The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-12-10

they collect from the people IN the
name of the Government. Judicious
Legislation and prudent economy
can alone remedy defects and avert
evils which, If suffered to exist, can
not fail to diminish confidence in the
people towards their political institu-
tions. Without proper care, this
small balance, which it is estimated
will remain in the Treasury at the
present fiscal year, will not be real
lied, and additional millions be add
ed TO list which is now enumerated
by billions. It is shown by the able
and comprehensive report of the
Secretary of the Treasury, that the
receipts for the fiscal year, ending
June 30, 1868, were $4O5, 63S, OS3,
and that the expenditures for the
same period were $377, $40, 2S4-
leaving in the Treasury a surplus of
S2S, ,297, ,798. 1t is estimated that
the receipts during the present fiscal
year, ending June 80, 1869, will be
S341, ,392, ,S6S-showing small ba-
lance of 1920, 39S in favor of the
Government, for the fiscal year end
ing June 30, 1870 1t is estimated
that the receipts will amount to
1927, 900, 900, and the expenditures
to S3O3, 600. .0O0-leaving an estimated
surplus of S24. 100000. It becom es
proper in this communication to
make brief reference to our public
indebtedness, which has accumulated
with such alarming rapidity, and
assumed such colossal proportions.
In 1889, when the Government com
menced operations under the Federal
Constitution, it was burdened with
an Indebtedness, of S75,O0O,OOO
created during the war of the re-
volution. This amount had been
reduced to $40, 100000 when, in
1872, war 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 S127,-
600, 1000. Wise and economical legis-
lation, however, enabled the Govern
ment to pay the entire amount within
n period of twenty years, and the
extinguishment of the national debt,
filed the land with rejoicing, and
was one of the great events of Presi-
dent Jackson's administration. After
its redemption, large fund remained
Ill 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 1S49, the year after
the termination of an expensive war
with Mexico, we found ourselves in
volved in Il debt of $4,000, 900, and
this was the amount owed by the
Government in 1S60--just prior TO
the outbreak of the rebellion. In
the spring of 1861, our civil war
commenced. Each year of its con-
tinuancc made an enormous addition
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 So, S73, 992, 900.
The Secretary of the Treasury shows
that on the 1st day of November,
1867. this amount had been reduced
to $249, 504, $50, but at the same time
his report exhibits m increase during
the past year of $35, ,625, 1O2, for the
debt of the 1st day of November last
is stated to have been 50, 527, 100, 552.
1t is estimated by the Secretary that
the returns for the past month will
add to our liabilities the further sum
of $11, 900, ,000-making a total in
crease during thirteen months of
I6,500,OO0.
In my message to Congress of
December 4, 1865, 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 if
persisted in, discharge it fully within
q definite number of years. The
Secretary of the Treasury forcibly
recommends legislation of this char-
acter, and Justly urges that the longer
it is deferred, the more difficult must
become its accomplishment. We
should follow the wise precedents es-
tablished in 1889 and 1916, and
without further delay, make provi-
sion for the payment of our obliga-
tons Mt as early period as may be
practicable. The fruits of their la
bors should be encouraged by onr
citizens, rather than used to build
up and sustain monied monopolies
i'll OR own and other lands. Our
foreign debt is already, as computed