The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1879-10-16

ment on the subject of debt has ALWAYS been
sound. 1t may be summed up IN few words,
NO DEBTS TO BE CREATED IN TIME OF PEACE.
SlDle when the war ends w. P0'-
The Revolutionary War debt at tho ino,,u,,,,
aCl0n or the present form of Government Mernb
4, 10y, amounted to $760O0,OOO and after snc-
0e eS We, LFeInn9lngs IN longtime bonds was
The debt created by the war Of 1919 of+ou
retnndlng IN ~ per cent. bonds, was also Maid
In 1850, ana at the close of that year the notioT
was practically free from debt 1'''A0A
The debt incurred on account of the Nrexr;oo,,
war amounted to $50, $50 sos, the bonded dabt
gearing SIX per cent. interest. runnino from
I'VE TO twenty, years, and treasury notes at
and tto l6tts vi interest from one mill to five
anu CWo-h1tns per cent. All of this debt was
redeemed prior to 1870 excepting a veIp s mn
amount not yet presented for redemption. 'A-''''A
AS marked evidence of the fidelity with
WhlGh our National obligations of this deec~;+ NJ
ION have heretofore been met If is poTf[ PS s
hoVe Chat, during the War of 1912 the intnJo -
on the portion of the debt held bv British s13b
ho1Jer vas [teiguarly paid, the agents of the
i,UIC?do III chls country, owing to the inter
rupClon OF direct commercial intercourse haino
solneClmes 0bnged to resort to circuitons ana
e ef y difficult routes for the transmission
OF payment. find the fact remarked 1'n III
MI Alexander Trotter, the British authd" af ~
Standard work published in 1890 unor - o,,~
Natlona! financial position and credit OF +bo+
snt of ne author also notes the fact that the
act OF congress passed by the first Cnmor cl
tnat assembled after the adOntiOn Of tho 90
SGiOuCIon 10 make provision for the ma v,o,o+ oe
az otle Uu!standng engagements of the Govern
!l0nC, WIN degree of integrity which is rqrn
In Cne history of the financial emharra go
OF states, " postponed the claims of creditnrs at
nome until those of the foreign creditor we've
provided for. = 010''i'oi "ore
our war DEBT resulting from the War for +ba
Union amounted to about $4,000, 600 Ono and bn9
Deen reduced to about So 900 600 GOO Dnr;o +to
IaSC year there has been no reduction of tho onr
SfegaIe amount, but there has been a redncti99n
Pl3,76O9 800, and the "O"O "a
RATES OF INTEREST HAVE BEEN so REDUCED
by refunding within the past wear that tbere.;s
an annual saving of $13. 760. 900 in interest This
annual interest on the National debt reached i+s
highest point about fourteen wears ago wher -
was $780, I697.87. 1t is now reduced to $S3 IA
7lO5O. yearly saving Of S67, 232 987 81 or about
forty -ye per cent. of what was payable in 1865.
The policy of paying off the National deht
which, at the close Of the war, was urged nnon
the country with so much force bv the Secra-
tary OF the Treasury, Mr.. Hugh McCulloch. has
borne good fruit. Young men of this audiences
can remember when the Government of the
United States found great difficulty in borrow.
ing so small sum as 1926, 900 900, and for a con.
81 siderable part OF it was compelled to pay as
high as twelve per cent. Last spring bv reason
of improved and strengthened credit the Gov
eminent had no trouble in borrowing, in thA
single month OF April, 1926, 900, 900 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 $159, 600.
Let the policy of extinguishing the National
debt be adhered to. Let it be the fixed nurpose
of the people and all who administer the Govern
ment to pay off the debt within thirtvthree
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 a year upon the OrlnCiDal of the debit nr
into sinking fund for that purpose, win with
in thirty three years, leave us free from debt as
a Nation. W.
That which is sound policy in National and
State affairs, in regard to public debts, is be-
lieye, 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, trust, distant day when a finan-
cial panic may again strike down the general
prosperity.