S327,-
600 900, and the expenditures to S30S .0OO.-
600, leaving an estimated surplus of $24,-
0O0, 900.
THE NATIONAL INDEBTEDNESS.
1t becomes proper in this connection to
make brief reference to our public incebt-
edness, which has accumulated with such
alarming rapidity and assumed such colossal
proportions. In 1889, when the Govern
ment commenced operations under the
Federal Constitution, it was burdened with
an Indebtedness of seventy-five millions of
dollars, created during the war of the Revo-
luton. This amount had beer reduced to
forty-five millions of dollars when, in 1912,
war 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-seven Millions
Wise and economical legislation, however,
enabled the Government to pay the entire
amount within a period of twenty years,
and the extinguishment of the national debt
filled the land with rejoicing, and was one
of the great events of President Jackson's
administration. After it's redemption, a
large fund remained in the Treasury,
which was deposited for safe keeping with
the several States on condition that it should
be returned when required by the public
wants. In 1849. the year after the termina-
ton Of an expensive war with Mexico, we
found ourselves involved in debt of sixty
four millions, and this was the amount owe.
by the government in 1860, just prior to the
outbreak of the rebellion. In the spring Of
1851 our civil war commenced each year
Of is continuance made an enormous addi
ton to the debt, and when, in the spring Of
1855. the nation successfully emerged from
the conflict, the obligations Of the govern
ment had reached the immense sum Of So
673, 1872 ,909. The Secretary Of the Treas
ury shows that on the lst day of November.
1867, this amount had been reduced to
81 ,49l ,504 $50, but at the same time his
his report exhibits an increase during the
past year OF $35 625. .lO2, for the debt on
the first day Of November last is stated TO
have been 81, ,527, ,129 .552. It is estimated
by the Secretary that the returns for the
past month will add 20 our liabilities the
further sum Of eleven millions, making a
total increase during thirteen month of forty
six and half millions.
REDUC CTIoN OF TIE PUBLIC DEBT.
The President then argues in favor of
reduction of the public debt, in which he
says we should without further delay make
provision for the payment of our obligations
at as early day may be practicable
The fruit of the labors of the people, he goes
on to say, should be enjoyed by our citizens,
rather than be used to build up and sustain
moneyed monopolies in our own and other
lands. Our foreign debt is already compu-
ted by the Secretary of the Treasury at
$3.50 900, 600. Citizens Of foreign countries
receive interest upon large portion of our
securities, aud American tax pay ers are made
to contribute large sums for their support.
The idea that such debt is to become per-
manent should be at all times discarded, as
taxation is too heavy to be borne.
The President also discusses the rate of
interest now paid by the Government, and
comes to the conclusion that we are paying
an extravagant per centage for the use Of the
money borrowed. lie says: Our national
credit should be Sacredly observed, but in
making provision for our creditors we should
not forget what is due 10 the masses of the
people. 1t may be assumed that the holders
of our securities have already received upon
their bonds larger amount than their orr
ginal investment, measured by gold stand
ard. Upon this statement of facts it would
become Just and equitable that the six per
cent. interest now paid by the Government
should be applied to the reduction of the
principal in semi-annual iusta!ments, which
in sixteen years and eighteen months would
iiquidate the entire national debt. Six per
cent. iu gold would at present rates be equal
to nine per cent. In currency, and equivalent
to the payment Of the debt one and a balf
times in fraction less than seventeen years.
This, in connection with all the other ad-
vantages derived from their investment,
would afford to the public creditors fair
and liberal compensation for the use of their
capital, and with this they should be satisfied.
OUR oURnENcY.
The President, after adyerting to the in
hation Of the currency, says that it is the
obvious duty of the Government, as early as
may he consistent with the principles of
eound political economy. to take such mea-
sures as will enable the holder of its notes
and those of the national banks to convert
them without loss into specie or its equiva.
lent. a reduction of our paper circulating
medium may not necessarily follow. This,
however. would depend upon the law of de-
mand and supply; though it should be
borne in mind that by making legal-tender
and bank notes convertible into coin or its
equivalent, their present specie value in the
hands of their holders would be enhanced
one hundred per cent. Legislation for the
accomplishment of result so desirable is de-
msnded by the highest public considerations.
He further says that equal ard exact justice
requires that all creditors of the Government
should be paid in currency possessing uni
form value. This can only be accomplished
by the restoration of currency to the standard
established by the Constitution, and by this
means we would remove a discrimination
which may, if it has not already done 50,
create prejudice that may become deep
rooted and widespread, and imperil the ma
tioral credit.
THE PUBLIC DOMAIN.
The Secretary of the Interior, 10 his re-
port, gives valuable information in reference
to the interests confined to the supervision
of his department, and reviews the opera
tions of the Land Office. Pension Office, Pat
ent Cffice and Indian Bureau. During the
fiscal year ending June 30th. 1868, six mil
lions six hundred and fifty-fve thousand
evan hundred acres of public land were dis