The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-12-10

estimated as necessary for the fiscal year end
ing the 3cth OF June, 1862 we obtain n total
expenditure of 81, 900, DOC, 900 during the four
years Immediately succeeding the war, OF
nearly as much as was expended during the
aeTenty.two years that preceded the rebel.
lion, and embraced the extraordinary axpen.
ditures already named. These startling facts
clearly illustrate the necessity Of retrench.
raent in all branches of the pnblic service
Abuses which were tolerated 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 revenue and ems.
toms have during the past three years pradu.
ally diminished, and the continuance Of use.
less and extravagant expenditures will in.
volve rs in national bankruptcy, or else make
inevitable an increase Of taxes already toe
onerous, and in many respects obnoxious on
account Of their inquisitorial character. One
hundred millions annually are expended for
| the iljtary force, large portion of which is
employed in the execution of laws both un-
necessary and unconstitutional. One hundred
| and fifty millions are required each year to
pay the interest on the pnblie debt. An army
of TAX gatherers impoverishes the nation. and
public agents placed by Congress beyond the
control of the Executive divert from their
| legitimate purposes large sums of money
which they collect from the people in the
| name of the Government Judicious legisla.
| ton 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
| ii is estima ted will remain in the Treasury n
the close of the present fiscal year will not be
| allied and additional millions will be added to
| q debt which is now enumerated by billions. II
| is shown by the able and comprehensive report
| Of the Secretary of the Treasury that the re.
ceipts for the fiscal year ending June 1865 were
S405 63S, 0S3, and that the expenditures for the
| same period were S377,340, 2S4. leaving in the
| Treasury surplus of SOS. 2a7, 7aS. 1t is esti.
| mated that the receipts during the present fis-
cal year ending June 80, 1869. will be $34l,-
Sao. SOS, and the expenditures 1896. l52. 40,
showing Il small balance of 1895 in favor of the
Government for the fiscal year ending June
30. 1870. 1t is estimated that the receipts VIII
amount to 1927 900 900, and the expenditures
to SS0S, 900 0o0 leaving an estimated surplus OF
1914, 900, 800. Ii becomes proper in this connec-
ton TO make a brief reference to our public
Indebtedness which has accumulated with
such alarming rapidity and assumed such CO.
lossal proportions. In 1889, when the Govern
ment commenced operations under the Fede-
raj Constitution it was burdened with an in
debtedness Of $70, o00, 000 created during the
war OF the Revolution. This amount had
been reduced to $45, o00, 600 when in 1912, war
was declared against Great Britain. The
three years struggle that followed largely in
| creased the national obligations. and in 1916
they had attained to the sum of 1927, 900, 600.
Wise and economical legislation, however,
enabled the Government to pay the entire
amount within 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 admins
tration. After its redeTnptio large fund re-
manned in the Treasury, which was deposited
for safe-keeping with the several states, on
condition that it should be returned when re.
quired by the public wants. In lS49 the year
after the termination of IN expensive war
with Mexico, we found ourselves involved In
4 debt of $64 900, 900 and this is the amount
owed by the Government in 1860, just prior to
tha break 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 1855,
the nation successfully emerged from the con
flict, the obligations of the Government had
reached the immense sum of 50, S73, 992, sos.
The Secretary of the Treasury shows that on
| the first day of November, 1867, this amount
had been reduced TO 81 49l ,50+, $50, but at the
same time his report exhibits an increase du-
ring the past year of S35, 625, 1922 for the debt
| on the first day of November last is stated to
| have been 80, 527, 129, j52. 1t is estimated by
| the Secretary that the returns for the past
month will add to our liabilities the further
sum of eleven millions, making total in
crease during thirteen months OF forty six
and half millions.
In nv message to Congress of December L.
1865, il was suggested that policy should be
devised which, without being oppressive TO
the people, would ~ once begin TO effect a re-
duction of the debt, and, if persisted in, dis
charge il fully within Il definite number OF
years. Inc VI the lciSaly loiSibiy
recommends legislation of this character, and
Justly urges that the longer it is deferred the
more difficult must become its accomplish
ment. We should follow the wise presidents
established in 1889 and 1916, and without
further delay make provision for the payment
of our obligations at as early period rs may
be practicable.
The fruits of their labors should be enjoyed
by our citizens, rather than used TO build up
and sustain moneyed monopolies in our own
n,,r FDr lob is 1~nn IL
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, and American tax
PAYERS are made 10 contribute large sums
for their support. The idea that such
Il debt is to become permanent should be
1T all times discarded, as involving tax
alton too heavy to be borne, ana payment
once in every sixteen years, at the present
rate of interest, of an amount equal 10 the
original sum. This vast debt, if permitted TO
become permanent and increasing, must
eventually be gathered into the hands OF
few and enable them to exert dangerous ana
controlling power n-the affairs Of the Gov
eminent The borrowers would become SER
wants TO the lenders, the lenders the masters
Of the people. We now pride ourselves upon
having given freedom TO four millions OF the
colored race. 1t will then be our shame lhat
forty millions of people, by their own tolera-
ton Of usurpaLion and profiigacy, have suf-
fered themselves to become enslayed, and
merely exchanged slave owners for new task
masters in the shape Of bond-holders and taN-
gatherers besides, permanent debts pertain 10
monarchical governments, and tending TO
monopolieS, perpetuities, and class legislation,
are totally irreconciliable with free institu-
tons. Introduced into our republican sys-
tenn they would gradually but surely sap
lis foundations, eventually subvert our gov
ernmental fabric, and erect upon its ruins
4 moneyed aristocracy. 1t is our sacred duty
TO transmit unimpaired to our posterlty the
I,nx,, bod
blessings of the liberty which We're bequeathed
10 us by the founders of the Republic, and by
our example teach those who are to follow US
carefully 10 avoid the dangers which threaten
a free and independent people various plans
have been proposed for the payment OF the
public debt. However they may have varied
as To the time and mode in which it should be
redeemed there seems 10 be a general concur
renee as to the propriety and business OF re-
duction in the present rate OF interest. 1he
Secretary of the Treasury IN MS report re,
commends five per cent; Congress, IN Dill
passed prior TO adjournment OF the 27tn OF
July last, agreed upon four and tour ana q
half per cent, while by many three per cent.
has been held to be an amply sufhclent return
sion as to the exorbitancy Of the existing
rate of interest has led TO an inquiry In
the public mind respecting the consideration
which the Government has actually received
for its bonds and the conclusion is becoming
prevalent that the amount which 1t obtained
was in real money, three or four hunareu per
cent. less than the obligations which it issued
in return 1t cannot be denied that we are
having an extravagant percentage Tor the
nss of the money borrowed, which was paper
currency greatly deprecated below the value
of coin. This fact is made apparent when we
consider that bond holders received from the
Treasury upon each dollar Ihey own III Go'
yarnment securities six per cent. in gold,
which is nearly or quite equal TO nine per
cent in currency; that the bonds are then
converted into capital for the national banks
upon which those ms titutions issue their clrcu
ation bearing six per cent interest; and that
,hav are exempt from taxation by the Co.