Mineral Point weekly tribune. (Mineral Point, Wis.) 1859-1868, 1868-12-16

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ernment. For the fiscal year ending June
Both, 1870, it is estimated that the receipts
will amount to 1927 coo, 900, and the ex-
| pendtures to 1903, 600 000-lea9ing an es-
timated surplus of $24,000,000
THE PUBLIC DEBT
1t seems proper, iE this connection, to
make a brief reference to our public indebt-
edneSs, which has accumulated with such
alarming ,apidity and assumed such colossal
proportions. In 1889, when the Government
commenced operations under the Federal
Constitution, it burdened with an in
debtedness of S75, 900, 600 created during the
war of the Revolution. This amount had
been reduced to Si5, 900, 900, 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
Sl2I ,OOo, 900 Wise and economical legis-
latlon, however, enabled the Government to
pay the entire amount within period of
twenty years, and the extnguishment of the
national debt filled the land with rejoicing,
and was one of the great events of Presi-
dent Jackson's ministration. After its
redemption, a large fund remained in the
Treasury, which was deposited for safe keep
ing with the several States, on condition
that it should be returned when required bv
the public wants. In lSI9-the year after
the termination of an expensive war with
Mexico-we found ourselves involved in a
debt of s64 900. 600; and this was the am mt
owed by the Government in 1850 just prior
to the outbreak of the rebellion. In the
spring of 1861 our civil war commenced
Each year of its continuance made an cnOr-
mons addition to the debt; and when. i'm
the spring of 1865, the nation successfully
emerged from the conflict, the obligations
of the Government had reached the immense
sum of 81, S73 992, 909. The Secretary of
the Treasury shows that on the lst day of
November, 1867 this amount had been re-
duced TO 81, ,49l ,50I. 450; but at the same
time, his report exhibits an increase during
the past year of $50, ,625 l02; for the debt
on the lst day of November last is stated to
have been s.. 2.527, 129, 552 1t is estimated
by the Secretary that the returns for
the past month will add to our liabil-
tiles the further sum of Sl1 .0o0 600 -
making a total increase, during thirteen
months, of SIG, 100000.
In my Message to Congress of December
4, 1865, it was suggested that policy should
b. devised which, without being oppressive
to the people, would at once begin to effect
a reduction of the debt, and. if persisted in,
discharge it fully within definite number
of years The Secretary of the Treasury
fOrcibly recomn ends legislation of this
it is delayed the more difficult must become
it's accomplishment. We should follow the
wise precedents established iii 17S9 and sic,
and without further DELAY make provision
for the payment OF our obligations at as ear
Iy "A period as NAV be practicable. The
fruits of their labor should be enjoyed by
citizens rather than used to build up and
sustain monopolies in own and other
lands. Our foreign debt is already computed
I,,.tb tba Co nft = =,
Citizens of forei ign countries receive inter
est upon larger portion of our securities.
and American tax payers are made to con
tribute large sums for their support. The
idea that such a debt Is to become permanent
should at all times be discarded as involving
a burden too heavy to be borne, payment,
once in every sixteen years, at the present
rate of interest, of an amount equal TO the
orr igina sum. This vast sum, if permitted
To become permanent aud increasing, must
eventually be gathered into the hands of a
few, and enable them to exert a dangerous
and controlling power in the affairs of che
Government. The borrowers would become
the servants of the leaders; the leaders be
masters of the people. We now pride our
selves upon having given freedom to four
millions of the coIored race 1t will then
be our shame that forty millions of people
by their own liberation of usurpatiOn and
profigacy, have suffered themselves to be
come enslaved, and merely exchan .ed slave
owners for new taSkmasters in the shape of
bond holders and tax-gatherers. Besides,
permanent bebts pertain to monarchial Gov
ernmets, aud tend to monoplies Perpetui
ties and class legislation are tctaily irrecon-
clable with free institutions. Introduced
into our republican system they would grad
ually, but surely, sap its foundations, event
uaIly subvert our governmental fabric, and
erect upon its ruins a mOueyed aristocracy.
Ii is our sacred duty 10 transmit unimpaired
to posterity the blessings Of liberty
which were bequeathed to Us by the found
ers of the Republic, and by our example,
teach those who are to follow US carefully
to avoid the dangers which threaten free
and independent 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 prOprlety
aud Justice of a reduction in the present rate
of interest. The Secretary of the Treasury,
in his report, recommends per cent. Con
gress, in bill passed prior TO its adjourn
ment on the 27th of July last, agreed upon
4 and II per cent; while, by many, per
cent. has been held to be an amply sufficient
return for the investment. The general i'm
preston to the exorbitarcv of the exist
ing rate of interest has lei to an inquiry IN
the public mind respecting the consideration
which the Government mas actually received
for its bones, and the conclusion Is becoming
prevalent that the amount which it obtainer
was in money 500 or 400 per cent. less thsn
the obI atons which il issued in return
It cannot be denied that are paving an
extraya CANT percentage for the use OF the
money borrowed, which was paper currency
greatly deprecated below the value Of coin.
This fac, Is made apparent " en- we consider
that bonlholders receive from the Treasury
upon ca IN dollar which they owu in Govern
ment bonds six per cent in gold, which is
nearly or quite equal 10 nine per cent. in
currency; that the bonds are then converted
into capital for the National Banks, upon
which those institutions issue their cIrcula
tion bearing six per cent interest; and that
they are exempt from taxation By Govern
ment aud the States, and thereby enhanced
We thus have an aggregate of seventeen per
cent which NAV be realized upon each dol
lar by the owners of Government securities
4 system that produces such results is Justly
regarded as fayoring a few at the expense
of the maav, and has led to the further in
dufrv, whether our boudholders, in view OF
| the large profits which they have enjoyed,
would themselves be averse to a settlement
of our Indebtedness upon plan wh ch would
WELD them a fair remuneration, and, at the
same time be Just to the sax- PAYERS of the
nation Our national cradit should be sa-
eredIv observed bat, in making provision
! .,r orr araditors SbnuIi not forget "A bat