The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1872-07-11
DEBT UNDER THE ADMINlSTRA-
TION OF PRESIDENT GRANT.

On the first day of March 1869, the
public debt of the United States, less
the amount of cash in the Treasury, ac-
cording to the official statement then
published, was $2,525, 463, ,260 OIL
SupposiDg that during the first four days
of the month the debt was reduced by
S35, ,573 10, which is tourhirtteths of the
reduction for the entire month, the
amount of Indebtedness, less cash 10 the
treasury. on the fifth day of March, 1869
was So, ,525, ,427, ,6S6 81. On the first day
of June, 1872, the total public indebted
ness, less cash in the treasury, was So,
1913, SIS, 37S, "a, showing the enormous
reduction of $33l, ,9l0, 3O7 81 in the
amount of the debt since the fourth of
March, 1869.
1t thus appears that during a little
more than three years of President
Grants administration the public debt
existing at its commencement has been
reduced by nearly one serenth Of its entire
amount. European journals, comment
ing upon this achievement, have spoken
of it with establishment, as something
wholly unparalleled in financial history.
To appreciate its whole value on the peo-
pie, however, we must consider the I'M
mense saving which it involves in our
public expenditures for the interest on
the debt ecisting on the first day Of June,
1872, aCoS less by $22, OU2, ,519 q year than
that on the debt e.risting on the first dag
Of lNarch, 1869 Had the adminlstra
tion adopted the policy of postponiog
the payment OF the debt to an indefinite
time in the future, as some persons have
censured it Tor not doing, this twenty
two millions year would still have to
be drawn out of the pockets of the peo-
pie. The money they would thus be
compelled to sink forever in the payment
Of the interest, would in ten years.
amount 10 the enormous sum of $22U, 600
900, and in twenty-five years would ex-
ceed QUO fourth Of the national debt
The true econoniy of policy Of prompt
payment adopted by President Grant and
bis excellent minister of finance is thus
made manifest Already it has produced
an annual saving, as we have seen, Of
more than twenty-five million dollars, a
monthly saving Of 81, ,S33, 543 25, and a
daily saving of S6ll,lSl OS. Other
plans of relieving the people from taxes,
which have, from time to time, been put
forward, have been mere temporary cx-
pedients, whose sole effect would have
been to prolong the period. and greatly
augment the aggregate amount OF taxa
tion; but this plan brings permanent re-
lief, and is accompanied by no haunting
thought of evil days to come.
Moreover the process of a reduction is
still rapidly going on. and every year the
diminution of the amount required for
interest, renders it possible to apply SO
much the more to the payment
of the debt. Even the twenty-five mil
lions year already saved, if deposited
annually in sinking fund, at five per
cent interest, compounded semi-annually
would alone suffice to pay off the entire
national debt il thirty-six AID one quar-
ter years, and compounded at six per
cent would pay it in thirty-three years
Well might President GRAFT cherish the
sanguine hope. expressed in his letter O.
acce eptance. of leaving to his successor
whether at the end OF this term ol
another, country with credit OF homo
and abroad, and without embarrassing
questions to threaten its future prosperl
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