The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1870-01-14
THs NATIONAL DEBT.
Secretary BoutwoIl's Ideas About 1t.

Secretary Boutwell, delivered a lee
ture in Washington City on Tuesday
night, on the Growth of American
Independence" in which he thus
spoke of the National Debt:
But it IS not enough that we are in
dependent politically as q nation; it
is not enough that the inhabitants
of the country are ali citizens and
equal before the law.
A nation cannot act fully and freely
in all the affairs of the world; she is
not independent in the largest and
best sense, unless she is compare
lively free Of debt, with capacity
to raise revenues much in excess of
ordinary demands, and a credit un-
stained By an act Of dish0n0r, and re-
iieved of every apprehension even IN
the minds of the most tImid.
This statement suggests the only
remaining difficulty In coUntry's
path. AS the men Of the Revolution
airy era did not hesitate to assume
their full share of the burden Of a
war debt, so l trust that you, who
have made so great sacrifices foR the
Union, will c0urageously initiate their
example.
AT the close of the Revolutionary
war the interest-beariug debt of the
country was about SO, 000, 600. The
population then was less than 3,000..
600; but, accepting that number as
the nearest approximation to the
truth, the debt averaged $50 to each
person. The present interest bearing
debt of the United States may be put
at about $21, 600. 900, 600, and it is not
unreasonable to estimate the present
population Of the country at 42, 000,-
600. The present debt, therefore,
averages $50 for each person. 1t Is
safe to assume, also, that the prop
I erty of the country in proportion
to It's population, estimated at It's
gold value, is more than three
| times as great as it was In 1880
or 1890. If we assume the value OF
the property in 1880 to be $500 for
each ~inhabitant, it would be proper
to estimate the aggregate property of
the country at the present moment to
be at least 81, 900 for each inhabitant,
or an aggregate of 5000, 900, 900 at the
former period, against $42, 0O0,O 900 at
the present time. But whether these
estimates of the aggregate property of
the country at the two different
periods be correct or not, it can not
well be denied that the present aver
age is more than three times the
average in 1890. The result is that
at the former period the debt was
eight and th~ree-tenths per cent, while
at the present time it is only five per
cent. of the property of the country.
This estimate is at best but an ap-
proxlmatiOn to the truth, yet rela-
lively 1t Is an under estimate rather
than an over estimate OF our present
resources.
[ caanot doubt that it was as diff
cult for Mr.. JefFerson's Administra-
ton and for the people of the coun-
try to reduce the debt during his
term at the rate of $500, 900 per an
mum, as it is for US to reduce the
debt at the rate of 800, 000, 900 per
annum. From 1903 to 1909 the coun-
try was subjected to all the taxation
which those in power dared to impose,
for the reduction of the debt was a
leading feature of Mr.. Jefferson's pol
icy.
Our condition, at the present time,
is peculiar. The revenue is large,
aud after the payment OF ordinary ex-
penses, pensions, aud interest, We
have a surplus of one hundred mil
lions annually for the reduction of
the principal of the debt. The treas
ury is free from embarrassment, and
we have no occasion TO borrow a dol
lar for any purpose whateYer. Pro
/ vision can be easily made for the pay
ment of the Ten forty bonds. amount
Ing $194, 600, 600, in 1874. when
they will be first redeemables OF they
may be postponed for thirty years
more, as the public Interest may re-
quire. The amount Of $2S3, O00, 900,
due in 1881, can be paid at maturity.
The proposition for a new loan has
one p~urpose~-and one only-the re
duction of the interest account; and
if this can not be accomplished VIC
have no occasion to intrude upon the
markets of the world. Our power to
place a new loan at q reduced rate Of
interest is. in my judgment wholly de-
pendent upon the aenitude Of our
~Gupnlus ravnnnpe