Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-10-30
The Dangers Of Permitting the Debt
to Bee ome Permanent.
&C.. &C, -


rsgrstting, however, that other and more
pressing matters have prevented me- from
more clearly illustrating the absolute ne
cessity fer Immediate reform in the Gnau-
sial operations Of the government.
In l776 our national independence was
proclaimed and, after an exhaustive,
bloody struggle, efssvsn years, was, in
1888, acknowledged BY the parent gov
srnmsnt 10 1857 the federal constitution
was framed, and In 1889 the government
went into operation under ito provisions,
burdsnsd with debt Of So, 0oO, 900, crsa.
ted during the war Of The rsvelu.ien. In
msdiatsly upon the organization Of Con-
grsss measures were devised fer the pay
mont Of the national obligalion, aod The re-
storation Of the public credit and whom,
in 1873, war Was declared against Great
Britain. the debt had already been reduced
= t45, 900. 900. II ms then largely in
creased BY the three years. struggle that
ensued between the tive nations, until 1916.
Il had reached The sum Of 1929 ,O0O, O0O.-
Peace again established, provision WAS
made for the earliest practicable liquidation
Of the indebtedness, in order that il might
net become . permanent incunbsance
upon the people. Under wise aud econ
omical Legislation. the entire amount vac
paid In period OF twenty years; and the
sxt'nguishmsnt Of The national debt filled
the land with rejoicing, and WAS one Of the
great events Of President Jacksons admin
istration. Even after ito payment, . large
fund remained in the treasury, which, for
safe keeping, was deposited with the sew.
ssal States, On coalition that it should be
| returned when required by the public
| wants.
la si9, the year af,sr the termination
Of an expensive war with Mexico, We found
| curselves involved in a debt Of $64 900, 900,
and this was the amount owed by the gov
eminent in 1860, just prior to the outbreak
II this rebellion. In the spring If 1851
,ewar OF the rebellion commenced. E..a
ar Of its continuance made mn enormous
| ADDITION 10 the d. bt 30 that, when, in the
spring OF 1863, the uaton successfully
emerged from tho dreadful conflict, the ob-
heations Of the government had reacht j
the vast amount OF s. ,600, 100000. They
had not yst, however. attained their high.
est point, ic., when the my and navy ad
been paid, the voiuni eel forces dsbanded
aud the navy largely reduced, il was found,
2 February, 1866, that cur iudebtednsss
exceeded - ,oOV. .UO,U
Having thus referred TO the ndsbte ines,
OF the government at various periods of ia
existence, 1t may be we'll to call attsnusu
IA bria. ststoment Of facts connected with
ns expenditures. From tue Ali dsy Of
March. 1859, to the 30th CAV Of June. Sc /,
the entire public expenditures were 81, roo.
ouo.oVo. Although covering 4 period Of
- ysars, thls amount sssins small when
compared With the expenses OF the govern.
msnt du ing the recent war OF four years
duration, which, from the lst DAY OF July.
is6l, 10 the sob. oil June, 1865, reached the
enormous aggregate of 81, zoe, V00, OOo. An
investigation into the disbursements since
the LIST day Of July, 1865, farther shows
that, by adding to the expenditures OF the
at three years, tho estimated cost Of adj.
n,nistsring the government, for the wear
ending on the 30th of June, 1869. we ob
tain the sum Of 81 600, 600, 0OUas the amount
required for the four ysars Immediately fol-
ewing the cessation 0f hostilitiss,-or near.
~ IS much % was expended during the "
years that preceded the war.
| L will be seen, from this brief review,
that from 1921 to 1861, our public debt
vas at no time moro than l27 900 ,00Q !;
while. subsequently, four years Of civil war
expanded tito 81, sU0, 100000. 1t will also
he perceived that, while prisr to 1861, tho
largest annual disbursement was not quite
'4,ooo,0Oc, for the year Of 1858, the OK
penditures during the las. three years Of
peace have, successively, bssn $500, 00O,-
600 t346, 100000, and $685. 200, 900;
$312.O0o.O00 being the amount which it is
estimated will be necessary for the year
ending on the 30th Of June next.
In making this comparison w should re-
member that during the lsng interval be-
tween 1899 and 1861, the government WAS
frequently required = make Expenditures Of
An extraordinary character. Large sums
we're paid 70 the Indians. % annuitise, and
for the purchase Of their land. Expensive
wars were wagsd against powerful tribes
land was acquired from France It q coat Of
$40 .000, 900; Florids, in consideration Of
20 900. GOO. was coded to the United States
y SPAN califernia became . part Of our
possessions. on payment to Mexico Of as.
100000; while. for 100000. 600 on, GOV.
ernmsnt secured from Texas tho Terr,torv
o. New Mexico. During thess periods Of
our history ve werc alec engaged in vers
with Great Britain and Mexice-tbe Ara,
wased against soe Of the most pc werful ma
lions Of the world the other made add.
tionsiiy sxpsnsivs BY the prosecution Of
tory.
E. The startling facts thus coneissly stated.
suegsssted % inquiry a. to the cauee OF
this increase in the expenditures aud in
dsbtsdness qf the country during the civil
var. Inc maintenance Of the federal gov.
eminent was the one great purpose that an
MATED our people, and the TACT that scone-
my should always characterize or financial
operations was overlooked in the great ef
forts Of the nation to preserve it's existeuc,.
Many abuses, which had their origin in T..
war, continued 70 exist long after it hsd
been brought to triumphant conclusion
and the people, having become accustomed
10 iAvlsh .xpsL ditute of public mel sy lo7
al osjset SO dear to them as the prestrva
ton Of the integrity oil their free institu.
tons, having patiently borne taxation OF
the most oppressive character, large sums
OF money continued to be ext0rtei frop
them and squsn0ersd in useless and extrav-
tgant expenditures. Enormous expendi-
lures are demanded for purposes, the &C |
Of which requires Q LARGE
standing army. The subvsrson Of the |
COAST u'on and the subjugation Of the |
States to negro domination with . military
establishment, costing, in time Of peace, not /
lees than 500. 000, 900 annually and adsbt, |
ths interest upon which draws from The
Treasury each year nearly $3.50, 00O, oO0,-I
making . fetal Of $3.50, 000, 900 for these
tao items efexpsnoiturs alone.
Rs.renchmsnt has become an absolute
necessity, % bankruptcy will seen svatake
US, and involve the country in lite paralyz
ing results. II, however, . wise economy
Be adopted, the taxes may sosn DO mate
italy rsducsd-net merely for the benefit
Of afsw. but in the interest Of al. A rev.
snus would remain Sufficient tor the admin.
's'ratien Of the government - we'll 10 for
such = reduction Of the public debt ..
wsa'd, in = few years, relieve the people
from miions Of interest now annssil,
dsa~n from their resources. The idea that
- oeo: IS 10 bsceus psfuansnt sheu Z b
a'sccuntenancsd, a. Involving taxation Zee
neAsJ 70 os borne, and, The payment Of an
amount in interest, every sistssn. ys.rs.
equal 70 the original suin. The. ersduai
,q"dation Of the public debt wsuld. BY
ussrses, release the large capital iovestsdin
,ne securities Of the government. which,
sesking femuneratioo in otbep .S,.es.~~ IL