The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1884-01-10

The public debt statement for December
SLOWS very gratifying condition of affairs
The entire decrease during the fiscal year of
1889 was considerably more than
SlOO0OO,O00. The total interest ibearing
debt of the nation is now about 81 200, OO0, O00
50 that If the debt could be extinguished as
rapidly for twelve years to come the govern
ment would be practically out of debt
Should we deduct the cash in the Treasury
from the amount of the interest bearing debt
there would remain less than $500, 100000.
But about S200,0O00OO of this leash in the
treasury is held for the redemption of
like amount of gold and silver certificates
which virtually form part of the currency
OF the country, and cannot be devoted TO any
other purpose. There is also a non-interest
bearing debt of nearly $6O0,OO0,OO0, which is
made up almost entirely of the currency of
the country, including the gold and silver
certificates. The redemption of the latter
would be only an exchange for them of like
amount of coin, deposited and kept in the
Treasury for that very purpose. The green
backs, amounting to nearly "a 1000, 900, are
mere promises of the government to pay on
demand, and are redeemable, and re-
deemed in coin upon presentation, and to all
intents and purposes are equivalent to so
much money, and their volume is fixed and
prescribed by statute, and neither the people.
nor any political party, expect or demand
their ultimate payment and retirement from
circulation. The interest bearing debt
therefore, is, practically the debt OF the
country. And when we remem Der that
at the close of four years of one of the
most expensive and destructive contests
OF modern times, the entire expense, and the
entire loss of life and destruction of property
on 6otit sides of which fell upon our own
country, our national indebtedness amounted
to-in round numbers-S3, OO0. 600 600, we
have good reason TO feel proud of the record.
No other nation on earth ever achieved such
financial success And this result has been
reached, not by imposing additional burdens
since the close of the war-almost twenty
years ago-there has been steady decrease
OF taxation. And during all this time the
country has prospered as has no other country
on the globe, and as our country never die
before. Our currency, which at one time was
worth but little more than one third its nom
inal value, has long been "as good as gold" the
world over; our manned and disabled veter
ans and their families have been literally
pensioned: the current expenses of the
nation have been met as they accrued
orr maturing bonds have been paid
long before the public creditor coult
demand payment; interest on the pub
nc debt has been promptly paid as it &C
crued; the rate of interest on the public
debt has benz reduced 10y refunding, from
SIX and seven per cent. to three and four pei
cent; postage has been placed az lowe
rate. and many other desirable things tend
ing 10 the welfare and happiness of tn,
American people have been successfully &C
complished.
All three grand results have been WORKED
out under the auspices, direction and con
trol of the republican party, and under the
operation of financial policy inaugurated
and carried on by that party.
The citizens of this great nation will hest
tate long before they vote TO transfer the man
acement of this government to any part,
that would reverse this policy, and that would
set up in its stead any untried theory of fret
trade or tariff for revenue only, or othe
financial vsgaries. The American people ar
usually quite willing to "let well enough
alone" and before they vote 10 make 80 rad
ical a change as to wholly abandon the polit
ical policy under which the nation has reach
ed such degree of prosperity and success
they will be apt to demand better guarantee
for the future than can he given them b.
democratic fie, traders and so-called reyenu'