Des Arc weekly citizen., 1868-12-22

}. D t,(JEM.BER < Ipoverish th. notion, and public Zen .tplsced by Congress beyond the contr, of the Executive. divert trpm their ls
 gitimate purposes large sums of none - which they collect from the people i the name, of the Gpvcrnmsnt. Jud
 cious Iegislation and prudent econom
 csn alone remedy the defects and aver
 the evils which, If suffered to exis
 cannot fail to diminish confidence i public counsels, and weaken the ai
 tachment and respect of the people to
 ward their political institutions.
 l Without proper care the small bal
 ance which it is estimated will rennai in the Treasury at the close of the pres
 ent fiscal year. will not be realized, aii.
 additional millions will be ndded to debt which is now enumerated by bil
 li0ps. It Is shown by the able aIit
 cbhiprehensive report Of the Secretar,
 of the Treasury, that the receipts fo
 the fiscal year ending June 30, 1868
 were S4S5,62S.O63, and that the expen
 dituras for the same period were S377,
 3f0,2S4. leaving in the Treasury 6 sur
 plus of 2S.297, ,79S. It is estimated
 that the receipts for the present fisca year, ending June 30, 1869, will b, S34l ,392, ,S6S, and the expenditure
 $336. 152.470. showing a small balanc, of $5,240,3 398 im favor of the Govern
 ment for the fiscal year ending Jun.
 30. l870 In 1870 it is estimated tha v1to and the expenditures S353, COG. GOO. leav ing an estimated surplus of S240, ,0O0, GOO.
 It becomes proper in this connection to make q brief reference to our public
 indebtedness. which has accumulated
 with such alarming rapidity and as.
 sumed such colossal proportions. In l7S9 when the government commenced operations under the Federal Constitu.
 ton it was bur1encd with an indebted. ness of S75,00O.O00, created during the war of the Revolution; this amount
 had been reduced to S45.000,0OO when in 1912 war was declared against Grea,
 Britain. and the three years struggle
 which followed largely increased the national obligations. and in 1916 they had obtained the sum of $l27 .O0o, ,00O
 Wise and economical iegis,a.ion. how. ever, enabled the Government to pay the entire amount within period oi twenty years, and the extinguishment of the national debt filled the land with rejoicing, aud WAS one of the greatest events of President Jackson's adminis- tration; aud airer its reduction, large sum remained in the Treasury, which for safe keeping. was deposited with the several States, on condition tha, it should be returned when required by public wants. In lS49, the year after the termination ot an expensive war with Mexico. we found ourselves in : volve.l in a debt Of Se4.000.0O0. and this was the amount owed by the Govern mcnt in 1860, just prior to the out break of the rebellion. In the spring Of 1861 our civil war commenced, and which, in the years Of it's continuance. made an enormous addition to the debt, and when in the spring of 1865 the nation successfully emerged from the conflict the obligations of the Gov ernnent had reached the enormous sum of S2.5I3 992.909. The Secretary of the Treasury shows that on the first day ot April, lS67, this amount had been reduced to S2,49l. .5Ol, ,453, but at the same time his report exhibits an increase. during the pas, year. oi S35, G25, ,l02, for the debt on the first day ot November last is stated to have been S2.527, l29.5l2. IL is eetinIated by the Secretary that the returns for the past month win add to our liabilities the further sum of Sll,000,000, making a total increase. during thirteen months, of sit, 6,500,OOJ.
 In my message to Congress of Decem- Der 4. lS65, it was suggested that the policy be devised which. without be- ing offensive to the people, would at once begin to effect reduction of the debt and pensions, and discharge it within definite number of years. The Secretary of the Treasury forcibly recommends legislation of this charac- ter, and justly urges that the longer it is deferred tine more difficult must be its accomplishment. We shonjd fol- low the wise precedent established in lzS9 aud 1916. and without further de- provision for the payment of our obligations at as early a period as may be practicable. The fruits ofthcir labor should be enjoyed by our citi- zens, rather than used to build up and sustain moneyed iuoaopolies in our own and other lands. Our foreign debt is already computed by the Secrc- tary of the Treasury at sS5.OO0.O03. Citizens of foreign countries receive interest upon large portion of our securities, and thus taxpayers are made to contribute large sums for their sup port. The idea that such a debt is to become permanent, should at times be discarded as involving taxation too heavy to be borne. and payment once in every sixteen years. at the present. rate of interest at one per cent, would be equal 10 the original sum. This vast debt promises to become perma- ment. is increasing, and must eventual Iy be gathered into the hands of a few. and enable them to create q dangerous and controlling power in the affairs of the GnvernmeIit. The borrowers would become servants to the lenders, the lenders the masters ot the people. We now pride ourselves upon having given t'reed0Ns to four millions of the colored race. Ii will, then. be our shame that forty millions of people, by our tolera.ion of usurpstion and proliigacy. have suffered themselves to become enslaved, aud merely exchange slave owners for new t.isk-mAeferS ill the shape of bondholders and tax gatherers. Besides permanent debts pertain to monarchial govcYamenss, and tend to monopolize and perpciuatc class legisiaiio,l, and are totally incom- patible with free institutions. Intro duccd into our Republican system they would gradually but surely sap It's foundations, eventually subvert our governnenia! fabric and cree, npon its ruin money aristocracy. It Is our sacred duty to transmit unimparied to our posteriiy the blessings of liberty which were bcquea,hed to us by the founders of the Republic. and by our