Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-08-22

How to Pay the Debt.
The great question of the hour is: How
to pay the debt, save the national credit
and faith, and rescue the laboring classes |
from everlasting slavery to the moneyed
aristocracy. ~
The Bangor (Maine) Democrat says the
only feasible plan is that presented by the
Hon. GEORGE II. PENDLEToN, of Ohio. His
proposition is to pay the debt in currency
as speedily as possible, and thus put stop
to the all-consuming, all-deyouring gold
interest. The Radical press complain that
Mr.. PENDLEroN has as yet presented no
figures covering the entire ground. This
we propose to do. Our proposition in
wolves no reputation of the public faith,
and no considerable imitation of the cur
rency. asi ,l ft 49, ,ai
| According to Mr.. McCULLocH's last
monthly statement, the national debt is OF
the following character, and of the follow
ing amount in round numbers: -
Five per cent. gold interest bondsre-
deema6ls at the PIE pleasure of the ..oo nm mo
| Six per cent. gold interest bonds
payable in 1881. 800 1000. 900
DIX per cent gold interest nye-tWen-
Currency, interest notes and bonds. 5o0.0o0.oCO
Total interest bearing debt.....! o, 200 Ooo 600
Greenbacks. fractional currency. etc 50000.0oo
Total ascertained deb ~. q. $50 900 Ooo
OF the above interest bearing debt it will
be observed that 5000 900 cannot be
paid until 1874, and $500. 900, 900 until 1881.
The remaining 81 200, ,0OO, 900, consisting OF
the fve-twenties and currency interest
bonds, may be paid Immediately, or within
the next four years. Let us begin then the
work of payment on the first day Of next
January, by calling in all the National
Bank currency. and, by paying the $780,
100000 of bonds deposited at the Treasury
at Washington to secure that currency, in
greenbacks. In other words. we substi-
tute greenbacks for the National Bank cur
currency, and pay off s4O0,OOO,0OO of the
gold interest bearing bonds. Thus, on the
first day, of January. 1859, we would re-
duce the $1,70000O, 600 to $l0O0,O 900,
without adding one dollar to the currency.
The next step would be to reduce the
current expenses of the Government to
800, 100000 a year. This could be readily
done by doing away with all forms of Rad
ical extravaganza; by dispensing with the
Freedmen's Bureau, the military govern
ment over the Southern States, and by put
ting an end to the spectators great Indian
war. -'i'' -'
We would also provide for the annualre-
duction of the duties on import at the rate
of ten millions year. thus doing away
with the evils of an enormous protective
tariff, and tightening the burdens of the Ia
boring class gail5i ha0i 1s -4Fsf l1i
The workings of the Treasury Depart
ment for several years we would have as
follows: 7i.si- sJ.5at lul ic -lt.ia $40
a 1858. s-l- % .s--s7
RECEIPTS. 8 raj GOLD. CURRENCY.
Gold in Treasury. .$1i 1000 900 .l.5ia1
Currency in Treasury...... $4,000, 900
internal revenue. .......-... 800 900. 900
Issue of greenbacks........ itt $500. SO 000, 900
Total receipts. s2oo. 100000 s4oo. 900 900
EXPENDITURES. .ra aaas.tt-.-E
Interest on 5000, ,OOO, 900 five
per cent, bonds, lS74..... Slo.0o0.0o0
Interest on $500 600 900 six ID .a3t
per cent bonds, lS8l.... $1,000, 900 i-~
Interest on balance of bond
debt. $1 300. 900 600. ....... 7s 100000
Current expenses. ..... 800, ,ooo. 900
Payment on debt .......... - 300 100000
49, 49, 49, - -. -
1oIai eApenuitureS.. ..]ioo,oVu,oVo S4UO,u0u,Vu
v 5sa 1863.
RECEIPTS. GOLD. orRRrNcv
0niSn0e ary =. soia ~ ... ss4 600 900
From customs ........ 10000 600 4sf p
ea Sales OF Of asc. 100000 gold. rs 600 SOO O
Issne Of greenbacks Ok 00o OO0
- IL = 1,--'.-- ,,
Total receipts = aIs4 600 600 s300 oo0 OoO
,,,-,,,,,,-,,,..4 80
Interes. on bonds of 1874
anu iso.. ~ Szo.ooo.Wo
interest," o. on noa 0aiance an ec ot oond eo ooo o ~
den.; s.,uvUooo.oUo ....-, oo.oooooo s,oo ooo ooo
current expenses. $1o0 ICY oOO. o .0Oo O
.,,.. 40 ooo ooo 10, ooo -.
@ 1870
hsoEirTs. GOLD. CURRENCY.
Balance OF gold In treasury $46. .000.0 900
From customs -............ s0.oO0,00O %
Internal revenue. -..:..-.1oW stBQ $500 ,0OO. coo
Sale OF $50 OO00,O00 gold.-- -t.t, Is 000. 600
Issue Of greenbacks..:.. 900
~ @- -. - -
Totaireceipts'.-. .-.... $lz6,OuUO0O $4OuOO0,lO0
.-
1....t .-I.-,.,.c ,er. g-..,,.--. - 4
inteiess so on oonos ei ioi4 s.o ooo ooo =
Interest on balance of bond