Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-09-16
SEPTEMBER o16, 1863.

war revenue as so mucn applled TO the
reduction of the debt during the period
referred tots simply absurd We must
come down to the time afterthe war was
ended, when there was no longer any
necessity for an expenditure on the war
scale,1 and compare the expenditures of
the Government with the income to as
certain the truth relative to the manage
mept of the finances. IN y.i1oh'rz s1i 4
By the official statement we find that
the debt was, July 81, 1865, Just at the
close of the war, $2,757, $685. 1915, and at
September L, 1865, So, ,535,614;3I3.--
Thus the debt has been reduced nomi-
nally in figures during the last three
years and one month of peace S221 $685.
962.a The receipts of the government
for the same period from different sources.
have been, in round numbers, over ST =
S00,000,000; that is, from internal rev.
enue upwards of $S00,Q00,000; from
customs $55O,OOo.OOO in gold, which, at
the premium it has commanded during
the past three years, amounted to $780,
100000 in currency, at least ; and
from direct taxes, sale of government
stores, premium on the sale of gold, sale
of public lands and other sources nearly
$200,000,OO0. Indeed, we have no
doubt the total receipts have reached
fully ,S50,0OO,OOO. Out of that S221,-
63s,962 of the debt has been paid, leay-
ing over $1,6OO,0OO,OOO for the three
years expenditure or at the rate of more
than $533,OOO,O00 year. But it is said
there was large sum due in July, 1865,
for pay of soldiers and other arrearages
which ought to be deducted from the
current and annual expenditure after
peace was restored. We have no data
from which to make an estimate of the
amount, but it could hardly have reached
over 100000 900 in all. Taking that
as the sum, and deducting the S221,63S,-
962 of debt paid, the actual current ex-
penditure of the government, including
the interest on the debt, has been more
than four hundred and thirty three mil
lions a year; or, exclusive Of the inter-
est on the debt and simply for running
the machinery of the government, about
three hundred millions year. This is
rather under than over the amount
This is FIVE times the amount the gov
ernment cost just before the war. 1t is
the peace expenditure under Radical
rule rar,5s n 1ug5EE'E srEt5 "i
These same newspapers organs and
campaign speakers that make Figures
lie" in order to blind the public and
help their own political party are op-
posed to the bondholders being taxed,
and labor incessantly to force specie
payments, so that the wealth of the
bondholders may be increased thirty to
forty per cent. They look only at that
interest and lose sight of the crushing
burden of the debt upon the industrious
classes. They demand payment in gold
for bonds which cost on an average
only about fifty cents on the dollar.
The bondholders are drawing six per
cent interest in gold on the original in
vestment of fifty cents, which amounts in
reality to twelve per cent on the dollar,
orfourteen to fifteen per cent in currency.
The exemption of the bonds from nation
al and State taxation fayors the bond
holders to the amount of five per cent
probably on their investments, as COM
pared with the burden every other kind
of property has to bear. Thus we see
the bondholders are making about twen-
ty per cent in all on the capital origin
ally invested in the bonds. ...id 'a .I..E
% Yet the bondholders and their organs
cry out repudiation, national dishonor
and all sorts of evils when it is proposed
to tax the bonds. They hold up the law
and the constitution as defence and en-
trench themselves behind these. They
are grasping and selfish, and care not
who bears the enormous burdens of the
country if they can escape. But why
should not those who are drawing so
much from the government help to sus-
tain it? Why should not this kind of
property bear fair proportion of the pub
lie burden, both National and State? 1t
was never intended by the trainers of the
constitution or makers of law that they
should not. If there appears to be a
difficulty in the decisions of the Supreme
Court against States taxing national Sc
curities, or in the laws of Congress ex-
empting the bonds from direct Federal
taxation, the bondholders can bereached
in some other way. The people of this
country will never consent to have such
vast amount of wealth exempt from
taxation while they themselves are
heavily burdened, particularly as the
bondholders are drawing enormous profits
from the Treasury on their investments.
Congress must devise some plan to
reach this privileged class, to equalize
the burdens of tina country and to satisfy
the people. st ds.ar ..r5taaa. .s