New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-08-17
OUR NATIONAL FINANCES.

The Government and people of the United
States owe a National Debt of between Twenty
two and Twenty-three Hundred Millions of Dol
lars, nearly Nineteen Hundred Millions of which
are funded and drawing interest, while -Four
Hundred Millions form good part of our
Paper Currency, including our Postal" frac-
lions of dollar The annual interest on the
funded portion of this Debt is now about One
Hundred and Ten Millions
This is a large Debt, but not nearly so large
as it has been. When the Volunteers who
saved the Union from disruption had been
nearly all disbanded and paid off, Aug. l.,
1866, the principal of the liquidated Debt was
over Two Thousand Seven Hundred and Fifty
seven Millions; and it was a little more a
| month later. Since then, we have been pretty
steadily gaining upon it, with the result al
| ready set forth. The interest payable IN 1866
was Twenty Millions more than that payable
in 1871.
1t is true that Millions have meantime been
realized by the sale of vessels, clothing, and mu
nitiOns, DO longer needed but more Millions
have been absorbed in paying State claims for
subsisting and fitting out regiments preparatory
to their muster into the Federal service, paying
arrears of bounties, individual claims, &C., &c.
1t is no light achievement to have diminished
the annual burden of National Debt Twenty
Millions of Dollars within the first six years
after the close of most exhausting, devastat-
ing Civil War. SO much has been achieved in
the face of a virulent, reckless Opposition,
which has steadily opposed and still condemns
the reduction of our Debt. That Opposition
would fain repeal and reduce taxes until there
would be no surplus income wherewith to sat
isfy and cancel Debt, and it would destroy
the Nations credit by denying the Ma
TONS obligation to pay Debt at all,
save in its own discredited and lying prom
ises. That we have reduced most essentially
both the principal and the interest of our
Debt is due TO the integrity and the stern re-
solve of the party in power.
To shift to the shoulders of posterity the
burdens rightfully devolving on the present
generation is a short and easy road to present
popularity. The Republicans might, by taking
that facile path, have shielded themselves from
some of their adversaries' heaviest and most
| telling shots. They have chosen the way that
is best for the country rather than that which
is easiest for themselves. The world honors
and admires the nObleness of that choice 1t
shall yet realize that the path of honor is
| that of safety also.
The Government is in the market as a
borrower. 1t would gladly borrow Fifteen
Hundred Millions of Dollars. But, unlike most
| borrowers, it does not wish to increase the
sum of its Indebtedness but only to change
its form. 1t owes large sums wherein
| it is paying six per cent. interest. 1t was very
| glad to borrow at this rate when its existence
was in deadly peril, and is still grateful to
those who then became its creditors. But it
| is now at peace, is reducing its debt instead
of charging it, and holds that it ought to be
able TO borrow at lower rates than when fight
ing for its life. So it is in the market for
loans but every dollar it borrows will cancel
a dollar of outstanding bonds wherein it is
now paying higher rate of interest than il
proffers Ii it should borrow Fifteen Hundred
Millions forthwith, the money markets of the
globe would not thereby be clogged to the
extent of one dollar
Secretary Boutwell, has succeeded in placing
q portion of the new loans authorized which
was to draw five per cent. interest and be pay
able after period of ten years. The manifest
chagrin with which the Democratic journals
receive this annOuncement-their efforts to
dscredit it-plainly show that they regard the
Secretary's triumph their own defeat They
had fondly hoped for Charlottesville, and
are confronted instead by Gettysburg.
Suppose it should have cost in every way
-Four Millions to place this Two Hundred Mil
lions of Elves: we shall save that in two
wears interest. and thereafter pay Two Millions