The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1878-11-06
will be marked with an asterisk

1873#. 2'234, ,482, ,993 2C
1919 2,251 $50, 468 49
1873. 5*........ -. 2.232, ,284, 531 81
1875. 76#........... 2,190, ,395, ,067 Is
The above statements, marked
with asterisks, do not include ac-
crued interest on each amount,
which, on al average, would be not
less in round numbers than $40. .000,.
600 each year to be added.
1877 Gnclud. int.).. $2,24o, 184, 1873 90
From the above it will be seen the
enormous increase OF the public debt
from the year 1864 the last year of
the war to the present time.
/ have shown what the average
collections were under former ad-
ministrations, and will show the bur-
dens imposed upon the people by
the Republican administration in
shape of customs, internal reve-
nue., sales of public lands, &c. They
have collected from 1862 to 1876,
inclusive Of 1862 being II years the
enormous sum of $12,709, ,655. .059.-
80, or seUen times as much as was
collected by all the administrations
from 1871 to 1862, period of II
years. Think of it. Seven times as
much revenue collected by the Re-
publican party in IL years as was
collected in II years by all the 9TH
er administrations.
And yet the debt is greater than
it was in 1864. It's expenditures for
the year 1873. the smallest of any
year before or since the party took
charge of the financial affairs of the
country amounted to $524,O44. 597.-
81. being more than fUe times as
much as the expenditures of any
years of former administrations from
the beginning Of the government to
the close of Buchanan's administra-
tiOn.
These enormous yearly collections
and expenditures on the party of the
Republican administrations are made
necessary in order to keep up and
maintain the bonded aristocracy which
its system of finance has built up
AMI would perpetuate. By making
the public debt an interest bearing
bonded debt, it has taken millions
upon millions from the industries Of
the country to support and enrich
the bondholding classes. President
johnson in 1868. referring to our
public debt uses the following forci-
bic language: "The fruits of their
labors should be enjoyed by our citi.
zens, rather than used to build up
and sustain moneyed monopolies in
our own and other lands. Our for
eign debt is already $850.OOO .O0O
Citizens Of foreign countries receive
upon a large portion of our
securities, and American tax payers
are made to contribute large sums
for their support. The idea that
such debt is to become permanent
should be discarded as involving
too heavy to be borne, and
payment once in every 16 years at
the present rate of interest of an
equal to the original sum.
This vast debt if permitted to be-
come perEsnent and increasing must
be gathered into the
hands Of few, and enathe them to
exert dangerous and controlling
power in the affairs of the govern
nent the borrowers would become
servants to the lenders-the lenders |
he masters Of the people," This Ian
,uage of Republican President,
riewed in the light Of subsequent
egislation, has almost the spirit of
aar9e.tt -a1
If a public debt is blessing. and
lnder the most favorable conditions
n which such debt can be viewed
his is a doubtful truth, if you will
pardon the expression. Yet. if by
my possibility such debt could be
made or converted into blessing,
must be q debt in such proper
ions as can be easily paid when de-
banded. It must not necesitate
normous taxation to meet it. Il
nust be q non-interest bearing debt
nd must be exclusively a home
eb t, making the people creditors of
be government. 1t must not be a
onded debt, for the sting of inter