The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-09-11
THE NATIONAL DEBT.

Boston. .~.r-r..-
At the Massachusetts, Republican Convention
at Worcester, Mr.. Edward Atkinson, of Boston,
made to 1t the following important speech upon
the finances. He proves conclusively that the
actual debt of the nation has been reduced
during the last three years by more than $780,
600 900, or one-fourth OF the whole, and that,
even after the recent large reductions OF taxa
tion, the payment of the principal Will continue
rapidly enough 10 extinguish the whole early In
the next century. The contrast between tee
reckless extravaganza OF the last DemocrasIct
administration ana the economy OF t9e peesene u.
Congress nowhere appears more clearly tuau III
these official figures. -,
nomy and taxation Is tbis:-
Debt of the United States;- .
August ], 1860, S3,16Ll33,3l9
June so, 1868, 2,4o5GOO,OO3
Gentlemen; In short address propose to
Justify, not to defend, the fiscal policy of the
Republican party. As the honored Chairman
of our State Central Committee has well said,
its fiscal record needs no defense. 1t is record
of which we may well be proud.
In speaking to you i shall pass rapidly over
the details but you will find all my statements
verified in detail in the printed reports
If there is any merit in the following analysis
of the expenditures of the last three years, |
can only claim the plan aud method upon which
it is pleced before you. All the data have been
furnished me by the Hon. David A. Wells. l
long since perceived that the statement com.
monty accepted as that of the maximum debt of
the United states was not one which covered
the liability Of the Government on the lst of
August, 1865, by many millions OF dollals.
THE DEBT IN 1865.
knew this from the fact that the mauufac.
turing col operations with which | am myself con.
nected, held at that date several millions of dol
lars OF claims upon the Government through the
contractors to whom we had sold material for
the tents and clothing for the army, for which
they had then had no settlement These ac.
counts afterwards
our pay in $40 notes, most of which we sold
to the various savings banks of Massachusetts
from whom we had borrowed the mouey to
enable US TO do the work and furnish the goods.
These notes Were of course, converted into $40
bonds by the savings banks, aud now form a
portion of the debt VIII tch the Democratic party
proposes to repudiate by Issuing greenbacks, or
In other words, substituting failel paper bear
ing no interest, for debt not yet due; the
avowed purpose, OF the Southern wing of the
party, who at least may claim the need of
praise for their bold avo val, being to render
the green back vaueless and then to repudiate it,
In this scheme they are led by George FL. Pen
dleton, and coverty supported by Horatio Sey-
mour. it being now asserted by his supporters
that be has retracted his previous views, and
that there is a substantial agreement between
himself and Pendleton as TO what should be the
fiscal policy OF the country.
HIS STATEMENTS ARE OFFICIAL,
I have said that have been able to make the
statements which are iucludedin this address oy
the aid of my friend, David A. Wells, special
commissioner of the revenue to whom APPLIED
IN order that might have the force of an
o1hclal statement to prove my position. OF the
value OF his official statement you are we'll
aware. No man stands higher in the con nddence
OF the people, and no man deserves that con-
hdence more. With a single 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
figures which he has given to me in
reponsibe IS auS uss9n desre that alSee 6e sh, a%
have the credit of all the facts here stated, aud
invite the blame OF those who will charge me
with perverting them to party purposes. The
Democratic party fears the truth, and will make
this charge. / trust this may not long be so
The name of Democrat, in its true significance
is one which l honor and cherish and 1 hope
the day is not far off when it shall no longer be
prostituted to the purposes of a party which
denies every principle indicated by its name
and which has been the party of despotism and
of oppression ever since il came to mans estate;
prrty which now rests its chance of success
upon the ignorance of its followers and proposes
to inaugurate war, fraud, aud violence, Under
the lead OF Seymour and Blair. We demand
peace and an honest administration, and under
the wise control of General Grant these we
will have.
CONFIRMED BY Mr.. BOUTWELL,.
also desire to say that did not fully realize
the great Importance or the force of the state
ment of the real maximum debt OF the United
States, at a given date, until read the speech
of Hon. George 5. Boutwell, upon the Funding
bill, in which speech is compact statement sub
stantially agreeing with the exhibit am about
to make. The condition of active war termi-
mated with the surrender of the Rebel armies in
April 1865, but the condition of passive war did
not then cease, nor will it cease unit every cit.
zen of the Southern States shall be safe under
the protection of loyal State Governments,
elected by the ballots OF all freeuen or freed.
men-Iree not only from the chains of slavery
buttrom the fear of violence or fraud by which
they are now intimidated.
WHAT DID WE OWE IN 1855?
The ascertained debt of the United States on
the first day of APRIL 1865, as entered upon the
books of the Treasury Department, amounted to
s., ,366, 955.077. Four months later, on the lst of
August, 1865 the debt represented upon the
books amounted to So 751 689, Ell; and the latter
sum has been assumed Of late to have been the
maximum debt of the country at any one time.
But such was very far from being the fact.
These figures represent only the amount of debt
actually entered upon the books OF the Treasury
Department, but there existed at that time liza
blllty Tor very large sum not then entered, but
for which the Government was bound as much as
If the bonds had then been issued. A liability
since recognized and since paid. At that time
the Democratic party leaders asserted what they
now find it convenient to forget, Viz:-that the
burden of debt imposed upon the country by
the war was three to four thousand million
dollars and for once they were right; the true
liability of the United States, caused by the war
which the Democratic party of the South had
waged upon the Government, amounted in the
year 1866 to the sum of So 287 733 1923; and since
that date the Republican party has paid over
$sOO,O00,OO0, or one-quarter of the principal of
the entire debt besides paying the interest.
now 1T WAS REDUCED.
In proof of this statement, let us now review
the financial history OF the Government from
April l. 1865, to June 80 1865, the close of the