Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1869-07-08
Remarkable Reduction Of the
Debt.

Remarkable Reduction Of the
Debt.
The favorable unofficial reports which
have been given publicity from time to
time. had prepared the minds of the
public for very satisfactory monthly
statement from the Secretary of the
Treasury, on the first day of July
But when the official figures are actual
ly received, the condition of the
Treasury is so much more satisfactory
than the most sanguine anticipated,
that the feeling throughout the coun-
try is that of general surprise. We
hardly deemed it possible that the re-
ceipts from Internal Revenue could ex-
ceed by so many millions the hopeful
though careful estimates of Secretary
Nc Culloch and Commissioner Wells or
that the income from duties on imports
should be swelled to such unlocked for
proportions. 1t was thought by some
that the reduction of the debt for the
four months ending June 80, might
possibly reach thirty millions, but no
one dreamed that such reduction would
amount to THIRrY-sIx AND HALF MIL
LIONS OF DOLLARS. And so the decrease
of the debt in the single month of June
of SIXTEEN AND HALF MILLIONS was
surprise even to the Secretary of the
Treasury. The receipts from miscel-
laneous sources on the last day of the
quarter were larger by several millions
than was anticipated by the depart
ment itself. Taking the reduction of
the debt since March 1, as a basis upon
which to estimate the reduction for
the year, and we find the national bur-
den growing lighter at the rate of about
S110,0O0,00O per annum; or taking
the last monthly reduction as the basis
of our calculation, and we find that
the national debt is being paid off at
the rate of almost 100000, per
annum In the former case the whole
National Debt will be paid off Unless
than twenty-five years, and at the latter
rate of reduction the entire debt will
be wiped out of existence in twelve
years! in either case the result would
be without parallel in history and al
together so astounding, that few will
believe the result possible until its ac-
complishment takes place. For our
own part we believe that if foreign and
domestic wars are avoided, the hun
dredth anniversary of the Inaugural
ton of the first President of the United
States will find this Republic freed
from the burden of the last dollar of
the rebellion debt, its power stronger
and its position prouder than any En-
pire or Republic in the worlds history
has yet reached. For twelve years the
finances of the country have not been
in SO favorable condition as they are
to-day. The satisfactory showing of
Secretary Boutwell, will do more to
strengthen and confirm the confidence
of the country in the present Admin
istration than anything that has yet
been done. 1t will to an incalculable
degree strengthen the Republican cause
in the contests just opening in this and
in the neighboring State of Pennsyl-
vania. The mouths of all croakers will
be closed, and no party can withstand
the popularity of an Administration
which is making financial record that
excites the astonishment and commands
the admiration of the world.
Sensible men will draw but one con-
clusion from the facts and figures to
which we have referred. And that is,
if financially we are getting along well,
everything is going we'll We are get
ting out of debt as rapidly as any
reasonable man can expect; let us
continue to get out of debt until the
Nation owes no man one cent. We
are moving rapidly in the direction of
national solvency and security from
future taxation; let us turn neither to
the right hand nor to the left, but con-
tinue in that direction, for it leads us to
lasting prosperity and perpetual peace.
Let well enough alone.
When managing the finances of the
country on sound principles leads to
such glorious results. it is no time for
experiments or financial quackery.-
Creating one debt to pay another is
not cancelling the country's indebted
ness. The only way of getting rid of
a debt is the old-fashioned way of rails
ing money and paying it. The only
sensible sinking fund is the excess of
Government receipts over Government
expenditures. The application of this
excess, or surplus, however large,
to the payment of the bonded and
greenback debt, is what the country
demands. Let the debt be reduced one
hundred millions per annum, and there
will be no complaint of the taxation
which brings about this most extra
ordinary and gratifying result.-Stats
Journal.