Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1868-10-16
me Nntionol Debt Tucreose.

I
! WASHINGTON, October Ian extract
from letter dated Washington, October G
/ 1868, from Hon Robt. Walker, late Secre
| tary Of the Treasury, TO friend in Phila
delphia, is as follows "In reply to your in
| quiry | would say that tho table Of the pub
| lie debt Of the United States a the vari-
Gus periods referred 10 in the National In.
4 telligencer af yesterday morning is accu.
rate in all respects, having been taken from
tie hooks Of the United States Treasury,
"You ask me If it is q fact that the anuu.
oil expenditures of the government have beer
increased, as therein stated, over forty-six
millions Of dollars by an augmentation tC
that extent of the yearly interest in cur.
rency of the public debt since 30th April,
| 1865 I? ! answer that il is on iudisputabIe
fact, and ] will add that from careful con.
| sideration of the condition of the treasury
! it is clear that this annual interest win GO
on increasing. II is possible that there may
be small reduction of the pubic debt last
month, bnt this reduction, il made, will be
in debts bearing mainly DO interast, or IN
war claims Withheld, whilst the debt bearing
coin interest will be augmented. That
there is an increased yearly expenditure
exceeding fOrty-six millions of dollars since
April 80, 1865, TO meet the augmented in
terest as currency Of the public debt is GER
tain.
"This is the true test Of our financial con-
dition, and to me it seems certain that
nothing but a total change of policy will
save us from national bankruptcy. This
change OF policy must be based upon o vast
decrease OF our annual expenditures. As
recommended in my financial letter of No.
vember last, we must abolish tho freedmens
bureau; we must recall the army from the
SvGtb and reduce it to a moderate peace
establishment; we must terminate there the
oint rule Of the negro and the bayonet and
slavery a1d secession having been forever
abandoned, permit the Southern States, in
obedience to the federal constitution, to
govern themselves as before the rebellion.
"The fact Of this vast Increase OF the an.
nual interest of the public debt is not q dis
puted question--it rests on transcripts from
the books of the treasury, aud cannot be
denied. This item of expenditures for the
increased annual interest of the public debt
is nearly equal to double the entire y .irly
expenditures of Mr.. Polk's ADMINISTRATION
before the Mexican war, and nearly equa
% its Subsequent annual expenditures, in
cluding the war and heavy payments for the
principal aud interest of the public debt.
"But even If we take the Both of Novem-
Der last, the date Of the last annual report
of the Secretary of the Treasury, we fnd
the increased annual interest in currency
Of the public debt s26,5T4, ,329 from the 3Oth
of November last, 1861, to the 3lst of Au-
gust, 1868, being an augmentation at the
rate OF three millions of dollars a year.
"At this rate OF increased annual expend-
iture, for interest only on the 30th OF No
yember, 1869, little over year, this sim
gle item of yearly disbursements would
reach seventy-twO milion, of dollars. Ii is
clear, then, that the radical policy leads
rapidly and certainly 10 national bankrupt
cy, and that nothing can save us but
change of measures"