The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1868-12-19

were 1877 ,240, ,284 leaving in the Treas
ury n surplus of s2s, ,397 100. II il esti.
mated that the receipts during the pres
ent fiscal year, ending June Both, 1860,
will be s34l ,302, ,SG8, and the cxpcndi.
lures 1926, 152, 40, showing small bal
ance Of SIS, 5,240, 39s in favor Of the Gov
crnment For the fiscal year ending June,
1870 it is estimated that the receipts will
amount to 1927 900, 900, and the cxpend-
itures to s304 900, 900, leaving an csti-
mated surplus Of s23, 100000.
1t is proper in this connection to make
brief reference to our public indebted.
ness, which has accumulated with such
alarming rapidity and assumed such col.
lossal proportions. In 1889, when the
Government commenced operations under
the Federal Constitution, it was burdened
with AN indebtedness of 75,00O, 900,
created hdring the war Of the Revolution.
This amount had been reduced to- S45,-
900, 900 when, in 1872, war was declared
against Great Rriiain. The three years
struggle that followed largely increased
the national obligations, aud in 1916 they
had attained the sum Of sl27 900, ,0g0.
Wise and economical legislation, however.
enabled the Government TO pay the entire
amount within period Of twenty years,
and the e0tinguishment Of the national
debt filled the land with rejoicing and
was one Of the greatest events Of President
Jackson's administration. After its re.
deInption large fund remnined in the
Treasury, which was deposited for safe
keeping with the several States, on con
dition tha, IL should be returned when
required by the public wants. In 1910,
the year after the termination Of au cx-
pensive war with Mexico, We found our.
selves involved in debt sG4 900, 900, and
this wos the amount Of the debt Of the
Government in 1860, just prior to the
outbreak Of the rebellion In the spring
of 1861 our civil war commenced each
year Of It's continuance made an enormous
addition to the debt When, in the spring
Of 1865, tho nation successfully emerged
from the conflict. the obligations Of the
government had reached the immense sum
|of s2,s13, ,992, 900 The Secretary Of
the Treasury shows that on the lst day Of
November, 1867. this amount had been
reduced TO s2.l9l .j04, ,450; but at the
same time his report exhibits au increase
during the past year Of s35 .62J, ,l02, for
the debt on the lst day Of November last
is stated to be 81, ,527 l29, ,j52. 1t is es.
iimaied by the Secretary that the returns
for the past month will add 10 our liabili
ties the further sum Of 1900 900. max
ing total increase DUNG l3 months Of
SIC, 800 600. In my message to Congress
Of December 1, 1865, 1t was suggested
that policy should be devised which
without being oppressive TO the people,
would a; once begin to effect reduction
of the debt, aud, ifpersisted in, discharge
il fully within definite number Of years.
The Secretary of the Treasury forcibiy
recommends legislation of this character.
aud justly urges that the longer il IL de.
layed the more difficult must become It's
accomplishment, We should follow the wise
precedents established in 1871 and 1916.
and without further delay make provision
for the payment Of our obligations at az
early period as may be practicable. The
fruits Of their labors should be enioyed
by our citizens rather than used 10 build
up aud sustain moneyed monopolcS in our
own and other countries. Our foreign
debt is already computed by the Secrcta.
ry of the Treasury at $3.50, 900, 900. Cit
zcns Of foreign countries receive inter
est upon large portion Of our secu-
rites and American taxpayers arc made
TO contribute large sums for their support.
The idea that such debt is 10 become
permanent should at all times be discard
ed, as involving taxation too heavy to be
borne. The payment once in sixteen
years at the present rate of interest, makes
an amount equal to the original sum. IfI
this vast debt is permitted to become per-
manent and increasing, it must eventually
be gathered into the hands of few and
enable them to exert dangerous and con-
trolling power in the affairs of the Gov
ernment, the borrowers would become the
lenders and be the rulers of the peo-
pie.
We now pride ourselves upon having
given freedom to 1000, 900 ofthe colored
race. 1t will then be our shame that ten
of people by their own toleraticn
of abuses and profigacy have suffered
themselves TO become enslaved, and
changed the slave owner for new task
masters in the shape of bondholders and
tax gatherers. Besides, permanent debts
pertain to monarchical governments aud
tend to monorolics, perpetuities and close
aud are totally unreconcilable
with the free institutions introduced into
our Republican system they would grad
ually, but sure y, sap its foundations, aud
eventually subvcrt our governmental fab
ric and erect upon its ruins moneyed
aristocracy, 1t is our duty to transmit,
unimpoyerished, to our posterity the
blessings of liberty which were bequeath-
ed to us by the founders of the Republic,
and, by our example, teach those who are
to follow US carefully to avoid the dangers
which threaten a free and independent
people.
Various plans have been proposed for the
Of the public debt. However
they may have varied as to the time and
mode in which they should be redeemed,
there seems to be a general concurrence
as to the proprioty and justice of a reduc-
ton onsthe present rate of interest The
Secretary of the Treasury, in his report,
recommends five per cent; Congress, in
a bill passed prior to its adjournment, on
the 9th of July last, agrees on four and
four and half per cent, while by many
others three per cent has been held to be
an amply sufficient return for the invest
mant The ssenaral innrassinn ne to the