The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-05-11
NATIONAL DEBTS.
Another Letter from Ex-SscFetaFy
McCulloch.
The Reduction Of the National Debt TIE
Traditional POlleyOt the
Unlted States *
Other Nations Increasing Instead
Of Reducing their Debts
National Borrowing
Made Easy.

u hk Nsu YORK 1F1bERs: Inc tIauIuohal
policy Of our eountry-if a nation that
has not completed its hundreIh year may
be said to have traditional Policy-has
been to commence the payment OF It's
debts As soon as the necessity which ere
ated it had passed away. The United
States were born in debt, but from the
organization Of the Government t. the
present day national debt has been re-
Farded by the people as = burden from
which they should Be relieved a. rapidly
as was possible. Twice since the colo
mics became nation the Government has
been virtually free from debt, At one
period in its history, not only vas the I
national debt entirely eItinguished, but
there vas 50 large an accumulation in
the Treasury arising almost exclusively |
from customs duties, that reliet from the |
plethora could only be found by distri' |
button Of the surplus peTenue among the |
States. II the debt incurred in the sup |
preston Of the Rebellion Was created
with extraordinary rapidly, its redue. |
ton has been still more extraordinary.
The debt Of the United States on the LIST
Of September, 1865, vas S2T56,6 S9, 81 ],
As exhibited by the books Of the Treasury.
This was not, however, the total amount
Of the debt There were At that time
large unadiusted claims against the War
and Navy DepartnlenIs-Ghiehy against
the iormer-IhiCh were paid BY these
Departments out Of their appropriations,
and which have never appeared upon the
Treasurer's books As part Of the nation
al debt.
The actual debt adjusted and not Ad.
iusted al the close Of the War, or ratheS
4. the disbanding Of the Federal army,
vas not less than 5000, OOO, 900. On the
hrst Of March last, il VAs S22,l37, S44, $50,
the reduction in niRe.aud.a-half yearS
having been $S62, 6S4,0ll, or at the rate
Of over $50, OOO, 900 per AnnuE. Nothing
like this, and nothing at all comparable
TO it, illustrates the financial history OF
any other nation. 1t Is true that the e1.
ample Of the United States Is not being
generally followed BY other nations, but
this should not shake our confidence in
the CORRECTNESS Of what have called our
traditional policy. 1t is more than likely
that the reduction Of the debt was for
some years too rapid, but | am satisfied
that no judiciOus taxation, the object Of
which Is TO reduce the public debt, and
which does not affect iniuriOusly the in
dustrial interests Of the country, will ever
be regarded As burdensOme BY the people
Of the United States.
The Secretary Of the Treasury, in his
report Of December, 1865. undoubtedly
gave expression 10 the true sentiment Of
the people when he said:
"fhe debt is large, but il kept al home,
A. il il desirable il shnnld ha, With ju.
dlcinus system OF taxation, ii need not be
oppressive. It is, however, debt. While
il Is capital to the holders Of the securi.
, ties, Il i still 4 national debt, and an in
rumbrance upon the national estate.
Neither it, advantages nor il burdens
are, or can be shared or borne equally by
the people. IL influences are anti.re-
publican. 1t adds 10 the power Of the
Executive BY increasing Federal patro.
mage. II must be distasteful TO the poo
I pie, because il fills the country with in.
formers and tax-gathereTs. 1t iS danger
Gus to the public virtue, because II in.
, wolves the collection and disbursement oil
large sums Of money, and renders rigid
national economy almost imprActieAble.
It il, in . word, national burden, and
the work Of removing it, no matter how
desirable it may be for individual invest.
ment, should not be postponed. As all
true men desire TO leave to their heirs IN.
! incumbered estates, so should il be the
ambition Of the people Of the United
States to relieve their descendants from
this national mortgage. We need not be
, anxious that the future generations
, should share the burdens with US. Wars
are not at an end, and Posterity will have
enough to do to take care Of the debts Of
, their own creating"
And when he further said, In his re.
port Of 1867:
cold debts are hard to pay; the longer
they are continued the more odious do
they become. II the present generation
should throw the burden Of this debt
upon the next, it will be quite likely 10
be handed down from one generation 70
another, perpetual, II not = constantly
increasing, burden upon the people. Our
country l. full Of enterprise and re.
sources. With proper reduction in the
expenses Of the Government, and with a
revenue system adapted to the industry
Of the country, and not expressing Ii,
the debt may be paid before the expira.
ton Of the present century. The Wis.
dom Of policy which shall bring about
such a result Is indicated in advance BY
the history Of nations whose people are
buriened With inherited debt, and with
no prospect Of relief for themselves or
their pOsterity.'
II il to be hoped that nothing will &C.
cur to change the policy Of the Govern.
ment inauguraied at its birth and steadily
continued 10 the present time. Admit.
ting even that il may be neither neeiful
nor desirable that the national debt
should be entirely extinguished; that
certain amount Of Government securities
will always Be required to secure the cir.
culhtion Of the National Banks for pub.
lie and private trust, etc, etc, II viii be
some years before the debt will be so re.
duced a. 10 render il necessary to inquire
what amount Of public securities WILDE
needed for these purposes, and whether
or no, the point has been reached below
which the reduction should not be car.
ried.
But, while II has alWayS been the POLICY
Of the United State to commence the re.
duction Of the public debt a. soon a. the
exigency which brought IL into existence
had ceased, different policy has been
pursued and still prevails aniong most
other nations. Germany f. quite free
from debt. Belgium and Holland are
rapidly reducing their debts, and Great
Britain il moving slowly lit il a wonder
that 50 wise . nation should move 20
slowly in the same direction. Other
nations instead Of reducing are increas.
ing their indebtedness, and most Of them
will doubtless continue to do so a. long
a' the! can hOFrOW. Until the system uf
funding vas ih,rOdueed BY the Italian
stats, the ability u nations TO botfov
vac limited, and natiPual debts were
kept within reasonable 61ubds. since
the Introduction Of this systeis, which IA
likely TO prove TO Be highly injufi4us 10
the States that borrow, II not to thait
creditors, national debts have reached an
enormous sum-a sum which can hardly
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