Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1868-09-25
THE NATIONAL DEBT.
Decrease of sSO9,OOO,OO in Thre
Years.


'JENTLEMEN In a short address. nro
pose TO justify, not to defend, the fiscal
pohcy OF the Republican party. As the
nohored Chairman of our State Central
committee has well said, its fiscal record
needs NO defense il is g record of which
we may well be proud.
In speaking to you shall pass rapidlv
over the details, but you will find all INV
statements verified in detail in the printed
reports.
Ii there is any merit in the following
analysis of the expenditures of the last
three years, can only claim the plan and
method upon which it is placed before
you All the data have been furnished
me by the Hon. David A. Wells | long
since perceived that the statement com,
monty accepted as that of the maximum
ueot ot the United States was not one
winch covered the liabilities of the Gov
ernment on the 1st of August 1865, by
many millions of dollars.
THE DEBT IN 1865.
knew this from the fact that the man.
ufaoturing incorporaiions, with which l
am myself connected, held at that date
several millions of dollars of claims upon
the Government through the contractors
to whom we had sold the material for the
tents and clothing for the army, for which
they had then had no settlement. These
accounts were afterwards allowed and we
took our pay in 30 notes, most of which
we sold to the various savings banks of
Massachusetts, from whom we had bor-
rowed the money to enable us to do the
work and furnish the goods.
These notes were, of course, converted
into 5-2O bonds by the savings banks, and
now form portion of the debt which the
Democratic party propose to repudiate by
Issuing greenbacks, or, in other words,
substituting failed paper bearing no interest
Tor debt not yet due, the aYowed purpose
of the Southern wing of the party, who,
at least, may claim the need of praise for
their bold avowal, being to render the
greenback valueless, and then repudiate it.
In this scheme they are led by George
ii. Pendleton, and covertly supported by
Horatio Seymour, it being now asserted
by his supporters that he has retracted his
previous views, and that there is sub
Stantial agreement between himself and
Pendleton as to what should be the fiscal
policy of the country.
HIS STATEMENTS ARE OFFICIAL.
have said that [ have been able to
make the statements which are included
in this address by the aid of my friend,
David A. Wells, Special Commissioner of
the Revenue, to whom applied in order
that | might have the force of an official
statement to proye'my position. OF the
value of his official statement you are well
aware. No man stands higher in the con-
tidence of the people, and no man de-
serves that confidence more.
With a single eye to the truth, he gives
to his work the force of an enthusiasm
rarely to be found, and hence the power
and value Of every document that comes
from his hand.
For the use | have made of the figures
which he has given me in answer to my
questions, alone am responsible, and
desire that he shall have the credit of the
facts here stated, and invite the blame of
those who will charge me with perverting
them to party purposes.
The Democratic party fears the truth,
and will make this charge. / trust this
may not long be so. The name of Demo-
crat, in its true significance, is one which
l honor and cherish, and hope the day is
not far distant when it shall no longer be
prostituted to the purposes of party
which denies every principle indicated by
its name, and which has been the party of
despOtism and oppression ever since
came to mans estate; party which now
rests its chance on the ignorance of its fol-
lowers, and proposes to inaugurate war,
fraud and violence, under the lead of Sey-
mour and Blair.
We demand peace and an honest admin
istration, and under the wise control of
Gen. Grant these we will have.
CONFIRMED BY MIR. BOUTWELL,.
| also desire to say that | did not fully
realize the great importance or the force
of the statement of the real maximum
debt of the United States, at given date,
until read the speech of Hon. George s.
Boutwell, upon the funding bill, in which
speech is compact statement substantial
ly agreeing with the exhibit am about to
make.
The condition of active war terminated
with the surrender Of the rebel armies in
April, 1865, but the condition of passive
war did not then cease, nor will it cease
until every citizen of the Southern
States shall be safe under the protection OF
loyal State governments, elected by the
ballots of all freemen or freedmen-free
not only from the chains of slavery, but
from the fear of violence or fraud by
which they are now intimidated.
WHAT DID WE OWE IN 1865?
The ascertained debt of the United
States on the 1st day of April, 1865, as en-
tered upon the books of the Treasury De-
partment, amounted to $2366, ,955, OFT
Four months later on the lst of August,
1860, the debt represented on the books
amounted to $2,757 ,6S9,571; and the latt er
sum has been assumed of late to have
been the maximum debt of the country at
any one time.
But such was very far from being the
case. These figures represent only the
amount of debt actually entered upon the
books of the Treasury Department, but
there existed at that time liability for 9
very large sum not then entered, but fol
which the Government was bound as much
as if the bonds had been issued. A liabil
ity since recognized and since paid.
At that time the Democratic party lead
ers asserted what they now fiud it conven
lent to forget, viz. that the burden o.
debt imposed upon the country by the
war was three or four Thousand million
dollars, and for once they were right the
true liability of the United States, caused
by the war which the Democratic party
of the South had waged upon the Gov
ernment, amounted in the year 1865 to the
sum of $3,2S1, 1873 $3.50; and since tha
date the Republican party has paid ovel
$500, 100000, or one quarter of the prin
cipal of the entire debt, besides paying
the interest
How IT WAS REDUCED.
In proof of this statement, let us nov
review the financial history of the Gov
ernment from April j. 1865, to June 30
1868, the close Of the last fiscal year,
period of three years and three months o
quasi peace.
AND FIRST AS To REVENUE.
The receipts from the customs have beel
as follows;
April TO June 80, 1865 30,o1I 81
July 1, 1865, to June 30 1861. ..... 179 046 65
July 1, 1866, to June 81, 1867 ......... 176417 81
July ], 1867, to June 80, 1868 ....... 163. 500 M
Total....... ................. .s54s,97 "a
- INTERHAL REVENUE.
April !, 1885, to june 3d. 1865 IS a. 50e 81
July ], 1915, 20 June 3O lSfG y ~ ala a06 q.
Jnly 1, 1865, to June aO Isd7 965 o90 n
July 1, 1861, TO June %, 1865 lgs ,Ssi6 o,
4o'e''-''''-''''---'' ......... SSl2, ,335, n
MISCELLANEOUS SOURCES.