The Portland daily press., 1868-12-10
Terms $500 per AMMAN, in adrance.

ecutiOn of laws both unnecessary and uneon-
stitutional. One hundred and fifty millions
on the public debt. An army of tax
gatherers impoverish the nation, and
public agents placed by Congress beyond the
control OF the Executive divert from legiti-
mate purposes large sums of money which
they called from the people in the name of the
Sovernment Judcious legislation and pru-
onas economy can alone remedy defects and
80 tSfSrt evils which if suffered to exist can
o,,,,oiis Ill 70 diminish confidence in the public
,,,ot of Tho naa lessen the attachment and res
stitutions. Without prone cue ~ poi,.aI1i
ance which it is estimated viii raS,i,. =, a.
treasury at the close OF the presentascai wear
will not be realized, aud additional miliionS
will be added to debt which is now enumer.
ated by bilious.
1t is shown by the able aud Comprehensive
report OF the Secretary of the Treasury that
the receipts for the fiscal year, ending June 80,
1858, were s405, ,638 083 and that the expendi-
lures for the same period were S3I7 $40 0SS4,
leaving in the treasury a surplus OF SIS, ,297 1856.
1t Is estimated that the receipts during the
present fiscal year, ending June 80 1869 will
be S54l ,392 o6o, and the expenditures 1886, 1922
470, showing small balance of So $40 398 in
favor of the government. For the fiscal year
ending June 80, 1870 it is estimated that the
receipts will amount to S327 10000 and the
expenditures to 1903 100000 leaving an esti-
mated surplus of $24 0000OO.
THE PUBLIC DEBT.
1t becomes proper in this connection to make
brief reference TO our public indebtedness,
which has accumulated with such alarming
rapidity and assumed such colossal propor-
tions. In 1889 when the government com-
menced operations under the Federal Consti-
tuition, 1t was burdened with an indebtedness
Of $4,000, 600, created during the war of the
Revolution This amount had been reduced to
$4,000 900 when in 1912 war was declared
against Great Britain. The three years strug-
gle that followed largely Increased the nation
al obligations, and in 1916 they had attained
the sum of S127 100000. Wise and economical
legislation, however, enabled the government
to pay the entire sam in period Of twenty
years, and the extinguisbment of the national
debt filled the land with rejoicing, and was one
of the great events of President Jackson's adj
ministratiou. After its redemption, large
fund remained in the Treasury, which was de-
posted for safe keeping with the several States
on condition that it should be returned when
required by the public wants. In 1848, the
year after the termination of an expensive
war with Mexico, we found ourselves involved
in debt of $64000000, and this was the
amount owed by the government in 1850,
Just previous to the outbreak of the rebel
lion in the spring of 1861. Once civil war
made an enormous addition to the debt, and
when, in the spring Of 1866, the nation success
fully emerged from tbe conflict the obliga-
tons of the government had reached the inn
Ineuse sum oI 1920, S5@SUS. Inc secretary
OF the Treasury shows that on the first day of
November, 1867, this amount had been re-
duced to $2,491 ,494 ,450, but at the same time
his report exhibits an increase during the past
year of $685. ,102; for the debt on the first
day of November last is stated to have been
S2,527 129.552,
1t is estimated NY the Secretary that the re-
turns for the past month will add to our lia-
bilities the further sum of S11 100000, making
a total increase during the thirteen
I" hC nj
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 re-
charge it wholly within a definite number of
years. The Secretary of the Treasury lorcibly
recommends legislation of this character, and
justly urges that the longer it is deferred the
more difficult must become its ac.
complshment We should follow the
1916 and without further delay make
provision for the payment of our obligations
at as early period as may be practicable.
The fruits of their labors should be enjoyed by
our citizens rather than used to build up and
sustain monied monopolies in our own and
other lands Our foreign debt is already COM
puted by the Secretary OF the treasury at
eight hundred millions OF dollars.
The citizens of foreign countries receive inter-
est upon large portioa of our securities, and
American tax payers are made to contribute
large sums for their support The idea that
such debt is to become permanent should be
at all times discarded, as involving taxation
too heavy to be borne, and the payment once
in every sixteen years at the present rate of
interest Of an amount equal TO the original
sum.
