The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1868-11-04
WASHIN GTON.
-otter Of the President to Gen.
Ewing.
TIE FINANCIAL SITUATION
AaEET REVIEW
The Present C0ntrasses With
the Past.

WASHINGTON, October 25.-The Presi
dent Of the United States has addressed the
following letter to General Ewing.
EXECUTIVE MANSION,
WAHINGTON, =. O., Oct. "A, 1868
DEAR SIR: In recent conversation urhn
the suj ject Of finances, you expressed de-
sire 70 lie Furnish with some Of the lead
inq facts then mentioned touching the ma
tional expenditure and public debt. | now
comply with your request, regretllng, how
ever, that other and more pressing matters
| have prevented me from more closely ILL
| strating the absolute necessity for immediate
| II form 10 the financial operations Of the
! Government. In f716 our national indebted
ness was proclaimed, al d after an cxhaus,
| tive and bloody struggle Of seven years,
was, in 1888, acknoH ledged by the parent
Government. In 1877 the Federal Consti
| tuition was framed, and in 1889 The Govern
ment went into operation under its provi-
! Sions, turdcned with debt Of $T5 900 600,
created during the war Of the Revolution
| Immediately upon the organization OF Con
grcsS. ntasures were devised tor the pay
meht ot the National obligations, and o, re-
st"ration Of the public credit, and when. in
1872, war was declared against Great Brit
aim the debt had been reduced To $45 ,0O0,-
900 1t was then largely increased by the
three years struggle in 1876 1t had reacted
the sum of $l27,00O, 900 Peace again
established, provision was made for the car
Hest practicable liquidation Of this indebt-
mes in order that it night not become u
permanent cncumhrance on the people.
Unde, wise and economical legislation the
entne amount was paid 10 period Of TWEEN
ty years. aud the eXiinruiShnent OF the na-
! : Sii,,l l,,,l v it', raintn,rrr
and was one Of the great events OF Pre-i.
dent ,Jackson's administration Even after
its payment large fund remained in the
Ir, aSury. Which was fer saIt keeping de
posted with the several States, on condition
that it should be returned when required
ty public wants.
In 1919, tie year af'cr the termination
at an expensive wnr with Mexico. we found
,our,elves involved in debt at $64,000 90,
and hi. was the amount owed by the Cow
ernr en- in 1860, just rrior to the outbreak
o the-rabpIIiOn In the spring Of 1861 the
war If The rebellion commenced. Each |
wear ct IL continuance uaiG al enormoUSi
addition to tha debt, SO that when spring OF
1866 arrived, the nation successfully |
emerged from the dreadful conflict, the ol> |
legations Of the Government reached the |
vast amount of $1,000 600 000. They had |
nnt VI however. attained their highest
,oint, tor when the ar,ny aud navy had
An,r rid thn volunteer t,,rces diskandeo
md III. navy hra,.lv reduced. il was found.
in EnInnrv 1866. that our Indebtedness
.nxcceded g. Sga00O Having tEns referred
tn ,ho irG,Etnjncss of the Government at
-artn,. rpriods ot its existence. if may be
well to call attention to he brief statement
Of fact eonnecteL with t expaudi. |
tnrn. Eron, ,hr 4th dav OF March, l7SQ. |
ta the 30th Of .Trne. 1851, the cxrepditures |
wera 81 7asloD0 coo Although covering a
por;od Of srvnrtv>two wears. this amount
iAems enol) when cnmuorel with the ex-
renee. Of the Government during the recent
war of furr years duratjor; tor from the
1et or .Iulv 1851, to the 3Oth Of June, 1868
ibov roochpd the enormous aggregate of
e. 400 OO0 600
A. ;..o,,;,a.;o or NO a;s,,rso,,s .,ts
4A' ''tot' w., - ;,,, rex G,,,thnr sLovs
sa1,e '"o ~ ". 20 -" IL l@HD nf ua
i',a' i ~ ""o'ns ~ 'l'o ,,',I",,I a.t of oI
"Gn ,nar1 OVI,o' ,bo oyeTnnant f,r ,be year
.i' an,h ~ Tunn 1geo ,ra nl,,a;,
c,'o'nt ''I' o",' 1 nnn ~ U"n noo '""S'
.np :''u1 =, %ioq"'oou,ooo l., fJ
required 'oi Il ioni A8b,S in'nuoiis,, ,I,-
'",ns Lnu IurS's,,n W ~ an,nr a." "0a asH
enty.two years that preceded the war. 1t
will he seen that from l79l to 1861 our
pnbiic debt was at no time more than
Sl27 600 COO; while subsequently fsur years
ct civil war expanded it to 81, 500, O00,000.
1t will also be perceived that willie prior TO
1861 the largest annual disbursament was
not quite $74 000 00O--for the year 1853
the Expenditures during the last three years
III DtHtt iiuNf Su' ttHSlNViN wv II VO-v'pNo.- |