The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1871-08-17
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rheDsht.Pavan~ Policy.

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The advocates of Mr.. Boutweil's policy
ofpaying the public debt at the rate of a
hundred million and upward year tell
exafnple set by Washington, Jefferson,
Monroe, Adams, and Jackson. Suppose,
then, we look into the matter and see
what their wise example was.
First, let us state that the interest bear
ing debt of the United Ststes, according
to the last statement, is more than nine
teen hundred millions, or not far from tif-
ty one dollars to each man, woman, and
child in the country The annual charge
for interest is about three dollars per cap
ita, and for payment of principal, at the
rate of hundred millions year, about
two dollars and sixty cents per capita
making total annual charge, on account
of debt, of FIVE dollars and sixty cents,
gold, per capita.
Now let us turn to Mr.. Boutwelps ex-
emplars. According to statement issu-
ed from the treasury department last year,
the public debt, at the end of Washing
tons first term was $50, ,064, ,479, or about
twenty dollars per capita. The interest
charged was about 81 20 per capita. AT
the close Of his second term, the debt had
increased to So, ,064 ,479, or at the rate OF
ten cents per capita per annun. This de-
Quoted from the interest charge, would
leave 81 10 as the net annual charge per
capita on account of the debt; which IS
So much for Washington's example.
During John Adams's term, the debt
was decreased only about see, 900, and the
annual interests and payments together
amounted to some SO cents per capita, or
onA-sa 1t h the present burden
Next comes Jefferson. During his first
term, ending in 1905, the debt was increas-
ed nearly $500, 900, and of course the bur-
den was still less in proportion to popnla-
ton. During his second term, ending
1909. the debt was reduced from $50, ,312,
$50 to $57,O23, 1872, or rather more than
twenty-five and quarter millions. Dur
ing this period the debt averaged about ten
dollars per capita while the interest was
60 cents and the payment of principal
was 90 cents per capita.-total 81 So or
not much in excess Of one-fourth the pres
ept charge. IL, 4.
From the end of Jefferson's second term
(lS09) to the end of Madison ssecond term
(1SI7), the debt was increased, en account
of the war with England, from fifty y-seven
to hundred and twenty-three and q half
millions. During the following term
(Monroe's first, ending 1921 the debt
paying policy was resumed. The debt
then averaged about eleven dollars to each
inhabitant, and the interest 36 cents, and
the payment 80 cents head per annum.
Total charge on account OF debt, 68 cents
per capita, or less than one-e:ght the
present charge.
The largest payment ever made before
the last war, IN four years, was made du-
ring Jackson's first Term, ending 1888,
when the debt was reduced from $59,
AIS to 81, ,001 032,-nearly fifty-two and a
half millions. The debt averaged for that
period three dollars q head, and the
annual charge Is cents for interest and ST
for payment of prlncipal,-total 81 Is, or
q little more than one-hfth the present
burden on the same account.
The foregoing is fair and full exhibit of
all the material facts set forth in g state
ment sent from the treasury department
in September last Itshows that the ap-
peal Of Mr.. Boutwell's apologists to the
example Of former times was q most un-
fortunate one, unless it can be proved
that the wealth of the people is from three
to FIVE times as great per capita now as it
was during the administrations of Jeffer-
son. Monroe, and Jackson.
But, after all, this is not 30 much ques-
tion of authority as of present expediency.
Is It best to tax the people at the rate of
SIS 60 per capita, or at least $25 to each
producer of wealth in the land, to enable
Mr.. Grants secretary of the treasury to
show the world that we can pay hun
dren millions of principal annually, pro-
Vided we are squeezed hard enough2 The
people themselves have repeatedly and
emphatically answered this question in the
negative. They have plead with our rad
ical Congress and its radical advisers to
give the screw one turn backward, and let
them have chance to recover from the
tremendous pressure of war taxes. They
have urged that local taxation is far high
er,-in many cases necessarily so,-than
ever before; that they have waste places
to build up, railroads and factories to con-
etruct, and lost commerce to recover
and the only answer has been reluctant
and pitiful remission of taxes that have
heretofore yielded from fifty to seventy
millions, winnie the amount still collected
is sufficient to enable the remorseless Sec
retary to boast reduction of sixty to
eighty millions a year,-sufhcient to en-
courage all manner of extravaganza, and
to attract all the honey -tongued conf
dent rogues in the land to our overflow.
ing treasury.
The true debt-paying policy is this
Redeem sone fifty millions of Eve twen-
ties with the coin that has long lain un.
productive in the treasury, saving three
millions ofinterest annually. Then strike
off from the pension rolls hundred thou,
sand spurious widows, orphans, snd Grip
Piles, saving ten or twelve millions more
Then reform the revenue service by dis.
missing q small army of supernumeraries
saving two or three millions more. Their
send the scheming subsidy andland thieves
to the right about, saving no one knows
how much more. Then, in general terms
introduce efficiency and economy in plac,
of ineffciency and profigacy in the man
agement of all public affairs. Then taxi
off at least hundred milionsm more taxes
particularly the so-caled protective taxes
lifting from the public shoulders burdel
of three or four hundred millions. Thi
done, the country can still go on paying
off the principal of the debt as fast as MAJ
be necessary to sustain the public credi
and make reasonable provision against fu
ture wars or other extraordinary drafts up
on the resources of the country. Thi
would be reasonable policy, such as tn
people demand, and not in vain should W
eaaE an fu fO, ~ IN oY,y-- mast hictorv