River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1879-10-02

ment on the subject of debt has always been
sound. II may be summed up In few words.
NO DEBTS TO BE CREATED IN TIME OF PEACE.
and war debts to be paid of as rapidly as nos.
slDle when the war ends.
The Revolutionary War debt at the inanonr
alton of the present form of Government Wsrch
4 1859, amounted to $76,0Oo,00O. and after sue.
ce5SiHe We Fetnndlngs IN longtime bonds was
The debt created by the War of isl2, After
reminding IN ~ per cent. bonds, was also Maid
was practically free from debt 'ON
The debt incurred on account of the MEXICAN
war amounted to $50, SOS, the bonded debt
bearing SIX per cent. interest," running from
hve to twenty years, and treasury notes at
various rates of interest, from one mill 10 Eve
anu two,htths per cent All of this debt was
redeemed prior to 1870, excepting a yerv small
amount not yet presented for redemption.
As marked evidence of the fidelity with
which our'National obligations Of this desc~; ~
note that, during the War of 1912. the Interest
on the portion of the debt held by British sinh.
lectS was regularly paid, the agents Of the
holders IN this country, owing to The intar
ruption of direct commercial intercourse ha;,o
sometimes obliged to resort to circnito1,s an5
extremely difficult routes for the Transmission
OF payment find the fact remarked anon nv
Mr. Alexander Trotter the British authar of q
standard work published in 1899. unon onr
National financial position and credit at that
eire. me author also notes the fact that the
act OF congress passed by the first CONGRESS-
that assembled after the adoption of the coz
sututlon to make provision for the payment of
an tne outstanding engagements of the Govern
ment; with degree of integrity which is ra 70
IN the history of the financial embarra ssnents
OF states postponed the claims of creditors AT
nome until those of the foreign creditor were
provided for. ''oi "oi0
our war debt resulting from the War for the
Union amounted to about $4,000 O00, 900 and has
peeh reduced to about 81, 600, 600 COO During the
last year there has been no reduction of the q o.
gregate amount, but there has been a reduction
q a. me amount of the interest. bearing debt Of
9l3,T60 9O0 and the
RATES OF INTEREST HAVE BEEN so REDUCED
by refunding within the past year that there ia
an annual saving of 213 700 900 in interest THE
annual interest on the National debt reached jts
highest point about fourteen years ago when N
was Sl50, 97L69LS7. 1t is now reduced to asa. 744.
7l0.50, yearly saving of S67 232 9s7 az or abont
forty Five per cent. of what was PAYABLE in lS65
The policy of paying OF the National debf
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 trult. Young men of this audience
can remember when the Government Of the
United states found great difficulty in borrow
ing so small sum IS SIS 600 900. and for con-
siderable part of 1t was compelled to nav as
high as twelve per cent. Lastsprng bv reason
of improved and strengthened credit the Gov
eminent had no trouble in borrowing in the
single month of April, S225, 100000 at four per
cent, interest. The amount offered in thar
month exceeded five hundred millions of dollars.
and there was one day when the amount offered
was S159, 100000.
Let the policy of extinguishing the National
debt be adhered to. Let it be the fixed purpose
OF the people and all who administer the Govern
ment to pay of the debt within thirty. three
years. 1t can be done by economy and prudence
without material increase of the burdens of
the people. The payment of thrty.three mil
lions year upon the principal of the debt or
into sinking fund for that purpose, win with
in thirty three years, leave us free from debt as
a Nation.
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 ndepen-
dent in that, / trust. distant day when q finan-
cial panic may again strike down the general
prosperity.