The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-10-10
the NATIONAL FINANCES
The Fearful Augmentation
of the Public Debt.
A Letter of Hon. Robert -
Walker.


walker.
On account of the great authority o.
Mr.. WALKER in what respects Govern
ment finances, we take great pleasure
in laying before the public an extract
of a letter from him, addressed to 4 citi.
zen of the city of Philadelphia. 1t is as
follows:
EXTRACT from letter dated Washington,
October 6, 1868, from Hon. Robert j.
Walker, late Secretary Of the Treasury,
tod friend in Philadelphia:
'In reply to your inquiry, / would
say, that the table of the public debt of
the United States at various periods,
referred to in the National Intelligeneer
of yesterday morning, is accurate in all
respects, having been taken from the
books Of the United States Treasury
You ask me if it is a fact that the annual
expenditures of the Government have
been increased, as therein stated, over
forty-six millions of dollars, (S46, 6,056,-
$500 by an augmentation to that ex-
tent, of the yearly interest in currency,
of the public debt since April 3Oth,
1865. / answer, that it is an iadispatd-
bic fact, and, will add, that from a care
full consideration of the condition of
the Treasury, it is clear that this an
nusl interest will 60 on increasing. 1t
is possible that there may be small
reduction of the public debt last month /,
but this reduction, if made, will be in
debts bearing mainly no interest, or in
war claims withheld, whilst the debt
bearing coin interest will be aug
mented.
"That there is an increased yearly ex-
penditure, exceeding forty.six millions
of dollars since April 80, 1865, to meet
the augmented interest Gas currency of
the public debt, is certain. This is the
true test of our financial condition, and,
to me, it seems certain, that nothing
but total change OF policy will save
us from national bankruptcy. This
change of policy must be based upon
vast decrease of our national expendi-
lures, as recommended in my financial
letter of November last. We must abol-
ish the Freedmen's Bureau; We must
recall the army from the South, and re-
duce il to moderate peace establish
ment. We must terminate there the
Joint rule of the negro and the bayonet,
land, slavery and secession having been
forever abandoned,) permit the South
ern States, in obedience TO the Federal
Constitution, to govern themselves as
before the rebellion. Ths fact OF this
vast increase of the ankGal interest of
the public debt is not disputed ques-
tion. 1t rests on transcripts from
the books of the Treasury, and cannot
be denied. This item of expenditures
for the increased annual interest OF the
public debt is nearly equal to double
the entire yearly expenditures of Mr..
Polk's administration before the Mexi-
can war, and nearly equal to its subse-
quent annual expenditures, including
the war, and heavy payments for the
principal and interest of the public
debt. But even if we take the 30th of
November last, the date of the last an
nual report Of the Secretary of the
Treasury, we find the increased annual
interest, as currency, of the public debt,
s26. .574, ,329 from the 30th of November
last (1867) to the 3lst of August, 1865,
being an augmentation at the rate OF
three millions of dollars a month, or
thirty-six millions of dollars year.
At this rate of increased annual eXpen-
diture for interest only on the 3Oth OF
November, 1869, little over year,
this single item of yearly disbursements
would reach seventy-twO millions of
dollars. 1t is clear, then, that the Rad
ical policy leads rapidly and certainly
to national bankruptcy, and that moth
ing can save us but change OF men
and measures"
We have heretofore stated that Mr..
WALKER, with all his experienced abili.
ty upon the subject of Government
finances, has expressed his reliance in
the main upon the official facts, figures
and views of Mr.. DELMAR as to the re-
ceipts and expenditures for the term
that has elapsed since the termination
of the war; but not content with thus
much of service to the country by aid
ing to give light to the Ieople upon the
wretched and deplorable condition OF
the finances under the rule of the Rump
Congress, he, at the request of parties
in New York, has been instrumental in
procuring the publication of the table
prepared at the office of Mr.. DELMAR.
Statistician of the Department, the
salient points of which are presented
| in the above letter. The whole table
appeared in the InteiligenCer of Tuesday
morning, and with 10 an editorial ar
ticle showing its leading points
in more full manner than
appears in the above letter of Mr..
WALKER to his friend in Philadelphia.
The statistics in question were. gotten
up with the full knowledge and consent
of Secretary McCULLocH. And here let
us state that the remarks saccompanying &
the monthly Treasury statement for
September, are not from Mr.. MCCUL-
LoCH at all, but are the volunteered
effusions of knot of Radical clerks,
who seek to cloak the desperate consi-
ton of the finances from the gaze OF
the people. The table prepared at the
instance of Mr.. WALKER is now before
the country, as we'll as his statements
of its leading points. II the Democrat
ic press does its duty in laying them
before the country, and the Democratic
orators do theirs also, in discussing its
subject-matter at the hustings, the Rad
ical prospect of success will be utterly
destroyed.
Mr.. WALKERS facts, figures and ar
guments will not be questioned even
by Radicals, for they have exhaustee
encomiums upon him for those great
efforts at period Of almost pitch dark
ness concerning the finances during tht
rebellion, when he succeeded by th'
intense fire of his nature in driving
through Congress the necessary meas
ures for continuing the war to sue
cessful termination. Subsequently, q
; agent of the Government, he visited