The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-01-14

nue..
Secretary Boutwell, delivered a lecture in
Washington on Monday night, for the benefit
of the Charity Fund of the Grand Army Of the
Republic. His subject was "The Progress Of
American independence"
He traced the history Of the country at
length, showing that resistance to tyranny and
love Of freedom were Characteristic of the col
onlsts, and that the general spirit OF the peo-
Die found expression In the declaration Of
American Independence. He asserted that
the student Of history will find an Intimate
connection between the rejection of so much
of the original draft of that declaration as de-
nounced The slave trade, and the attempt to
dissolve the Union in 1861. independence
was inevitable. 1t came and 1t secured equall-
ty to the colonies as States, in full recognition
Of the American Union and It's rishtlul posi-,
ton among the nations of the world. The civil
war was alike Inevitable. II came and secured
freedom and equality to the citizen. The war
for independence gave us States, and 1t gave
us nation, but citizenship was privilege and
was confined to class. The States and the
nation emerged from the civil war purified and
chastencd while citizenship is no longer a pri-
vilege merely, but 1t Is now established as
right. But 1t is not enough that we are inde-
pendent politically as nation. 1t is not
enough that the inhabitants Of the country are
oil citizens, and equal before the law. A ma
ton cannot act fully and freely before the
world. She is not independent in the largest
and best sense unless she Is comparatively free
of debt, with capacity to raise revenue much
in excess OF ordinary demands, ana Q Greai5
unstained by any act Of dishonor, and relieved
Of every apprehension even in the minds OF
the most timid. This statement suggests the
only remaining difficulty In our country's path.
As the men OF the revolutionary war did not
hesitate to assume their share OF the burden
of the war debt, 80 trust that you, who nave ave
made so great sacrifices for the Union, Will
courageously initiate their example. At
the close of the revolutionary war the
intcrcst-bearing debt of the country was about
$75, ,00O, 900. The population OF the country
was less than three millions, but, accepting
that number as the nearest approximation to
the truth, the debt averaged SIS to each per
son. The present interest-bearing debt OF the
United States can be put NJ about sI,lOo.ooV,-
present population of the country at AZ, OC0, ,0oo.
The debt, therefore, averages $50 for each per-
ton 1t is safe TO assume, also, that the prop
crty of the country in proportion to its popula-
ton, estimated at its gold value, ,is more than
three times as great Us 1t was In l78O or li9O
even. If we assume the value OF properly III
1890 to have been eqnal to three hundred dol
estimate the aggregate property Of the coun-
try at the present moment to DC at
least one thousand dollars for each In
habltant, or an aggregate OF nine nun
dred millions of dollars at the former pc
riod against forty-two thousand millions at the
present time. But whether these estimates OF
the aggregate property OF the country at inc
two different periods be correct or not, 1t can
not well be denied that the present average is
more than three times the average In 1870.
The result Is that at the former period The
debt was eight and three-tenthS per cent,
while at the present time it is only five per
cent Of the property ofthe country. Tfls cS-
Innate is at best but an approximation 10 the
truth; yet relatively 1t Is an under estlmate
rather than an over estimate OF the present re-
sources. cannot doubt that 1t was as difficult
for Mr. Jeffcrsons administration and for the
ncople of the country to reduce the debt dur
ing his term at the rate OF three ana nall
millions per annum, as it IS lor us 10 rGuuce
the debt ut the rate of one hundred millions
pcr annum. From 1901 to 1909 the country was
subjected to all the taxation which those IN pow
er dared to Anposc, for the reduction OF the
debt was a leading feature of Mr.. Jefer-
sons policy. Our condition at the present
time IS peculiar The revenue Is large, and
after the payment Of ordinary expenses, PEN
slons and interest we have surplus OF one
hundred millions annually for the reduction OF
from endorsement, and we have no occasion
TO borrow dollar tor any purpose whatever.
Provision can be easily made for the payment
of the ten-forty bonds, amounting to Sl04 ,UOU,-
600. in 1874, when they will be first redeema-
Bile, or they may be postponed for thirty years
more, as the public interest may require. me
amount of s2S2 .0O0, 900 due in 1881 can be paid
in financial affairs. The proposition for o new
loan has one purpose, and one only-thc re-
duction of the interest account--and II this
cannot be accomplished we have no occasion
TO intrude upon the markets oil tile " orlu. Our
mower to place new loan ut reduccu rate Oh IN
tcrest is, iii my opinion, wholly Dependent upon
the magnitude OF our surplus revenue. Nolh-
Ing but menace OF payment Will induce tne
holders of six per cent. bonds 10 surrender
them and accent bond bearing lower rate
of interest. If you reduce the revenue so That
IL is barely adequate to meet the necessary eX-
peuscs and the accrnins interest, the holders
of flyp-twenty bonds will reS0lutely resist
every effort to induce them to accept lower
rate of interest. Our net interest account, eX-
Guiding Pacific Railway bonds, is sl25, 900, 600.
The government has already bought 800, ,o0O,-
600 OF its own bonds, the interest on which
is paid to the Treasurer, leaving our actual In
terest at about sl2O,0OO, 900. The reduction Of
the interest account, slS,0OO.00O a year. Will
enable us, if We choose, to make this the basis
of a sinking fund 10 pay the principal Oh lle
interest-bearing debt in thirty-tre years, II
we reduce our revenue to the necessary
expenses of the government and the amount
| needed to pay the interest at the pres
| ent rate That is to say, saving of sl8, ,oOoo.,,
| 600 annually, on the amount Of interest, will
In thirty-liye wears, with the accumulated
interest, be equal to the bonded debt OF the
United States. Ought there then, in the pres
ence Of sucha possible advantage, to be any
doubt as to the wisdom of maintaining our
revenue at higher rate for one or two, or even
three years, if necessary? With large reve'
nue. for three years, the result is surely accom-.
plishcd in one way or the other. II the puo!lc
acteN :llc new bond at a lower rate the ones