Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1882-01-07
Railn kenntbte Journal.
Augusta, Saturday Morning, IAN. Z
The Public Debt.

Inc PUBIC DcOls
The decrease of our public debt since
the war has been marvellousiy successful.
No other nation with such a debt As we
had at the close OF the year 1865 has ac-
complished what the United States has
done. The war left US with debt oil
nearly three billion dollars-tbe exact
figures are 3, 755, 43i .J7i. To add to the
difficulty OF the situation the currency OF
the country was so inflated that paper
dollar was worth but 20 cents in gold
while the public debt and interest were
payable in gold.
Steadily and resolutely, however. the
republican party turned its face towards
the reduction of the debt. The undertake
ing was gigantic one. There was no
example in the history of the world where
similar attempt had been made, or II
made had proved successful. But in 1866
the financial exhibit disclosed that our
debt had been reduced largely during the
year. So the reduction has continued
from year to year until the present time.
In 1875 the resumption act was passed by
Congress. every republican in that body
voting in favor Of its passage, every dem
ocrat against it. Our paper currency
soon became as good as gold; the money
in which the poor man received pay tor
his labor being raised To equal value
with that which the bondholder received
from the government for his coupons. But
for the firmness and fidelity Of the
republican party to the final extinguish-
ment Of the public debt, the nation would
to-day be staggering under the load OF an
inflated currency. and the pn6lle debt
would have been at least az large as at the
close Of the war.
At the beginning of the present year
our public debt is Sl,7s5. i91,717. We
have paid since August 1865, almost one
round billion Of dollars of the sum it had
then reached. One of our exchanges
SAYS "Our national debt is now less than
one-half of that of the United Kingdom, it
Is little more than third oftbat of France,
and among other European nations it is
exceeded by ths public debts Of Russia,
Spain, and Italy. The debt of Austria
and Hungary is about the same as ours.
Judged by any test Of the ability Of
the people to pay il. the burden Of the pub
lie debt of the United States is by far the
lightest of that of any of the great ma
tons Of the world, China alone excepted.
The most sanguine of optimists would not
have ventured TO predict seventeen years
ago that the extinction of our public debt
could be effected within the lifetime of Il
generation, and the most heroic advocates
of high taxes would hardly have dared to
defend the maintenance of a system in
tended to accomplish such a result"
OF course such a result could not have
been accomplished except for the wonder
full resources of our country. the spirit
and enterprise of our people. and the IA
vor of Providence in the bountiful har-
vests that have blessed our country but
had weak .imbecile and cowardly policy
prevailed in the councils of the party con-
trolling the national policy. these advau-
tages would all have gone for naught and
our people would still be struggling with
a deprecated currency and debt appar-
emily interminable.