Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1868-09-16
THE DEBT THEN AND NOW.

THE DEBT THEN AND NOW.
Bear in mind that these figures are all Off
cial, carefully prepared for me by Hon.
David A. Wells, in order that l might de-
fend the credit of the United States against
all corners.
WHAT Is OUR DEBT NOW
At the end of the fiscal year ending June
30, 1865 it was $2,5ll 200
But in this amount there were included
$4,000, 900 of bonds loaned TO the Pa an
cifc Railroad, and to be paid by them, 2o'ooo'ooo
Net debt. sa,4s5 900, oOC
WE HAVE PAID OFF $500, 1913 1929.
The present debt, deducted from the max
imum debt in 1865, proves the actual pay
ment during three years of quasi peace OF
1902, 733, 329, or about one-quarter of our
entire war liability.
Our net debt is little more at this date,
owing to the Alaska purchase, the further
advance of bonds to the Pacific Railroad, and
the reduction of the revenue from the frauds
of the whiskey ring before the tax on whis-
key was reduced.
And now we begin to see to what purpose
the revenue Of the past three years has beer
applied. But another great war liability has
accrued in that period, viz: the interest up
on the war debt, amounting from April !,
1865, to June 80, 1868, in coin and curren-
CIV to S43S ,4S4, 1888.
We can now strike the balance between
our income and our war expenditures
Income 5 "a years sl,5i0 ,o5s,5 81
War " ar inter- paid, 4ss' isi,sss
Ordinary expenses. sa9s $40. 80
including the cost of the late Indian war ,anl
about $40 200, 200 paid under the direction
of the Engineer Bureau for river aud harbG
improvement.
NO ExTRAvAGANCE.
This is the sum and substance of all the
charges of extravaganza and waste. IF il
shall he claimed that the whole problem
should be stated in currency the result is not
changed. only our income and our war inter
est will each appear little larger.
The premiums on sales of gold having been
included in the miscellaneous receipts, the
only addition we have to make is to add tc
the war interest the premium on about two
thirds of the amount paid in gold at an ave
rage rate of forty per cent.say SIP zoo, 900.
Our statement will then stand
Income IA years, sl,540,o3s IS.
paid Il2,ODOOO
Income in currency, 1852 ,O5s, 5e,
W ar debt pad, SsO2, 435~}29
Interest. 43S,4S4, sS}
Premiun on gold, ll2,OoOOOO I,s5s,2ls2l!
Ordinary expenses, sos $40 81
a little less than S22 600 600 year.
The expenses If the last fiscal year I'M
der the democratic administration of
James Buchanan amounted TO S16,eil ,OO
equal TO n currency equivalent At the av
erage of 40 for gold the rate at which our
expenditures should be taken If our cur
G reduced gold, lt,4ut
THE GOVERNMENT CHEAPER THAN BUCHANAN s
1t therefore appears that the expenses OF
the government under the direction of a Re
publican Congress, hampered by hostile
Executive, have been at the rate of So 800,
600 less per annum than the expenses under
the last year of democratic rule.
We claim that they might fairly have ex-
ceeded any honest expenditure in 1850. foI
we have five or six millions more population
and vast extent of new territory to guard
and control.
IT it shall be alleged that We have .includ-
ed all the expenses of the War and Navy
departments for fifteen months after April
1865, as war expenses, and that there would
have been moderate expenditure under any
we will admit it but the
expenses of the Indian war, estimated at
$50 200, 900 to $40 900 900 and the amount
expended on river and harbor improvements
$50, 900 ,000) for which we have made no
allowance, but have included ordinary
expenses would fully Offset this claim.
1t would therefore appear. that when
partisans charge the Republican Congress
with extravaganza they charge the last dem
ocratic administration with far greater.
WHERE BUcHANAN's MONEY WENT,
But we are fully prepared to admit their
charge of excessive expenditure against both
administrations, The expenditure made I'M
under James Buchanan, OF 81 ,s4l 900 in
gold amounting ia a present currency ear'~-
aient of Sl01 ,511 400, was largely used q
arm and equip the rebel states in order that
they might wage war against the govern
ment.
The extravagant expenditure of the last
three years has been made in consequence OF
the appointment to and maintenance in Office
of corrupt officials by Andrew johnson.
We Will now close this branch of our sub
iect, but let us first recapitulate our figures.
TABULAR STATEMENT.
We have proved that the ordinary expen
ses of the government for three years and
quarter, including the suppression of Indiar
hostilitics and nearly $40 900 900 for rivel
and harbor improvement. have been at lcsi
rate than during the last fiscal year prior tc
the war.
mum debt, August /, 1853 s2,757 1881
there must be added a portion of the liza
bilIty of SS30,77e,253 which existed
April /, and Of which there sui
settled on the LIST August the sum Of 5000, -
and we then have the actual maximum
debt S5,2S7 ,733 81
IN WHAT FORM WAS THIS DEBT:
Is, Due lcithln three years.
Ist-The liability not then entered up
on the books was all recognised and
settled within three years and most
wear $3.50, ois -
2d-The debt upon the books was most
" due at short date, and consisted OF
overdue on which interest had ceased i,5os,o2
and 1867 2l7.0ai ,lG
3 10 Treasury notes due IN 1861 and 1.
Certificates otindebtedness due in 1850 s5o93,oo
and & ner cent 10Y JAS II
One and two years notes at per cent 33,95i,2i
suspended acquisitions 3,IiW
Wa War and due in 1867 and 1855 1898 81
Total debt due within three years 81 81, 2ol A.
Due De6t on Demand.
Notes known as legal tender notes or
rreenbacks" which the republican
party now recognises as debt due
on demand and has paid in part or
propose to pay or to fund IN interest
bearing bonds Sio5 lbu,1p5
Fractional currency 2orbi,I
s459,J05,3Il
Less cash in the Treasury sS,2lso53 $3ll,2o1,2 p
Funded De6f.
Old five per cents due in -, o.o
1S1l and 1874 S21,U22,ooo