Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-02-11
The PURLIO DEBE srATEMENr.

1 THE PUBLIC DEBT STATEMENT.
| The statement of the public debt
on the first of the present month
shows an Increase of something ovel
fifteen millions of dollars.
On the first of January,
| the debt, less cash in
| treasury, was $2,540,7S7, POI Is
On the let of February,
it was 1856, 2O5, $50 OS
| Increase, sl54Is,457 SO
The February statement, as COM
pared with that of January, shows
that the debt bearing coin interest
has increased $14,700 90. The
debt bearing currency interest has
increased 81, 545, 900 90. The debt
bearing no interest has decreased
S43, 77S,0SS 10. 1t is noticeable
that, while the debt bearing interest
has increased both in the gold and
currency-bearing obligations, that
portion which bears no interest has
been decreased. 1t is not possible
to control the increase of interest
bearing indebtedness during single
month but the general policy of the
Treasury seems to be directed, when
the matter is within its control, at
aiming only to decrease those obi
cations which bear no interest, and
which arc, therefore, less felt by the
people. If the interest bearing debt
could as regularly be contracted as
the non interest debt, we should be-
gin to feel the benefit of the policy.
On the LIST of February, the
amount of coin in the Treasury was
less by SlO,O30,652 Al than it was
on the 1st of January. The amount
less in currency for the same time
was 81, 40S,240 81. 1t is thus seen
that, while there has been q decrease
of the amount in the Treasury of
$5,652,412 %, there has been an
increase in the public debt to the
amount of SI5,4IS,457 SO.
These public debt statements are
anything but encouraging. The
Chicago Times says they demon
strate that neither sagacity nor
economy is engaged in the manage
ment of the finances. There is
always shown the policy of endeav-
oring to increase the value of the
interest bearing already usu
rious in the character of much of its
interest--and the effort to lessen
that which bears no interest and
upon whose continuance at its
present dimensions the business Of
the country depends for its health
full existence. The lack Of economy
is equally marked. In the Febru-
airy statement it is shown that some
thing like $S,OOO,0O0 was issued for
the War and Navy Departments;
and this at q time when the nation
has no war save an insignificant
difficulty with a few half-starved
Indians. Alongside this statement
of a payment of SS,000,000, in
single month, for departments
which ought to be approximately
shut up, there is the statement OF
$50, 100000 paid out as interest on
the public debt. There is no reason
whatever, save in the obstinacy oil
the Treasury Department. backed
by the demands of bondholders and
national bank interests, together
with a policy that necessitates the
support of an extensive army and
navy, to prevent a material reduc
ton in expenses, and reduction, in
some cases, of rates of interest, and
in other cases, their entire abrOga,
ton. The payments for civil, mis-
cellaneous, and foreign intercourse
for January, amounted to some
| S45, 100000.
| Who can doubt that either repudi
alton or bankruptcy must follow
policy in which lavish eXpenditur'
| is the invariable rule2 1t is no
enough that the nation must pay
round bonus to national banks 70
the privilege of allowing them t
issue their notes without interest
that we must support armies an
fleets i'm times of peace; that W
must have n civil service which i
twice or thrice as expensive as tbs
Of any other nation of equal size
thaeour circulating medium mu:
be contracted, and the interest o
our debt be constantly made MOI
burdensome In addition to all thu
the nation is called upon to atfor
more outlays, to grant more sui
. sides, to endure a larger burden
l taxation.
, If the next Congress and the mel
c administration be no more wise
t economical than the present one, thu
1 will the people have good reason
8 fear the worst.
80 71s7.@=..--
= . N u