Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1868-12-31

ton and prudent economy can alone
Irfmcdy the defects and avert the evils
wl'ich If suffered 10 exist, cannot fail
Itp diminish confidence in the public
c1unscls and weaken the attachment
andrespect Of the people toward their
political institutions Without proper
care, the small balance which, it is
estimated, wilIremain in the Treasury
Atthe close of the present fiscal year,
| Will not be realized and additional
uiliions will be added TO a debt which
isnow enumerated by billions. 1t is
stpwn by the able and comprehensive
report ofthe Secretary of the Treasury.
tl.at the receipts for the fiscal year
<psiing June 80, 1868, were s405, ,683,-
~ and that the expenditures for the
sdhes pefiod were e877 ,840, ,2Sl, leav.
ing in the Treasury surplus Of s2S,-
297 ,799 1t is estimated that the
receipts during the present fiscal year,
ending June 30, 1869, will be s84l, :
302, ,S6S, and the expenditures $780,
152, ,470, showing a small balance Of
So, ,240, ,30S in favor Of the government
for hefsoal year ending June 30, 1870.
II is estimated that the receipts will
amount to 1927 600, 600, and the ex-
penditures to s803, ,000, 600, leaving an
estimated surplus of s24, 100000.
IL becomes proper In this connee-
tion 10 make u brief reference TO our
public Indebtedness, which has accu-
mulated with such alarming rapidity
and assumed such colossal proportions.
In 1877, when the government com
menOod operations under the Federal
Constitution, il was burdened with an
indebtedness of seventy-fve millions
of dollars, created during the war of
the revolution This amount had
been reduced 10 forty millions OF
dollars, when, in 1872, war was de-
cared against Great Britain. The
three years struggle that followed
largely increased our national obliga-
tions, and, in 1916, they had attained
the sum Of one hundred and twenty
seven millions Wise and economical
legislation, however, enabled the gov.
ernment TO pay the entire amount
within a period Of twenty years, and
the extinguishmont OF the national
debt filed the land with rejoicing and
was one Of the great events Of Prosi-
dent Jackson's administration. After
It's redemption, a large fund remained
in the Treasury, which was deposited
for safe keeping with the several
States, on the condition that il should
be returned when required by the
public wants. In 1919, the year after
.he termination OF an expensive war
with Mexico, We found ourselves in.
volvcd in a debs of sixty-four millions
and this was the amount owed by the
government in 1850, just prior TO the
outbreak of the rebellion. In the
spring of 1851, our civil war com
menced. Each year Of its continu'
ance made an enormous addition 10
the debt, and when, in the spring q
1865, the nation successfully emerged
from the conflict, the obligations Of
the government had reached the i'm
monso sum of s2,S78,99 800. The
Secretary Of tho Treasury shows that
on the first day of November, 1867
this amount had been reduced tC
! 81, 49l, ,504 ,i50, but at the same time
his report exhibits an increase during
the past year Of s35,645, ,l0l for tn,
debt on the first day of November last
is stated TO have been s2,527, 129, 552
1t is estimated by the Secretary thai
the returns for the past month vii
add to our liabilities the further sun
OF Sll,OO0,0OO, making a total incroas,
during thirteen months Of $4,000 600
In my message to Congress Of De
cember 4th, 1865, it was suggested
that a policy should be devised which
without being oppressive TO the peo
pie, would at once begin to effect {
reduction OF the debt, and, il persisted
IL, discharge it fully within dehnitl
number of years, The Secretary o
the Treasury urges that tho longer !
is deferred the more difficult must be
come its accomplishment. We shoul'
follow the wise precedents establishes
in 1889 and 1916, and, without furthe
! delay, make provision for the paymen
Of our obligations at as early a porio'
J as may be practicable. The fruits O
, their labors should be enjoyed by on
! citizens, rather than used 10 build n
and sustain monoyod monopolies il
, our own aud other lands. Our foI
/. eign debt is already computed by th
Secretary Of the Treasury at oigh
, hundred and fifty millions. Citizen
? Of foreign countries receive intercs
upon a largo portion Of our securities
and American Taxpayers arc made {
contribute largo sums for their SUI
e port. The idea that such debt is {
o become permanent should be at a
/, times discarded as involving taxa.io
; tvv huuvy 10 bv bUruu, anu pay urur
Q once in every sixteen years Mt th
. present rate of interest of an amour
+ equal to the original sum. This vas
uoul, " IiuthttNtta " 'NN'hN ~ rs M
!, nent and increasing, must eventual
9 be gathered into the hands Of few
J. and enable them 70 exert dangerou
and controlling power in the affair
s of the government. Tho borrower
c would be servants TO the lenders-th
G lenders the masters of the peopl
I We now pride ourselves upon hayin
!. given freedom TO four millions Of q
g oolorcd race Il win thon be our shan
j that forty millions Of people, by the
q own federation of usurpat0n and pr
= iligacy, have suffered themselves
u become onslaved, and merely @
" changed slave.ownors for new tasl
2. masters, in the shape of bondholdc
d aud tax gathercrs Besides, a perm
C nent debt pertains 10 monarchi
70 government, and has a tendency
D. monopolize and porpetuatc a class
a legislation totally irreconcilabie wil
n free institutions Introduced into o.
y republican system, they would grad
$ ally but surely sap its foundation
y eventually subvert our government
4 fabric, and erect upon its ruins