, 1875-05-08
NATIONAL DEBTS.
Another Letter from I2x-Secre-
tary DIcCu}1Och.
Tho Reduction Of the National Debt the
Traditional Policy Of tho
United States.
Other Nations Increasing Instead Of Tie.
ducing their Dc'ds-.-Satlonal
Borrowing Made Easy.


l.oEDh::, April ~. 1b75.-To hc Editor Of the
N'e.o York Trit,.nr: Tie traditional policy OF
MIR eountrxif .,.,s,. +t., ~. ~ fet,a
~. t,,nas:t,, ..s oA An.. n"s "os .o"t,ua .,
..a ~ nunues" ,oa' n'Ht W 'ala 10 ha'o 'FAu"
tlonal po]cy-ha" been TO comsncnes tho paw
ment of its debt sa soon a. The necchnit; which
created 1t had passed aEsy. Tia U,,ited States
w.rn },nrn fn aeh, lint yrn,n t1,o o-u.rI,,,;o, ~
II. aover,n.nt ~ I'm ,,r.r.n. .1er ns.io,,,
.ns NJ. t'". i.s.n ~ ~ r4shs'' "a, nne'ooas
oeo' t'as Dectl seEataeh pF 1he Peop1e a8 = bnF'
dcn frotn rhich thoy should bs relieved II rAr~
idly rs ras nuesib]c. Twice sinco tho coIontou
hec.mo pation II, Gorcrnmcu, t,,a bcso vir,
,,,.,1- r... +xar, ~. ~ .,r:aat 49,. ~. liz
tory, not only whs tho nationhl dobt entirely
a1tingais1,cd, but thers waa 90 iargs III
accumulation IN tho Ttassurr arisinx Al.
,no.t o,clrs,r,,x t-c,, ,u.4cms ,,,,.;ca
.ha' 'e1aei 'fn.n inc pethos@ con'a ohlF no 1oe'a
ny oi6tttbutlon Of the surplus revenue among
tho Sts.cs. II the aabt incurred in tic sur.
presaion of tho Eebeiljon vag creatcd With
t1traorlnorv ran;aitv Il. ,c1uct,on b,, hcen
Ga" ,aoluaa's .apo's' ~ 'saues'o' hs7 u.sn
st''t noso extraordinary. Tho debt Of the United
ststeb on the lit OF aeptenbey, 1865. Was
s2.7U. .G99, 573. ~ exhibited by tho books of the
Treasury. 1l1ia van mt, however, Tho total
,mnunt ~ ,b. a,,t r,,.-a wora al .,,,. trno
,..,sa ,,s.,,t,s.a.1 ",. ~. ~. ."1 ,
large unaa]'htaa eiaams .sinss tAs var aha
Navy Dorartmcnts,-- ,--chtnay against Tho former,
-whicl, wero paid hr ;ilqaa Departments out Of
THAR appropriations, nsl which hava mover an-
rnared upnu tho Treasursrx booka ~ part uf
t,ln nation 1T debt.
Tie actual debt adjusted and not adilatetl at
the c1oee Of tho War, or rather at tho dinbandine
OF lhe Federal army. waA not Iasa tlaau fJ, QUO,
0oo.0uo. On tic IL: OF Aaroh last Ii vas
- III 315359 the re.ls:efian iu nine-And-a-lalf
ycars having been ES,..Gs4 OIL. Or at tho rate of
over E50. UUU, 600 pcr anuuo,. Nothing likc this,
and nothing II all coluparal|e to 1t, illustrates
fhn fsY,ap ~ ~ 4.
true that tho example Of the Cuited States Ia
not being generally followed by otLer uatiouB,
bit this should no. shake our confidence in
tie corrcctueka Of wlas | have called our
traditional policr, It is more thnu likeiy that
tho reduction OF tho delt ras for some years too
rapid, hut Al, aa.afcd that no iullcious taxa
tion, the object Of rhich ia to reduce the public
| dclt ind which doca not affect injuiously the
iuluhtria1 interests Of tue country, will over DO
regarded ~ burdopsome by The people Of tho
| Cnted Stascs.
| Tlt Secretary Of tho Treasury, IN his report Of
| Dcca.nber, 1865. undoubtedly gaye expression
| to tho ssuo sentiment Of the pooplo nlen ho
! said :
4tThe ebt IL largo lut il l;c,5t ut home IS It is
desirable i. SHOULD bc, With judcloua syetcm
Of taxation. It need not DO oproaaive 1t iH. how
Of tho securitics, il IL still natiouai debt, anl
an iucumbranco mon lilo uasiopa, estate.
| Neither itR advantages nor it's burdens are, or
| c4n b., shared Or borne oqusllT By the reop!e
] Its influences arc hnkt.rlDuh}lckn. II Adds to
the power of tie Executive by increasing Fcs,-
oral patronage. I. n,ust bo dietastetuI to the
| people, beeauHe 1t fills tie country with In
! formers and tox-Eathesers, 1t is danger
ouB to tho public virtue, becauso it. iu-
wolves tic collection and disbursement Of
/ large sums of monoy. acd 1ende1a rigid national
econony almost ;mi4acticablo. II IL, in = word,
q national burden, and tho work Of removing it.,
no matter how Desirable il may bo for individual
trne man Jesifs 10 leays to tl.eir heizs unincum.
betod centes, 20 should it bo tie ambition Of tho
| peoplo Of the United stAtcs to relieve lhclr de-
scouadapta from this ustionsl mortgage. No need
not be anxious futuro generations should share
| tlIp burdens with u.s. Wars arc not ut an end,
and rostcrity will have enough to do 10 take caro-
/ Of tic debts Of their own creating"
And when ha further said, in his report Of
| 1861:
ttold t2ebts aeo hard to par The logger thev arc
continued tho moro odioua do they become. il
Tue prcsen, gouoration shoull throw tic burden
Of tIis debt upon tle next, It viii ke quito likcl,
| TO t,e handed down from one generation to M.
other. perpetual. il not = coustautlY ipcrcaa.
1