New-York tribune., 1868-09-12
WHIT is THE TRUTH As TO TIE M
TIONAL TINdNCESf

At the close Of the War the Union rested
under an immense burden of Public Debt.
Has that Debt been diminished or increased
Secretary McCullOch officially reported, on
the lst of September, 1865, that the aggregate
of ascertained, liquidatcd Debt over and above
all the money in the Treasury, was then
$2,7j7 ,Gs9,57l. He reported it on the 1st inst
lust three years later at -, 614.3l3. Sub
tract this sum from the amount reported three
years ago, and the reduction is S222 O75,25S.
There can be no doubt, we judge that, beside
paying all accruing interest We have reduced
the principal by that amount.
But this is not all. We have just paid
&, 100000 in gold to Russia for Alaska, which
adds so much to our Debt; but we have the
property to show for 1t. Then We have issued
$35,3l4,OOO of new bonds in aid of the Pacific
Railroads now in progress. They pay the
interest on these bonds; they are to pay the
principal also, and we think will be abund-
antly able to do so. This is not like a War
Debt; first, because we are only to pay it in
case of default by the Railroads; secondly
because, even in that case, we have mort
gage on the roads for security; and thirdly,
because, even if this should prove inadequate,
the increase of our National wealth and tax
paying ability by reason of those roads would
more than compensate us for the loss.
But more We have, in these last three
years, paid enormous sums for arrears and
musterng-out bOunties to the soldiers who
put down the Rebellion, and millions more
for State claims, and deferred indebtedness
of every kind. All this has reduced by so
much the actual, though not the Iiquidated,
Debt of Sept. /, 1865. Mr.. Edward Atkinson
of Boston makes the total reduction of our
Debt within these three years no less than
SSOOOOO,OOO, and gives the figures for it. Sup
pose we reduce this amount. by estimating
that $100000,0O0 of it is offset by munitions of
every sort sold or used during these years that
were previously bought and paid for, then
allow another $lOO,0OO,OOO for every possible
error in Mr.. Atknson's calculations, and the
reduction of our actual mot liquidated) Debt
in three years is still s6OO,OO0,00O Why should
we not wipe out the residue within the next
twenty years If we could pay off an aver
age of S200,000,000 per annum in the three
years Immediately following II most exhaust
ing, devastating war. we surely might pay half
SO much in the better years that follow.
tive power of our people are steadily and
rapidly increasing. We estimate our increase
of population at fully five and of wealth at
ten per cent. per annum. That these rates
would double the former in far less than twenty
and the latter in less than ten years, is well
known. Hence, if we did not pay off another
dime of our Debt its burden would be di-
minished fully half within the next fifteen,
and three -fourths within the next thirty years
merely by the increase of our population, pro
duction and wealth. But we are in favor of
paying off the last cent within the next twenty
years.
Now as TO the National Expenditures:
Mr.. David A. Wells is Commissioner of Rev
enue, and as such is necessarily familiar with
all the ns and outs of the Treasury. AT the
request of Mr.. Allison of Iowa, he made full
exhibit, soon after the last fiscal year closed
Dune 30, 1869 of the actual condition of the
Finances II was frank, clear, and specific.
Weeks have since passed: Have his statements