News and citizen. [volume] (Morrisville, Vt. ;) 1881-current, 1882-06-01
The National Debt.

The rapidity with which the nation
al debt is being reduced is not only a
surprise to foreign governments but is
a matter of great congratulation to
the people of the United States who
hardly feel the effects of the process by
which the debt reduction is carried on.
On the first of April, 1881, the total
debt, independent of the cash on hand,
was S2,104, 57S, 800. About a year
ago the Bulletin predicted that before
the end of the year, the figure 2 at
the left hand of the above total would
be dropped and dropped forever.
That implied reduction of over a
800, 100000 in the debt during the
year. Time has confirmed that view
Of the matter; and it was perfectly
safe, knowing the spirit and resources
of the country, to make that predic-
ton. The public debt on the 1st of
April, 1892, independent of the cash
on hand, was 1898, 558,1S4, show
ing reduction of 1925, 100000 for
the year; but it is safe to predict that
the total reduction for the fiscal year
ending June, 1892, will be even larger
than that.
1t will be remembered that we be-
gan by levying tax of $500, OOO,O 900
per year, in the direction Of getting
rid of the debt caused by the war.
At the same time an army of 4 mill
ion of men was disbanded, and eX-
penditures were reduced in every de-
partment of the government, and all
surplus applied to the payment of its
debts. Indeed, the nation has sub
mitted to a treatment so rigorous that
it might well be called heroic. Dur
ing the past eighteen or twenty years
we have paid taxes as no other nation
ever did; the government has econo-
mixed as no other government ever
did; and to-day we enjoy the results
of this period of Spartan endurance
and will. Our national debt is reduc-
ed to less than $4,000, 100000; the
public credit was never better than it
is to-day the national treasury, which
eighteen years ago was almost empty
of specie, is now full, while the bal
ance of trade-the exports and i'm
ports equalling total Of nearly ST.
900, 100000, astonishing the civilized
world-continues in our favor.
Discussing the national debt, it is
proper to observe that there is legit-
innate way of stating it, though it
sometimes gives a wrong impression.
In other words, the actual debt is the
gross amount without reference to the
ability to meet it. The cash resources
vary from month to month, and, as is
well known, are held to meet current
liabilities. 1t is noticeable, however,
that the ratio of reduction has been
increasing as the debt has been dimin-
ished, and this is feature of the bus
mess that is worthy of consideration,
as showing the vast capability of the
Country to not only pay its indebted
ness but to enjoy the sweet of its la
Dor.
When we contemplate the map of
the United States, or consider the
natural resources of this broad con-
tinent-every possible want having
apparently been provided for, and
measureless the values which spring
into being at the touch of modern in
dustry-iL is not to be wondered at
that people so rich in such things
are enabled to rise to the Importance
of any emergency, even if it be to
liquidate 8 debt of a mere billion or
more of doIlars.-BOStOn Bulletin.