The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1868-12-18

avert the evils which, III suffered TO ex.
list, cannot fail to diminish confidencp
IN the public councils aud weaken the
confidence and respect of the people
toward their political instit utions. n !
| Without proper care the small balance
which Il is estimated will remain IN the
Treasury at the close of the present IA.
cal year, will not be realized. and addi.
tional millions will be added to deb,
which is now enumerated by billions.
1t is shown by the comprehensive re.
port of the Secretary of the Treasury
that the receipts for the fiscal year end.
ing June 30, 1858, were $4O6, 1888 ,O03, and
that the expenditures for the same pc.
riod were $377, 7,340,2S4 leaving in the
Treasury surplus Of $28, ,297, ,79S. Itis
estimated that the receipts during the
present fiscal year ending June 30, 1869
Will be $34l 1892 1868, and the cxpendi.
lures S336. lb2, ,47O showing a small bal.
ance of S62,4O3 9S, In favor of the Gov.
ernment. For the fiscal year ending
June 3O 1870, 1t is estimated that the
receipts will amount to 1927, 100000
and the expenditures TO S303, 100000
leaving our estimated surplus $24,OO0,.
VW.
1t becomes proper, in this connection,
to make brief reference to our public
Indebtedness, which has accumulated
with such alarming rapidity, and as.
sumed such colossal proportions. In
I1S9, when the Government commenced
operations under the Federal Constitu-
ton 1t was burdened with an indebted.
ness of S75,OOOOOO, created during the
war OF the Revolution. This amount
had been reduced to $40 ,OOO,OO0 when,
IN 1917, war was declared against Great
Britain. The three years struggle that
followed largely increased the national
obligations, and in 1916 they had attain
ed the sum of Sl27, 100000. Wise and
economical legislation. however. ena-
bled the Government to pay the entire
amount within period of twenty years,
and the extinguishment of the national
debt filled the land with rejoicing, and
was one of the greatest events of Prcsi-
dent Jackson's administration. After
its resumption large sum remained in
the Treasury, which was deposited for
safe keeping with the several States, on
condition that it should be returned
when required by the public wants. In
l849, the year after the termination OF
an expensive war with Mexico, we
found ourselves involved in debt OF
S64 100000. and this was the amount
owed by the Government in 1861, just
prior to the outbreak of the rebellion.
In the spring of 1861 our civil war COM
menced. Each year of its continuance
made an enormous addition to the debt,
and when, in the spring Of 1865, the ma.
ton successfully emerged from the con-
fict, the obligations of the Government
had reached the immense sum of ST.
S73,992,N9. The Secretary Of the Trea-
sury shows that on the first day of No.
yember, 1867, this amount had been re.
duced to S2,@l,5O4 ADJ, but at the same
time bis report exhibited an increase
during the past year of $35,625, ,1O2.-
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 $11,
100000, making total increase during
thirteen months of forty-six and a half
millions.
In my message to Congress, of De-
cember a, 1865, it was suggested that a
policy be devised, which without being
oppressive to the people, would at once
begin to effect reduction of the debt,
and ifpursued, would discharge it fully
within definite period of years. The
Secretary of the Treasury fOrcibly re-
commends legislation of this character,
and justly urges that the longer it is de-
ferred the more difficnlt must become
its accomplishment. We should follow
the wise precedent established i'm 1889
to 1916, and without further delay make
provision for the payment of our obli-
cations at rs early a period as NAV be
practicable. The fruits of their labors
should be enjoyed by our citizens, ra-
ther than used to build up and sustain
mOneyed monopolies in our own and
other lands. nia.
Our foreign debt is already comput-
ed by the Secretary of the Treasury at
S850,OOO,OO0. Citizens of foreign conn
tries receive interest upon large por-
ton of our securities, and American
taxpayers are made to contribute large
sums for their support. The idea that
such a debt is to become permanent
should be discarded as involving taxa
ton too heavy to be borne, and a pay
ment once In every sixteen years, at the
present rate of interest. of an amount