Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-10-03
Boutwell,, the Secretary Of the Treas.
ury in Gen. Grants time.

many grave questions pressing for
consideration and decision, and per-
haps none more grave and difficult
than that about the debt. The debt,
as ascertained VASE, 757 900, 900 and
that in country that had known al
most no national debt at all, and the
| actual debt was more than that for
we owed to the soldiers that had not
been pail !; we owed for quartermas
ter ana commIssary stores and the
actual debt was not less than S3,000,.
100000 thirteen years ago to-day.
| Woree than that: all nations in war
are compelled to borrow. and they are
compelled to borrow at such rates as
men who have money to lend choose
to ask. Our burden of interest on
that debt was over $751; 900, 900 a
| year. For interest alone We were
paying in 1865, after peace, double
the expenses of the government in
any year of peace prior to the rebel
lion. Well, now how are we? For
tunately Secretary McCulloch did not
regard national debt as a national
blessing, and he adopted the policy
OF reducing the debt, thereby strength
ening the credit OF the nation, and in
that way enabling us to get our mon.
ey at lower rates ofinterest, to refund
| the debt on better terms. Now,
among the wise men of the country,
through the press and upon the plate
form there was a number who told the
people that the debt would never be
paid-that great nations never paid
/ their war debts that it would be like
the debt of England and Franco
burden upon US and our posterity for
all generations. Hugh McCulloch
and the people of the United States
were fortunately wiser than that
They believed that the debt could be
honestly paid according to its spirit
and the letter of the obligations crea
ting it, and they went to work, and
from that day to this every year has
seeu material reduction of the debt;
and to-day instead of $4,000, 900
it is only about $4,000 00.000-near-
ly one-third paid in thirteen years.
| Applause.
REDUCTION OF INTEREST.
By reason of improved credit the
interest of that debt has been chang
ed until to-day. 1t is only sos, 0o0,-
900 instead $l51, 100000 a year.
More than a third of the interest has
been cut off. IF we were to put into
a sinking fund to-day at four per cent
interest the reduction of the rate of
interest it would pay the whole ma
tional debt in twenty-five years. Bat
that is not all. Every man in this
community is no. only relieved some
what of the burden of that great debt
but all engaged in business who have
to borrow money,understand that the
rate of interest paid by the govern
ment of the United States Influences,
/ might also say regulates the interest
that yoa are to pay. IF the govern
| ment pays seven and three-tentes per
cent: with such securities as govern
ment bonds none of you can get it for
any less. Nay, it will be ten, twelve,
or fourteen tor the citizen, and when
we get it down to four that brings it
down for every citizen borrowing
money in the United States. APP
plause. In short good national
credit means good credit for the in
dividual. Lower the rates of interest
for the Government mean lower the
rates OF interest for the business men
everywhere
But, again, only seven years ago in
1871, it was ascertained, as near as
such facts can be ascertained, that
our bonds owned abroad amounted to
from $500, 100000 to $1,000, 900, 900;
that we were paying from fifty to six
ty millions of dollars year to 90
across the water; and now we have
ascertained in the same way that
those bonds have been coming back
under the changed balance of trade,
until to day there is owned abroad
only from 5000, 100000 to $500, 0O0,-
900. Instead of sending abroad each
year $50,0o0,O0O or $60,000,00O, we
now send abroad only from $4,000
900 to SIS, 100000. Now that is the
debt, greatly diminished, interest
greatly diminished, owned at home
instead of abroad.
| TAXATION GREATLY DIMINISHED.
Well, take taxation. When the
war ended, the first year of peace our
taxes were CABS, 100000 for national
purposes. Custom duties and inter
nal revenue duties amounted to $685.
100000. To day they amount to
S240, 100000 an improvement Of al
most $3.50, 100000 in the taxes that
burden the capital and labor of the
country: expenditures the same,
diminution almost equally as great;
and this decrease has gone straight
on during the period of the panic.
AN IMPROVED CURRENCY.
Well, now take tbs other side. We
have less debt we have less taxes,
we have greatly improved exports
and imports. Let us look at these
two things Just for moment. Our
currency thirteen years ago-bank
note paper and greenbacks amount
ed to six or seven hundred millions Of
dollars. 1t amounts to about that
now. But then each dollar was worth
so cents. To day each dollar il
worth 9sI or 99a cents. [Applausel
Then our six or seven hundred mil
lions of dollars was worth only about
$500, 900. To day it is worth
about six or seven hundred millions
of dollars. But better than that: Then
our currency was tickle, and it fuctu.
ated day by day. We had Black
Fridays when it went mp; and then
we had other days when it went
down; and now what effect had that
upon the plain people of the country
the producers, and laborers, the
middlemen? The men who buy and
who sell, do it, if they have good
sense, for profit. They understand
very well that this tickle standard Of
value may be against them. They buy
at one price and sell at another. but
the currency may vary in such a way
as to make it against them. There
fore they put on enough profit for the
purchaser and laborer to pay to make
Il