Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1869-02-26

1t 10 becoming . very grave question
how this Government can meet 10 liabilities.
The report Of the Secretary Of the Treasury
sho~s that for the last three years and
seven months thsiavsrsge annual expsndi-
surs 10 payment Of interest and ether de-
,nands has been $5os. GAG. 661.6s; and that
during that tims.ths public debt, instead Of
being diminished. has been increased BY the
sdai.isa II el7e. 174.4 TS.4s. 10 three vssrs
and seven neeths slmest I've thousand
million dollars have been expended. and
the debt 10 larger than Il wss q The elsss
d The var. TIE Secretary ssys hat he'd IL
not been for the Pacific railroad, the pur.
chase Of Alaska. aud other estimates. the
debt would have been smaller. But such
contingencies are Just o. likely to happen
in the future ~ in the past and The fact
stands a. stated. While the debt has been
thus RAPIDLY increasing, the resources Of
che Government for its liquidation have
been more rapidly diminishing. For the
year 1863 the receipts from customs were
little over tl79, 000, 900; for 1868 they
were only go, Oo0. 900. This points rather
TO deficiency bills than to the payment Of
the public debt. But the mcst alarming fsa
turc connected with our multiplied embar :.
rassnsnts 10 that our own precious metals
aad our gold bearing bends are leaving and
going 10 Europe. California and The Ter
ritsries in the last twenty ysass have pre-
pucsd In gold and silver upwards u III
500 600. 900. and Of this amount d .loo.-
900 900 have departed frso or shores.
Nor 10 this oil. Mere than elk hundred
aillisns Of our ssld-bssripg bends are nov
in the hands Of European capitalists. and
bssides this they held IN State stseks and
other sseuritissl mers than two hundred
million aad shs Ssssstasy aays that ~ are
even nov Increasing eur dsbt y Europe d
the rate Of seventy niHisss u dollars pei
annum in the form u geid-esasisg bonds
and il this shall ssass The rsssipts irsn Gus
tens must cease with Il, and The tag
gasherss must hual fss surrsney whom It Il
scarce, and Ter geld whom there 10 nsss 4
support the Osvwnmsas AID . pay ID
debt. Bsrrewisg from sss man = pay an
ether 10 the sontrivancs Of . bankrupt Ant
the adoption Of such msasurss On our par
would only develop The utter hepslsssnss
Of our situation. In addition 10 the bur
dsns already snsmsratsd. our eommsseia
marine has been sold 10 forsgasrs. and ID
eest Of our transportation gees int thsi
pockets.
Tho Secretary aacribss the great rsdus
tion 10 the amount derived fFsm iotssna
revenue l. Insult isnt collection and 10
reduction Of taxes. This may be PARTIAL,
true at Tho present timc; but il will not b
long before still further reduction will b.
attributed to the exhaustion Of the people
Their capacities are truly wonderful; but
wonderful Az they are, human energy ant
human endurance have limit. Five hun
drsd million Of dollars 10 large SUN to b
drawn yearly from the labor Of the country
In the shape Of taxation. Isthsrs any sys
tenn Of labor upon earth that could stan
such . drain, Our largest river woul
cease to dow, and its bed would become dr.
and parched IL the clouds did net bear bac
tho volume Of water it discharges into II
gulf. But hcrs 10 . financial gulf int
which pours golden stream. but from Il
metallic surface arises no moisture, no W
per. NO rain 10 cheer and bless the source
Of ito supply. Hew long can il continue I
asws Ilsw long will thirty million psopl
be content to pour the golden fruit Of thei
unrequited toll into the bosom Of the gul
which. like tho Dead Sea, has no outlet :