Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-10-07

Is Il not evident that those who pursue
policy, the practical effect Of which
whether intended or not, is to continually
Increase the public debt, are the true re-
pudiators2 Some man in Mississippi, In
advocacy Of bond paying, said thirty
wears ago, promise fair il you never
nav" SO our New England friends are
promising fair, but never intending to
pay. And, being creditors to a public
debt of twenty. Ave hundred millions, 1t is
not the bondholder who wants the debt
paid, when it will double as to principal
and interest every fifteen years, remain
ing perfectly secure, and therefore, the
best large investment in the world, and
Wien besides the interest has the advan-
tage OF being in gold. But such a
process will bankrupt the country. And
while the debt will never be paid, the in
terest will crush down the people, and
bind them forever under load Of taxes
which no people can pay and prosper.
If this is not reputation, it is ruin. 1t
is the Radical policy. The Democratic
policy will pay the debt in Treasury
notes, and leave us once more free Of debt
and high and distressing taxes. We
quote from the Louisville Courier as
follows
The Mtelligencer prints an article this
evening compiled by the ex-Secretary OF
the Treasury, RobertJ. Walker, from the
books of the Treasury, with the approba-
ton of Secretary McCulloch. 1t is au-
thentic and accurate; it contains no con-
lectures or estimates, but only recorded
facts. Referring to it, the editor says
from this table it appears that the debt on
the 3lst of August last was greater by
over one hundred and sixty eight millions
than on the LIST of April, 1865, the sub
sequent rate of increase exceeding four
million dollars a month, or nearly fifty
million dollars a year.
The debt is greater by over thirty five
million dollars than it was on the LIST of
May last, being thirty.fve million eighty
five thousand feur hundred and eighty
six dollars. On this basis, the yearly
rate of increase of debt would be over one
hundred and fye million dollars. If TO
this annual rate of increase we add the |
interest at the rate of six per cent |
per annum, compounded annually for |
twenty years, the debt, instead of being |
paid would be more than double and |
would largely exceed five thousand mil |
lions of d.llars. The monthly increase
of this debt for four months past was at
the rate Of eight millions seven hundred
thousand per month and in August was
upward of twelve millions This in
crease, it should be noted, is during the
great quarter when the average rate of
revenue from imports exceed about one.
third the rate for the fiscal year.
But this table exhibits still more
fact. 1t is, that while the debt
bearing interest in currency had de-
creased on the 3lst of August last So
PCS, 400 26 from the 3lst of March, 1865,
The debt bearing interest in coin had
nearly doubled, having increased, on the
81 st of August last. 500 $3.50 08 since
The 3lst of March, 1865; thus, on the Both
Of April, 1865, the annual interest paya-
Die in coin was only 1853, SAP, while,
On the 3lst of August last, the annual
aoin interest had reached $l23,573,S2l,
The increase of annual interest being
s59. 695, 200
Now the total annual interest in coin
and currency as shown by the table is
Sl02 1886 53l on the 3lst March, 1865,
and $l27 ,94S,6ll on the 3lst of August
asst, showing an increase in the annual
interest payable in coin and currency on
he 3lst of August last of $25, ll2,0e0.
But this, as shown by the table, is not
he only increase; thus we have seen
hat whilst on the 30th of April, IS, the
annual currency interest was $45, l27, 936,
I had fallen ON the LIST of August last to
a 374, 900, whilst the annual coin inter-
st had increased nearly sixty millions
!ollars.
The ACCOUNT would then stand'thus on
he Both of April, 1868: coin interest
into currency, S93,4lS 48l;
urrency interest at that date, $45 1871
So; total annual interest in currency,
l38, 126,4l7. On the 3lst August, 1868:
DIN interest converted into currency,
$50, All, 1856; actual currency interest,
A 374, 900. Currency interest, 3lst Au-
ust, 1868, $l84, 1872, 1915; currency interest
fter the close of the war, 30th of April,
s65, $l39. 736,4lT increased interest,
LIST Of August, 1868, $46 05S,559. Thus
re see that since the close of the war the ,
nnual interest of the public debt has in
reased upward of 10000, 900. This in.
rease in the annual interest would
epresent principal sum exceeding
$50, 100000