Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-10-21
the NATIONAL FINANCES.
The Fearful Augmcnta-
ton OF the Public Debt.


On accouu, Of the great authority Of Mr.
Walker 10 what respects Govsrnmsnt
finances. We take great pleasure In laying
before the pubic IN extract II letter from
him, addressed 70 . citizen Of the city Of
Pniladelphia. The letter 10 dated from
Washington City on the 9th inst ant Mr..
Walker writes - fellows:
In reply to your inquiry, would say
that tho table Of the psblic deb, Of the
Caited States at various periods, referred 10
in the National Infsiiigenaer Of yesterday
morning. is accurs . in al respects. having
bssn taken from the books Of the United
States Treasury. You ask me il it 10 fact
that the annual expenditures o. the Gov
sramsnt have been increased. % therein
stated, over fovty-six millions Of dollars
lts6. o5e. 559). BY On augmentation to that
extent, Of the early interest in currency,
Of the pabic debt Aincs the 50th OF April,
1865. | snsWcr that it il an indisputeb,e
fact. ADD will add that from careful con
sidsration Of the condition Of the Treasury.
il is clear that th,s annual interest will 90
on increasing. It 10 possible that there
NAV be small reduction Of the public debt
last month, but this reduction, IL made.
viii b. in debts manly bearing no interest.
or in war claims withheld, while the debt
Bearing c,n Interest viii b. augmented.
"rnA' there IS an increased yearly e.
psni tere, xcseding forty six millions
o. do.iAis slrce April 50, 1865. TO meet the
aocmen'sd interest (a> currency Of the
lafi'c debt. " certain. This is the true
test oica ansrcisl condition, and, to me.
IL Sseris certain tina. nothing but total
eaaage Of policy will save us from na.
oonai bankruptcy Th.s chsnge Of mol
les must DO based upon yAst d.c,ea.. al,
our aanuai Expenditures, a. recommended
IN my financial letter eli No7cnhsr ls.t
We must abolish the Frecdmen's Bureau
Ne must recall the army from the South
and reduce II to moderate peace es,ab-
hshment We must terminate there the
joint rule OF the negro aud the bayonei.
and. slavery and secession having been
forever abandoned, permit the Southern
States, in obsdlsncs to The Federal Con.
stitution, 10 govern themselves as before
the re5e.lioa. The fact Of this vast in.
crease o. the annual interest Of tbs
public dobt is not . disputed question
1t res's on transcripts from the books o,
Item Of expenditures for the increased an
aual interest Of the public debt is nearly
equal 70 double the entire yearly expendi.
lures Of MIR. Folks administration before
the Mexican war, and nearly equal to it
subsequent annual expenditures, includin,
sae var and heavy payments for tho prin
eipal and interest oil the public debt, Blu
even IL ve take the 9th OF November last
the date Of the last annual rspor, fths Sec
rotary q the Treasury, We find the increset
annual interest. As currency, of the publi,
debt. $40. 574. 329 from the 30ta ofNoyem
Der last (ls67) to the 3lst Of August. 1864
being IN augmentation At the rate Of thre,
millions Of dollars year. AT this rate Q
increased annual expenditure for interes
only on the 30th Of November. 1869, = Ii,
Gle over . year. this single item Of year
disbursemsnts would reach eevensy-tw
0iii,ons Of dollars. II 10 clear, then, tbs
- radical policy lssds rapidly and certain
y - aasisnal bankruptcy, and that moth
~ - haSs - bos shsnge 81 40 %
0ono1sUo..