The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1868-10-15
impending National BankruPt-
cy--Leiter from r. J. w aAtker. Z

We would commend to the attention of
all capitalists and bondholdcrs the follow~
ing extracts from that distinguished finan-
cer, Hon. Robert j. Walker. He used
to be considered high authority IN the
Republican party. He writes to friend
in Philadelphia as follows;
"You ask me if it is a fact that the an
nual expenditures of the government have
beep increased. as therein stated. over forty
six millions of dollars ($46, ,056, $500 by an
augmentation to that extent of the yearly
interest in currency Of the public debt since
both April, 1865 | answer that it is an
indisputa bic fact and / VIII add that from
a careful consideration of the condition of
the treasury, it is clear that this annual
interest will go on Increasing. 1t is possible
that there may be a small reduction of the
public debt last month, bat this reduction,
if made, will be in debts bearing mainly no
interest, or in war claims withheld whilst
the debt bearing coin interest will be aug
meuted That there is au increased yearly
expenditure exceeding forty six millions of
dollars since April 80, 1865, to meet the
augmented interest Us currency of the public
debt is certain. won 81 7y---..s. ..r.f 20
This is the true test Of our financial COD
dition, and to me it seems certain that poth-
ing but total change of policy will save US
from national bankruptcy. This change OF
policy must be based upon vast decrease
of our annual expenditures. As recommend
ed in my financial letter of November last,
We must abolish the freedmen'S bureau we
must recall the army from the South and
reduce it to a moderate peace establishment;
we must terminate there the joint rule Of the
negro and the bayonet, and slavery and
secession having been forever abandoned,
permit the Southern States, in obedience to
the federal constitution, to govern themselves
as before the rebellion. as5 Fa- zas
The fact of this vast increase of the an
nual interest of the public debt is not dis
puted question-it rests on transcripts from
the books of the treasury, and cannot be
denied This item of expenditures for the
increased annual interest of the public debt
is nearly equal to double the entire yearly
/ expenditures of Mr.. Folks administration
before the Mexican war, and nearly to its
subsequent annual expenditures, including
the war and heavy payments for the princl-
pal and interest of the public debt
"But even if we take the 30th Of Novem-
ber last, the date of the last annual report
| of the Secretary of the Treasury, we find the
! increase annual interest in currency of the
public debt $26 .574. .829 from the both OF
| November last, 1867,,to the 31st of..August
| 1868, being an augmentation at the rate of
! three millions of dollars month, or thirty
| six millions of dollars year.
"At this rate of increased annual expen.
diture, for interest only on the Both of No
vember, 1863, little over year. this sin
gle item of yearly disbursements would reach
seventy-two millions of dollars. 1t is clear,
then, that the radical policy leads rapidly
and certainly to national bankruptcy, and
that nothing can save US but change oi
men and measures" 81
Letevery bondholder take heed 10 these
wise utterances.