The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-26
THE NATIONAL DEBF.
Letter Of tho President 10 General Ewing on
the Finances.

Letter Of the President 10 General Ewing on
the Finances.
WASHINGTON, Oct. 25. 1sss
The President OF the United States has addressed
the following letter to General Ewing
EXECUTIVE MANsToN,(
WASHINGTON, Oct "a, 1885, !
DEAR srR-In recent conversation upon the sub
ect of the finances you expressed desire to be fur
nshed with some OF the leading facts then mentioned
touching the national expenditures and the public
debt. now comply with your request re-
greeting however that other and more pressing
matters have prevented me from more clearly
Illustrating the absolute necessity for immediate re-
form in the financial operations OF the government.
In i7T6 our national independence was proclaimed,
and after an exhaustive and bloody struggle OF
seven years was, in 17s3 acknowledged by the
parent government. In 1857 the federal constitu-
ton was framed, and In 1889 the government went
ipto operation under its provisions. burdened
with = debt OF t76,0oo,Ooo created during the war
OF the Revolution. Immediately upon the organlza-
ton OF Congress measures devised for the pay
ment OF the national obligations and the restoration
OF the publict credit and when In 1912 war was
declared against Great Britain the debt had already
been reduced to 45,00o,0oo. It then largely In
creased by the three years struggle that ensued be-
tween the two nations until In 1915 IL had reached
the sum OF si27,oooooo. Peace again established,
was mhue lot the earliest
dation OF this Indebtedness In order thai 1t
might not become permanent encumDrance
upon the people. Under wise and economical legs-
lation the entire amount was paid In period OF
twenty years, and the extngulshnent OF the ma.
tonal debt filled the land with rejoicing and was
one OF the greatest events OF President Jackson's
administration. Even after Its payment large
fund renamed In the Treasury. which for safe keep
ing was deposited with the several States on condi
ton that IL should be returned when re-
quired BY the public wants. In 1892 the
Year after the termination OF expensive
war with Mexico we found ourselves involved Ia
debt OF s64. 100000, and this was the amount owed
by the government I'm 1850 Just prior to the outbreak
OF the rebellion In the spring OF 1861 the war OF the
rebellion commenced. Eacn year OF ITS continuance
made an enormous addition to the debt 80 mat
when in the spring Of 1885 the nation successfully
emerged from the dreadful conflict the 0DigatlOns
OF the 20 vernment had reached the vast amount or
$4,000, 0oo00o They had not yet, however attained
their highest point, for when the army and
navy had been paid the volunteer forces dsDandcd
and the navy largely reduced IL was found IN fcofu
AIRY, 1868 that our Indebtedness exceeded
a., SOC, 00O,0 900.
Having thus referred TO the Indebtedness OF
the government at various periods OF us exist.
enco IL NAV be well TO call attention - . BRIEF
statement Of facts connected with its expenditures
From the &th day OF March, 1859, to the o0th OF
June 1901, the entire public expenditures were
81, 900. although covering apert)d q scveSJ