New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-12-10

wear ending the 3Oth Of June, 1869. we Obtain 1i
penditure Of g 6OOOOOOOO during the four ox
atey succeeding the war, or nearly 40 :, ., poheion
handed during the 70 years that precedeu .no $3.50
and embraced the extraordinary eApenoi'"
named ,.... ,bo pocessity OF |
These startling facts clearly illustrate 'no
ratrenchmept in all branches OF inc puDiio 80. .no |
Ahuse. which we're tolerated during INC wal %
rosorvotion Of the nation will not DC ehuuieu " Wy
oonle now that profound peace prevails Inc eoe'i"
-, t,orral revenues and customs have curing tne
~, ,hroo Years gradually diminished, ana inc cohthu'
Dco ~ useless and extravagant expenditures VIII III
olve us in national bankruptcy, or else MAKE
'o~oose of taxes already too Onerous, and in many
espects obnoxious account OF their nqnsorin chaI
- Ope hundred millions annually are expended lor
the military force large portion OF which IS empoyeu
On the execution OF laws both unnecessary ana uncos
tutiona: one hundred aud fifty millions arerequreueacn
wear 10 nay the interest the public debt an army OF
catherers impovershes the nation; and pnbhc 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 III the name Oh
the Governments JudciOus legislation and prudent
economy can alone remedy defects and avert evils whc
IL suffered to exist cannot fail to diminish confidence III
the nublic councils and weaken the attachment ana re
spect OF the people toward their political INSTITUTIONS
without proper the small balance when II Is es
mated will remain in the Treasury at the eiose u 'nT
present fiscal year will not be realized ana
millions be added TO debt which is now enuer"euo ny
billions. ., -,
If t. shown bv the able and comprehensive report Vi
the Secretary Of the Treasury, that the recelp'S lo ~
fiscal year ending 1865, were si'JSoSo' anu Una"
the expenditures for the period were S5'S4o-i
leaving in the Treasury surplus Of $2s2g9S III - cS'
mated that the receipts during the present hsc year
ending June 80 1909, will be S3lS92S6s ana the eNIenui
lures ss6l5247O showing small balance OF S52iOSo III
favor of the Government For the fiscal year ehdlng
lime 30 1870 II estimated that the receipts will amount
TO 100000 and the expenditures to SOVOVO eaNlDs
an estimated surplus Of S24,OOOo0O
Itbecomes proper in this connection, to make brlet
reference to cur public Indebtedness which has aceumu
lated with such alarming rapidty and assumed such CO.
lOssal proportions.
In 1852 when the Government commenced operations
under the Federal Constitution it was burdened with an
Indebtedness of scventy-ve millions Of dollars created
during the war of the Revolution. This amount had been
reduced to fortyye millions of dollars when in 1872 war
was declared against Great Britain The three years
u0ee that followed largely increased the national OBJ
LEGATIONS and in they had attained the sum OF one
hundred and twenty-seven millions. Wise and economic
cal legislation however, enabled the Government 10 pay
the entire within period OF twenty years aho
the ext,neuishment OF the national debt filed the land
with rejoicing and of the great events or Presl
dent Jackson's administration After its redemption
large fund remained the Treasury, which was deposit
ed for safekeepng with the several States on condition
that 1t should be returned when required by the pupc
wants In lsI0 the after the termination OF an eN
peDsye with Mexico found ourselves inYOved III
debt OF ss4 and this the amount owed by
the Government 1862 just prior TO the outbreak OF the
Rebellion the Spring of 1861 our civil war commenced
Each year OF its continuance made an enormous ADDITION
TO the debts and when in the Spring OF 1867 the nation
successfully emerged from the conflict, the obligations OF
the Government had reached the immense sum or
Rs73 9O9 The Secretary Of the Treasury shows that
on November, 1867. this amount had been
reduced S2491 5OI45O but at the time his report
exhibits increase during the past year OF S3562C2
for the debt the st day OF November last stated TO
have been 527 $50 IL is estimated by the Secretary
that the returns for the past month viii add 90 our liab
ties the further OF eleven milons-making total
increase during thirteen months Of fOrysix and half
millions.
In my message to Congress Of December 4, 1885, It
was suggested that policy should be devised which,
without being oppressive TO the people, would at
once begin to effect reduction Of the debt, and
persisted ill., discharge fully within definite num-
Der Of years The Secretary OF the Treasury fOrciby
cOmmends legislation Of this character and justly
that longer is deferred the difficult must be
come its accomplishment. We should follow the wise
precedents established in 1889 and 1876 and without
further delay provision for the payment
legations at early period may be practicable. The
fruits Of their abOrs should be enjoyed by citizens,
rather than used build and sustain moneyed mOnopo
hes in and other lands Our foreign debt is al
ready computed by the Secretary OF the Treasury
tsjOOOOOOO citizens OF foreign countries receive interest
upon large portion OF our securities and American tax
payers made to contribute large for their sup
port The idea that such debt is to become permanent
should all times discarded, involving taxation
too heavy TO be borne, and payment in every 10
years the present rate Of interest OF amount equal
90 the original This vast debt If permitted TO be-
come permanent and increasing, must eventually be |
gathered into the hands Of few, and enable them
er dangerous and controlling power in the fairs Of
the Government The borrowers would become servants
OF tine lendersthe lenders the the people
We now PRIDE ourselves upon having given freedom to
100000 OF the colored race 1t will then be our shame
ihat4oeoOO Of people, by their own liberation Of
patton and prongacy, suffered themselves to be-
enslayed, and merely exchanged saveowners for
task-masters in the shape OF bondhoders tax
gatherers Besides, permanent debts pertain 10
chical governments and tending to mOnopolies per |
petues, and class legislation. Totally rreconciable
with free institutions Introduced into republican
system. they would gradually but surely sap founda
tions, eventually subyert governmental fabric and
erect upon its moneyed aristocracy II our sa
cred duty to transmit unmpsired pOsterity the |
blessings OF liberty which were bcqueahed to us by the
founders Of the Republic, and by our example teach
those who to follow carefully to avoid 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 1t should be redeemed there
TO be general concurrence as to the proprety
and business Of reduction In the present interest
The Secretary Of the Treasury in his report recommends
five per cent; Congress- in bill passed prior to adjourn
Dent the nth Of July last agreed upon four four
aud half per cent; while by many three per cent has
been held to be amply sufficient return for the
ment The general impression as to the exorbitancy
OF the existing rate OF interest has led TO an in
quiry 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 obtained was in real money per
cent less than the obligations which issued in return
no alfo flaf