Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-10-16
StaEte(,s''lllloalalllo,,, StEt(,' N d II,
THE NATIONAL FINANCES.
A Review of, Mr.. Edward At
kinson's Worcester Speech,
by R. J. Atkinson, Esq.

by R. ]. Atkinson, Esq.
ssd5 So s=e-' --as eaf .i7iF -sa5lr.
I. ls gsu q tar % s5sl .sgsz1O 5Gstlgs
An address of Edward Atkinson, Esq.
of Boston, recently delivered before the
Republican State Convention in Massachu-
sets, on the subject of national debt and
expenditures, has been published as an au-
thoritative document, and heraided as a
complete Justification of the Republican
financial policy. The address may be re-
garded as a seni-o6icial document, the author
announcing, to give additional weight and !
authority to the statements therein con-
tained, that sif there is any merit in the
following analysis of the expenditures of
the last three years, can only claim the
plan and method upon which it is placed
before you. All the data have been fur
nished me by the Hon. David. A. Wells"
E *-f-rr. r. *,1JI.., *tFT E \ H-
II have said that have been able to make
the statements which are included in this
address by the aid of my friend, David A.
Wells, ,SpecialC Commissioner ofthe Revenue,
to whom applied, in order that might
have the force of an o1icidl statement to proue
mtg position. No man stands higher III the
confidence of the people, and no man de-
Inands that confidence more. With sin
gle eye to the truth, he gives to his work
the force OF an enthusiasm rarely to be
found, and hence the, power and value Of
every document that comes from his hand"
With such an endorsement, it is not sur
prising that the statements in this address,
and the conclusions arrived at, have not
only attracted much attention, but claimed
a degree OF confidence beyond that given
to unofficial statements. At the request of
some friends, have carefully examined
the statistics and Arguments contained in
this address, and propose to consider, in as
brief manner as possible, some OF the most
important points therein set forth.
In the present condition of the country,
and critical condition of our financial al
fairs, what is most to be desired by all who
are interested in its prosperity and well
fare, is the s'truth." To the attainment of
this object, every good citizen should con-
tribute whatever he can. l concede to the
author of the address, and his official in-
spirer, all the ssenthusiasm" for truth so
modestly claimed. At the same time L
cannot but regret that a more charitable
spirit had not been manifested towards
those who might, perchance, happen to dit
fer with regard to the facts or conclusions
presented by the author of the address
Hence, regretted to see the charge made,
in the very outset, that s.the Democratic
party fears the truth" and 1 was further
surprised to see other denupciations, in
! partisan language, entirely out of place
| In an ssofficial'' or semi official docu-
ment, prepared '.with single eye to the
truth" Under the official mantle of
Mr.. Wells, the author appears as
the selected and inspired champion OF the
financial policy of the Republican party.
Under such circumstances private citi-
zen, with nothing but the official reports,
made under authority of law, to guide him
in his researches, amid the clashing of fig
| ures and the maze of conflicting theories
| of high officials, may we'll hesitate before
entering such a field of controversy. Be
| lieving, however, that the public welfare
will be promoted by the fullest comparison
| of views on all sides, and that by thorough
investigation ''the truth" may be arrived
at, propose to submit some considerations
| on this veXed- question of our national
| finances as presented in this address,
claiming no official aspiration, but only an
| honest intention to state facts as they ap-
| pear in official reports, and to consider
! them in their true relation to our national
| finances, and the interests of the tax-pay-
ing people.
=. What did zoe oaoe IN 1865 ?" The first
| point made in the address is the amount of
Indebtedness in 1866. 1t is stated that the
ascertained debt OF the United States on
the 1st day of April, 1866, as entered on the
books of the Treasury, amounted to 81
1866 955, on; that four months afterwards
on lst August, 1S65--the debt, as shown on
the books, was S2,757.6S9, ,57l and that the
| latter sum has been assumed OF late to have
been the maximum debt of the country at
any one time. This assumption is stated to
! be incorrect, for the reason that these figures
| only embraced the amount of debt actually
entered on the books of the Treasur when
there existed at that time liability for a
large sum for which the Government was
bound, but not then liquidated. and which
has since been recognized and paid. This
| liability is stated to have been, in round
numbers, 00000000.
No person, / apprehend, at all convers-
ant with our financial affairs, supposed for
moment that the published statements OF
public debt referred to in April and Aug
Ilst, 1865, represented the aggregate IiabiIi-
lies of the Government growing out of the
war. If there are any democratic lead
ers" who made such representations, they
were certainly mistaken in the facts.
| Every body knows, or ought to know, that
the monthly statements issued by the Sec
retary of the Treasury embrace only that
part of the indebtedness of the Govern
ment represented by bonds, treasury notes,
or other forms of obligations, and the cur
| rency called sgreenbacks." 1t is no doubt
true, therefore, that the Indebtedness of the
I Government, liquidated and unliquidated,
amounted in the year 1865 to the sum of
So 2S7, ,733, 329, as claimed, and more than
that, as we will find; but that only proves
that when the Republican leaders pointed
to the reports of the Secretary, showing the
Indebtedness to be only $2,757 6S9, ,571, in
answer to the assertion of the Democratic
party leaders," that the "burden of debt
imposed upon the country by the war was
from three to four thousand million dol
lars,n they were themselves keeping back
from the people the fact that an indefinite
amount of Indebtedness was yet in the
background, unliquidated, which woul6
fba tn inn tcd h
the Democratic party leaders"
But the important part of this statement
is the assertion that ''since that date the
Republican party has paid over $500 O0O.
200 or one-quarter of the principal of the
public debt, besides paying the interest,"
Again it is said, 1--WE have paid $S0O,O00,.
600 of our debt in the last three years, anC
at least $500, 100000 of extra interest OF
guaranty, the latter paid in consequence o
the dishonest purposes OF the Democratic
party" This is the keynote of the address
it is the great point, to sustain which all
the figures and statements are directed
Now, bear in mind that this $500 OOO,OOt
OF the 'public debt" this 'one-quarter O
the principal of the public debt" alleged to
have beer paid, is admitted neuer to haut
been included in the statements OF public deb
at all, But is alleged that at the close o
q. the war-viz: in April, 1S65-there was g
large amount of Indebtedness not liquida
ted. and therefore not embraced in the
statements of public debt, which has since
been paid. 1t is, 10 doubt, true that con.
siderable portion OF this unliquidated in.
debtedness has been adjusted and paid dur.
ing the last three years of enormous re.
ceipts. 1t would be strange, indeed, i
such were not the fact. But this affords M
uround for the assertion that zone quarter
of the principal of the public debt has beer
paid" as we shall see. The address states
the receipts into the Treasury from Apri
/, 1865, to Both June, 1868, as follows: