The Conservative. (M'connelsville, Ohio) 1866-1871, 1869-01-22
polititaG.
AInr ming Increase in the Public Debt.

Altar ming Increase in the Public Debt.
We areat last in receipt ofthe publicdeb
statement of December LIST. Il exhibits an
alarming increase during the month ofNoy-
ember. as follows:
Debt December let. 90. ........ S2,53g.O 3l. sl4
Debt November list, .............. 2,5N .i2a.55
Monthly Increase. ...... 81, 9O2, 292
An increase of over eleven millions
but a fraction less han twelve millions of
dollars in one month, and that following the
triumph of the Radical party in the presi-
DENTAL election ! These figures and facts
go to prove the correctness of the data upon
which during the late political canvass we
predicted an inevitable and an enormou
increase of the public burden in the future.
Radical journal and radical speaker affected
10 ridicule those data aud prediction but
this s11, 800, 292 swelling ofthe debt during
the month succeeding the election proves
either their ignorance or their hypocrisy.
The exhibit Of tho debt for tho last year
and for the period that has elapsed since
the war was drawing to a close presents
equally unpleasant features for the tax paw
er TO contemplate.
Thus, the debt compares for the year:
Dec. J, O.. ............. 49, 39,03l .sil
Doc. ], 81 ."..".............. 2,5Ol,2O5,752
Yearly increase .... s3L.s SOS. Oo2
Over thirty-seven-but a fraction less
than thirty eight-millions Of dollars in
crease in a twolvemonth, moro than three
and nearly four years after the surrender of
Lee
The difference between the debt now,
and the debt at the time the war was draw
ing toa close, as stated by Mr.. McCulloch
in his annual report q December last, is ~
follows:
lS6b .........' t2,53l,OJl,stA
1855. 2'3oG,96o,OII
Increase si72,O 7o.7 O7
Ovr one hundred and seventy-two mil
lions of dollars increase since the timo the
war was drawing 10 a close az mado the
basis of comparison by the Secretary ofthe
Treasury in his report TO Congress a year
ago
But this is not the worst of the compar-
ison. Very few people understand the
fact that even these figures do not repre-
sent the real increase. by a manipulation
Of tho debt in tho interest of bondholders,
under powers conferred upon him by Con-
gress, tho secretary has been constantly re-
ducing the amount bearing currency inter
est and increasing the amount bearing coin
interest, and 30 added TO tho burden of tho
tax payers the difference between the vaiuo
of g~reenbacks and gold. The following
comparison Of the portions of the debt
bearing interest payable in coin will illus
trato:
Dec. J. ,6s",...".............. $40 $780, 100
Dec. lB5.."."."".'".."..... Lstl'S6I'sos
Increase. ......... s201, I6s, eos
That is for the last year. The compari-
son between tho present time and tho LIST OF
April, 1865, when the war wa drawing 10
n close, II M follows:
ls0s. ..-...S2 ,2QI. $50, 100
1885. ......... 1,iOO,36i ,252
Increase si.OO7. 4ss, 500
The balance Of the debt in each OF the
above cases either bore currency interest OF
no interest at all,
The operations of the treasury are thus
seen TO have been conducted in tho inter
ests of bond holders and against the inter
%terests of the taxpayers. Tho debt has
been increased by making nearly one-hali
Off that originally drew interest in curren-
cy draw interest in gold. The next step
In the scheme for the creation of n moneyed
aristocmcy is 10 fund tho whole amount,
making specific agreement OF taX exemption
and that the principal and interest shall be
considered payable in gold but putting the
time OF payment of the principal oifbeyond
the life OF the present generation and nc
making tho burden II permanent one for Ill
unless the people rise up in their strength
now and refuge TO submit TO the brazen ant
infamous attempt to rob and enslave them
Tho monstrous demands of the bondhold
ing capitalists coupled With the increase o
the debt and the condition Of th%eindustriaI
masses, arc producing the results we have
all along feared and prodicted-open pro
positions for q forced settlement on NJ
equitable basis, which are but steps townrC
reputation If the offer be not accepted b'
the public creditor. The President of The
United States in his annual messageto Con
gress does not hesitate 10 argue that justice
to tho people requires that tho bond-holde
in Wow of the gains and privileges he hai
enjoyed, shall be content 30 have his in
forest stopped and receive his principal il
installments Of six per cent of tho total an
nually in gold until the whole is paid. Thii
recommendation, coming from such a higl
official quarter, and meeting, as there is NJ
use denying it does, tho views Of n yer!
large portion OF the people should at leas
cause Congress to pause in the financia
road il is running.