This vast debt, if permitted to become per-
manent and increasing, must eventually be
gathered into the hands OF few and enable
them to exert a dangerous and controlling
power in the offices of the government. The
borrowers would become servants to the lend
ers and the lenders masters OF the people,
We now pride ourselves upon having given
freedom to .our millions of the colored race; il
will then be our shame that forty millions of
the people, by their own liberation of usurpa.
tion and profigacy, have suffered themselves
to become enslaved and merely exchanged
slave owners for new task masters in the shape
of bond holders and tax gatherers. Besides,
permanent debts pertain to monarchial gov
ernments and tend to monoploies. These per-
petuities and this class of legislation are total
ly unreconcilable with the free institution
Introduced into our Republican system they
would gradually but surely sap its foundations,
eventually subvert our governmental fabric
and erect upon Its ruins mon'ed aristocracy.
1t is our sacred duty to transmit, unimpaired
to our posteTity, the blessings of liberty which
were bequeathed to US by the founders Of the
Republic. and by our own example teach those
who are to follow us, carefully to avoid the
dangers which threaten free and independ-
ent people,
Various plans have been proposed for the
| payment of the public debt However they
| may have varied as to the time and mode In
| which it should be redeemed, there seems to
| be general concurrence as to the propriety
/ and justness of a reduction in the present rate
Of interest. The Secretary of the Treasury in
| his report recommends five per cent Con-
| gress, in bill=passed prior to the adjourn
ment on the 9th of July last, agreed on and
4 1-2 per cent, while by many per cent.
has been held to be amply sufficient for invest
| ment. The general impression as to the exor-
bitancy of the existing rate Of interest bad led
| to the inquiry in the public mind respecting
| the consideration which the Government has
| usually received for its bonds, and the conelu.
| sion is becoming prevalent that the amount
which it obtained in real roney was three or
| four hundred per cent. less than the value of
| the obligations which it issued in return. II
cannot be denied that we are paying an extrav-
| agant per centage for the use OF the money
| borrowed. which was paper currency greatly
| deprecated below the value of coin The fact
is made apparent, when we consider that bond
| holders receive from the Treasury upon
each dollar they own in Government secur-
| tiles six per cent. in gold, which Is near
| ly or quite equal to nine per cent
| in currency, that the bonds were then
| converted into capital for the national banks
| upon which those institutions assure them for
circulation bearing six per cent. interest and
they are exempt from taxation by the govern
two per cent. in the hands of holders We
thus have an aggregate of seventeen per cent.
| which may be received upon each dollar by the
| owner of good securities. A system that pro-
| duces such results is Justly regarded as favor
| ing few at the expense of the many, and led
| to the further inquiry whether our bond-hoid-
| ers in view of the large profits tqey have en-
| loved would themselves be averse to settle
| ment of our indebtedness on a plan which
| would Weld fair remuneration and at
| the same time be just to the tax payers
| of the nation. Our national credit should be
sacredly observed, but in making provision for
| our creditors we should not forget what is due
to the masses of the people. 1t may be assum-
| ed that the holders of our securities have al
ready received upon their bonds larger
| amount than their original investment. Meas
ured by gold standard upon this statement
| of facts it would seem but just and
| equitable that the six per cent. interest
now paid by the government should be applied
| to the reduction of the principal in semi-annu-
al instalments, which in sixteen years and eight
months would liquidate the entire national
| debt. Six per cent. in gold would at present
| rates be equal to nine per cent in currency,
| and equivalent to the payment of the debt one
| and half times in fraction less than seven
| teen years.
This in connection with other advaL tages de
| rived from the investment would afford to the
public creditors fair and liberal compensation
| for the use of their capital and with TINS tnsy
admonish the lender that it is not Wen 70 oe
| over anxious in exacting from borrowers q
rigid eompliance with the letter OF tue oOnu
| If nrov;siop he made for the payment OF the
| ;adaIto1,,o.s Of the government in the manner
snrreS,ed. our nation will rapidly recover its