Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1875-01-11
THE NATIONAL DEBT.

The public debt statement for Jan. LIST,
1875, shows the debt to have been
at that time, less cash in the treasurery
s2,I42,598,302 - over two thousand
one hundred and forty million dollars.
The great debt has not been materially
diminished during the past year, and
there is no prospect Of any legislation
on the part Of congress, that will pro-
vide means for its reduction. So great
have become our expenses, that to pro-
vide for them seems to be heavy taxa
ton, and there is such q demand for a
reduction Of national expenses, that con-
gress will yield to the popular clamor
regardless Of our future welfare. The
immediate cancellation Of the debt is
impossible, so great did it become dur
ing the days Of the rebellion, but grad.
ual reduction is possible and easy. The
amount Of interest paid annually on the
national debt is about Sl4O,OOO.OOO;
and much of this vast sum has to be
paid in gold The payment Of interest
in gold would not harm the country,
we're it not from the fact that very
large proportion of the outstanding
bonds are held in foreign countries, to
which our gold is sent to comply with
the promises recorded on the bonds them
selves and made by the nation when
they were issued. Hence the call for
gold is great and imperative, and large
shipments Of this precious metal must
be sent away, to keep the national pledg-
es. This drain will continue, and is H.
able to increase, so long as the debt is
unpaid, for a new class of bonds must
be issued TO take up those now In exis-
tence when they mature, unless they
are cancelled by being paid. There are
two ways to pay the debt: one, to in
crease the tariff the other, to increase
the internal revenues by some of the
means resortcd to in the days of the re-
bellion. If the tariff is increased, tea.
silk, hardware, imported wines, and a
large list Of dutiable articles will cost
the consumer a higher price; if the in.
ternal revenue is increased, the practice
Of using stamps, paying income taxes,
taxes on matches, and the various other
means Of raising revenues, will be pre-.
served and added to. There are obiec.
tons to either of these methods Of rails
ing government funds, just as there are
Inconvenience experienced by all debt
ors, in their attempts to liquidate thei
Indebtedness but the national debt j.
upon US, and if we maintain nationa
honor 1t must be paid. Now, if it is the
wlsest way to increase tariffs, let then
be increased if it is necessary to ado
TO the burdens of internal taxation. le
rs suffer from this cause some way
any way to pay. or to partly pay, tn
debt One hundred and forty million
dollars, to be paid annually, is no small
sum and it should be remembered tina
when the interest on the debt is com
pounded, it will take but about min
years, at the rate Of interest paid. t
double the debt Hence, if we woul
put an end to this national grievance
the sooner the debt is paid, the les
times will it be doubled by its interest.
Within few years, nearly all Of tn
bonds issued during and lmmediatel
after the war, mature In order to pa
them, new bonds must be issued, as gol
cannot be obtained in sufficient quaint
ties to pay them according to agreement
and to make the new bonds acceptabl
to capitalists, it must be shown that tn
United States has the ability and a di
position to pay its debts. Hence, ;
large an amount Of the debt should 8
paid annually. as can be paid withor
serious disadvantage to the country. III
world will then see that We have ii
means to liquidate our Indebtedness. an
that there is an honest determination
to do. Then when we ask capitalists
take new bonds, they will take then
and the four and five per cent. bon,
now IN the market will be called 70
both at home and abroad. Let congress
men practice economy, in regard to d
nestle affairs. but it will be the poore
economy to so reduce our revenues tn
the great debt cannot be annually 4
minished. The people do not object
any necessary measures that will he
10 establish national credit. even if tn
pay higher for the Injuries or neces
ties Of life f; they only object 10 extrav
gance and prOdigality in the administr
ton Of government.