The States and Union. [volume] (Ashland, Ohio) 1868-1872, 1868-12-16

will not be realized, and additional
millions will be added toa debt which
is now enumerated by billions
RECEIPTS AND ExPEsDITuRRs.
1t is shown by the able and COM
prehensive report of the Secretary of
the Treasury, that the receipts for the
fiscal year ending June 3Oth, 1868,
were S405, 63S, 0S3, and that the ex-
penditures for the same period were
S377,340,2 84, leaving in the Treasury
a surplus of sos, 297, 79S. 1t is esti-
mated that the receipts during the
present fiscal year ending June Both,
1869. will be S341, 49,, 1868, and the
expenditures 1886, Isl, 40, showing a
small balance of s5,24O, 1893 IN favor
of the government. For the fiscal
year ending June Both, 1870, it is es-
timated that the receipts viii amount
te 1927 ,OOO, 900, and the expenditures
to 1903, 100000, leaving an estimated
surplus of s24, oO0, 900.
OUR NATIONAL INDEBTEDNESS.
1t becomes proper IN this connec-
ton to make a brief reference to our
public Indebtedness, which has accu-
mula ed with such alarming rapidity,
andassumed such colossal proportions.
In 1889, when the Government com
menced operation under the Federal
Constitution, it was burdened with an
Indebtedness of seventy-five milliens
of dollars created during the war of
the Revolution. This amount had
been reduced to f6rty+fve million dol
lars, when in 1912, wal was declared
against Great Britain. The three
years struggle that followed largely
increased the national obligations, and
in 1916 they had attained the sum of
one hundred and twenty-seven millions.
Wise and economical legislation, how
ever, enabled the Government to pay
the entire amount within a period of
twenty years, and the extinguishment
of the National debt filled the land
with rejoicing, and was one of the
great events of President Jackson's
administration. After its redemption
a large fund remained in the Treasury,
which was deposited for safe keeping
with The several States, on condition
that it SHOULD he returned when re-
quircd by the public wants. In 1919,
the year after the termination Of an
expensive war with MEXICO, We found
ourselves involved in a debt ut sixty
four millions, and this was tie amount
owed by the Government in 1861,
just prior to the outbreak of the rebei-
lion. In the spring Of 1861 our civil
MO- ran anoa1 Tech n of 81
continuance made an enormous addi-
ton to the debt, and when, in the
spring of 1865, the nation successfully
emerged from the conflict, the obliga-
tions of the Government had reached
the immense sum of s2,873, 992, 909.
The Secretary of the Treasury shows
that on the LIST day of November, 1861,
this amount had been reduced to So
491, 504, 450, but at the same time his
report exhibits an increase during the
past year of $35, e25,1 U2 for the
debt on the first day of November last
is stated to have been $2,527, 129, 552.
1t is estimated by the Secretary that
the returns for the past month will
add to our liabilities the further sum
of eleven millions, making a total in
creas during thirteen months of for
ty-six and a half millions.
ExTINGuIsHMENT OF OUR DEBT.
In my message to Congress of De
cember 4th. 1865, it was suggested
that the policy should be devised
which, without being oppressive to
the people, would at once begin to eff
feet a reduction of the debt and if per
sisted in discharge it fully within a
definite number of years. The Sec
rotary of the Treasury forcibly recon-
mends legislation of this character, and
justly urges that the longer it is de-
ferred the more difficult must become
its accomplishment. We should fol-
low the wise precedent established in
1859 and 1916, and without further
delay make provision for the payment
of our obligations at as early a period
may be practicable. The fruits of
their labors should be enjoyed by our
citizens rather than used to build up
and sustain moneyed monopolies in
our own and other lands. Our for
eign debitis already computed by the
Secretary Of the Treasury at eight
hundred and fifty millions. Citizens
of foreign countries receive interest
upon a large portion of our securities,
and American taxpayers are made to
large sums for their sup
port. The idea that such a debt is to
become permanent should be at all
times discarded as involving taxation
heavy to be borne, and the pay
ment once in every sixteen years, at
the present rate of interest, of an
amount equal to the original sum.
This vast debt, ifpcrmitted to become
and increasing, must even
tually be gathered into the hands of a
and enable them to exert a dan
gerous and controlling power in the
of the Government. The Dor
lowers would become servants to the
lenders /; the lenders the masters of the
We now pride ourselves up
On having given freedom to tour mil
ions of the colored race. 1t will then
be our shame that forty millions Of
by their own federation of
1surpatien and prohigacy, have suf
fered themselves to became enslaved
and merely exchanged slave owners
FOR new taskmasters in the shape of
and tax gatherers.. Be
sides, apermanent debt pertains to
n%onarchial governments, tending to |;
nonopolies. Perpetuities and class +
are totally irreconcilable
With free institutions. introduced in