New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-06-17
ale,u 0rleatls Republican.
OFFICIAL JOURNAL OF THE UNITED STATES
OFFICIAL JOURNAL Of NEW ORLEANS
Extiuxuisbin. National Debts.


Mr.. Lowe has astonished the House of
Commons by the announcement that Eng
land is paving off her national debt more
rapidly than Is commonly believed. Since
April, 1868 it has been reduced fl0, 46S,7 2S,
leaving q total on the thirty first of March
last of f796, 104 1885, or about $3.50, DOC, 000.
The London Economist shows that the ac-
tual reduction is even more than this, for
though the debt has been increased 81 ,300,-
600 since 1868, to pay tor the telegraphs,
that outlay is cOunterbalanced by a pro-
perry which has already begun to yield a
large income. The Economist justly argues
that it is not fair to reckon a debt of this
sort as if was a part of the national debt,
spent on old wars and for other purposes
now yielding no income. Deducting this
productive asset, the present amount of the
English debt remaining as a lightweight is
f7SS,804, 1885, or about 1894, 100000. An
item of the three years. reduction account
is the transfer of Is 300, 600 of unclaimed
balances of floating cash from the courts of
law to the treasury, all of which has been in
vested in stock and turned into book debt,
paying no interest. 1t is not really reduc-
ton of Liabilities. Nevertheless the abso
Lutte reduction of about fifty millions of dol
lars in the debt within the space of three
years, that being the real amount after
making proper allowances and reductions,
English people upon the Every satisfactory
result.
The American debt has been reduced
1904 ,000, 900 in two years-March, 1869, to
March, lSl-and a further decrease of
$2l 500, 900 has taken place since March,
making total reduction of $225, 100000
within the very brief space of twenty
seven months. Our total debt, less cash in
the treasury, is now S2,299, 1874, 1874. These
-, L.;
June statement. He is still pushing his
favorite scheme of reduction, and hugging
his dual mania for wiping out the debt and 4
for boarding cOin-his latest report show
ing gold balance of nearly $50 ,000.0 900 in
the treasury. The contrast between his in
judicious haste and the moderate reduction
of the English debt is singularly striking
The population of England is about the
same as that of the United States; the
debt of that country is 81 600, 100000 more
than ours; England has had no recent war |
to retard her industry or TO cripple her re-
sources-yet her people are very joyful |
over an expected reduction of their obliga-
tons in the amount of $50, 1000, 900 in three |
years, regarding the fact as an indication of |
careful management and growing pros
perity. Mr.. Boutwell,, with an obstinate
persistence in carrying out his PLAN per-
haps with the hope that he will be crowned
his time, pays of the principal of our
debt at the rate of about $2000,0O0 per
week. He does not stop to consider three
important points, but the people think of
them, and the future historians will note
the folly and vanity which have lost sight
Of them. The points are these: l. That the
country can not afford to bear the terrible
mposts of taxes and tariff rates which are
necessarily continued so iong as this sense
essly rapid reduction is persisted in 9.
That four years of bloody and disastrous
war Withdrew from all the channels of in
iustry the skilled labor and the capitaI
which were formerly 80 abundant. g. That
f this generation had not given its men
md its means unreservedly to the work of
,Onquering the rebellion and preserving the
Union, its succession would have had no
country to call their own. 1t was enough
or us to save the nation. 1t would be only
} fair share of responsibility for the coming
to pay the debt incurred in un-
!ertaking and successfully accomplishing
hat vital work. Mr.. Boutwell, desires a
financial reputation. He is getting it-not
recisely in the manner he desires. Let
i'm take a lesson from the British chan |
ellor of the exchequer and moderate his
chemes accordingly Our taxes are too
nervous to enable the people to crafty the
'hims of the Secretary of the Treasury,
nd all our industries cry out for relief.