Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1879-10-16

ment on the subject of debt has always been
sound. 1t may be summed up IN a few words.
NO DEBTS TO BE CREATED IN TIME or pr,cr,
and war debts to be paid off as rani11,, ..
slble when the war ends a. pos-
Inc revolutionary War debt, at the inaugnr
a'11 1a u tne present form of Government Msrcb
f. asGg, am9Gnted to $760OO,OOO and after sue
! cesSNe reIuhqmgs, in longtime bonds was
paid OFF by their redemption, finally, in 1s95 was
Inc debt created by the War of 1879 after
T7 I Suing IN AZ per cent bonds was also Maid
III 1000, anu at the close of that wear the netio,S
was practically free from debt. VIZ ia'ioh
Inc debt incurred on account of tho NSo1-;oo,
VA amounted to $50, 552 sos, the bonded debt
e eoaIlIS SIX per cent. interest. running from
I'VE 10 twenty years, and treasury notes at
various rates of interest, from one mill ~ e az
redeemed nro per t cen Gent All of this debt was
amount hoG yet presented for redemption.
IS marked evidence of the fidelity, NTH
WniGn our National obligations of this descTnt
loa nave heretofore been met it is wortbyPoF
note that, during the War of 1910 the ;+y %
on the portion of the debt held by british SI1b
{ pnI6or was regularly paid, the agents of the
fuptlon OF direct commercial intercourSe hi
sometimes obliged to resort to circniton1s anS
efC dlf4cult routes for the transmission
OF payment. find the fact remarked mon nv
MI. Alexander Trotter, the British amtbd~ a ~
ssGdnuard work published in 1899 nnon 90
imu1onaI nnanclal position and credit at that
Clme. Inc author also notes the fact tbo+ +%s
aCG OF congress passed by the first GonCrosS
That assembled after the adontion of fIaE ToS,
all tbe 20 MAKE provision for the payment of
al Ine outstanding engagements of the Govern
ment; with degree of integrity which is ave
! IN the history of the financial embarrass 20
It postponed the claims of Creditors at
! provided for. oi0'i'ol were
r-O.ur war debt resulting from the War for the
union amounted to about So 600 600 ono ond bnS
aSi reu4fea TO about $1,000 100000 During the
i'oI car There mas been no reduction of the o.
gregate amount, but there has been a rednction
o. OF inc amount of the interest bearing debt IF
! Pl3,760 800, and the wv VI
RATES OF INTEREST HAvEiBEEN- soEREDUCED
| by refunding within the past year that thera-iz
an annual saving of S13. $50 900 in interest. The
annual interest on the National debt reached its
nlghest point about fourteen years ago when ~
was $50, 97Z697.S7. 1t is now reduced to sS3 IA
10 90, yearly saving of S67 232 9S7 81 or abonf
f0rty-fiVe per cent. of what was payable in 1s65
me policy of paying off the National debt
! which, at the close of the war; was urged unor,
the country with so much force bv the Secre-
tary OF the Treasury, Mr.. Hugh McCulloch. has
borne good fruit. Young men of this audience
can remember when the Government of the
United states found great difficulty in borrow.
ing SO small sum as $25,OOO 900. and for con-
siderable part OF 1t was compelled to nav as
high as twelve per cent. Last spring bv rea san
of improved and strengthened credit the Gov
eminent had no trouble in borrowing, in the
single month of April, 1925, 100000 at four per
cent, interest. The amount offered in that
month exceeded five hundred millions of dollars
and there was one day when the amount offered
was S159, 900.
Let the policy of eXtingushing the National
debt be adhered to. Let it be the fixed purpose
OF the people and al who administer the Govern
ment to pay off the debt within thirtv-thr
years. 1t can be done by economy and prudence
without material increase of the burdens of
the people. The payment of thirty-three mil
lions year upon the principal of the debt, or
into sinking fund for that purpose will with
in thirty three years, leave US free from debt as
a Nation
| IN
State affairs, in regard to public debts is, be.
lieve, also wise policy in local affairs and in
private affairs Let it be everywhere adopted
in public and private, and we may welcome the
advancing tide of better times confident that we
have found the secret that will prolong their
| stay, and which will go far to make us indepen-
dent in that, 1 trust, distant day when q finan-
cial panic may again strike down the general
prosperity.