Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1868-09-16
THE NATIONAL DEBT.
A Decrease Of 500 Millions in Three
Years.
IMPORTANT AND In TERESTING FACTS

The Massachusetts, Republican Convention
met last week at Worcester, and Mr.. Edward
Atkinson, of Boston, made to 1t the follow
ing important speech upon the finances. lie
proves conclusively that the actual debt OF
the nation has been reduced the last three
years by more than S00,OOO.O 600, or one
fourth of the whole, and that, even after the
recent large reductions Of taxation, the pay
rnent of the principal will continue rapidly
enough to extinguish the whole carly in the
next century. The contrast between the
reckless extravaganza of the last democratic
administration and the economy of the pres
ent Congress nowhere appears more clearly
( than in these official figures.
! The net result of thrty-five months of
economy and axation is this:
:. Debt of the United States
/ August l. ls65.-...---........s3, 81, .s5 ,53s
! June 80, 1855. - 49, 0OO,OOo
Reduction. 1902, 733, 1923"
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
,
fence: it is Il record of which we may well
! be proud
! In speaking to you 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 and method
upon which it is placed before you. All the
data have been furnished me by the Hon.
/ David \. Wells. long since perceived that
the statement, commonly accepted that OF
the maximum debt of the United States,
was not one which covered the liability of
| the government on the first of August, 1865,
/ by many millions of dollars
! THE DEBT IN 1868.
/ | knew this from the fact that the mana
featuring corporations with which am my
self connected held at that date several
millions Of dollars of claims upon the gov
eminent 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 accounts
were afterwards allowed, and we took our
| pay In $40 notes, most of which we sold
to the various savings banks of Massachu-
sets from whom we had borrowed the
money to enable us to do the work and fur
nish the goods
These notes were, of course. converted
| into five-twenty bonds by the savings banks,
and now form portion of the debt which
the democratic party proposes TO repudiate
! by issuing greenbacks, or, in other words.
substituting failed, paper bearing 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 avowal, being to render the greenbacks
/ valueless and then repudiate it.
/ In this scheme they are led by George II
Pendleton. and covertly supported by Horatio
| Seymour, it being now asserted by his sup
/ porters that he has retracted his previous
views, and that there is a substantial agree
ment between himself and Pendleton as to
what should be the fiscal policy of the
country.
HIS STATEMENTS ARE OFFICIAL.
! L have said that l have been able to make
/ the statements which are included in this
address by the aid of my friend, David A.
Wells, special commissioner of the revenue,
to whom | applied in order that L might have
the force of an official statement to prove my
position. OF the value of his official state
ment you are well aware. No man stands
higher in the confidence of the people and
no man deserves that confidence more.
With Il single eye to the truth he gives
to his work the force of an enthusiasm rarely
t. be found, and hence the power and value
Of every document that comes from his
hand
For the use | have made of the figures
which he has given to me in answer to my
questions, 1 alone am responsible, and de-
sire that he shall have the credit of all the
facts here stated, and [ 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 The name of democrat, in its
true significance, is one which | honor and
cherish, and | 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 OPP
| preston ever since | came to mans estate :;
a party which now rests its chance of success
| upon the ignorance of it's followers and pro-
| poses to inaugurate war, fraud and violence,
under the lead of Seymour and Blair.
! We demand peace and an honest admins
| tration, and under the wise control Of Gen.
Grant, these we will have.
CONFIRMED BY Mr.. boutwell,.
1 also desire to say that [ did not fully
realize the great importance the force of
the statement of the real maximum debt OF
the United States, at given date until
read the speech of Hon. George S. Boutwell,
upon the funding bill, in which speech is a
compact statement substantially agreeing
with the exhibit am about to make
The condition of active war terminated
with the surrender of the rebel armies in
April. 1865, but the condition of passive
war did not then cease, nor Will it cease until
every citizen Of the southern states shall bt
safe under the protection of loyal state gov
ernments, elected by the ballots of all free
men or freedmen-free not only from the
chains of slavery but from the fear of vic
lenee or fraud by which they are now in
Inundated
WHAT DID WE OWE IN 1865
The ascertained debt of the United State
on the first day of April, 1865. as entere,
upon the books of the Treasury Department
a amounted to 1886 ,955 or Four month
later. on the LIST of August, 1868, the deb
, represented upon the books amounted to 50.
: 81 $780, and the latter sum has beer
assumed of late to have been the maximum
t debt of the country at any one time.
c But such very far from being the fact
b These figures represent only the amount G
debt actually entered upon the books of tn
Treasury Department, but there existed a
4 that time liability for a very large sum nc
r then entered but for which the government
. was bound as much as if the bonds had the
been issued \ liability since recognise
z and since paid.
At that time the democratic party leader
asserted what they now find it convenient t
r. forget, viz that the burden of debt impose
: upon the country by the war was three t
four thousand million dollars, and for ono
they were right; the true liability of til
F." United States, caused by the war which tt