The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-03-30
THE NATIONAL.DEB
Its History and Conditions ut Various
Times = Insignificant Compared
With Other Nations With Less Re-

= ~ y ' ID i.FIr d ga
Its History and Conditions ut Various
Times = Insignificant Compared
With Other Nations With Less Re-
sources.
New York Tribune: A correspondent
writes:
VIII you kindly answer me the fol-,
lowing questions, either by letter or
through The columns OF The Tribune:
To whom do we owe the, greater part
OF cur national debt. and has this debt
decreased to any marked degree during
the last three or four years? Was not
the bulk OF this debt contracted about
ls6o-'65, to pay expense OF the war with
the south? An carly reply will great,
~ obllge.
It is strange to receive such an in
quiry as the above. When the Rebel
lion broke out In 1861 the United
States had practically no debt, and
owes TO the Rebellion the national
debt, which reached see,75s.4sl.57l. less
cash in the treasury on August 81, 1865,
. = Do d
shortly after the war closed. The In.
terest charge was then $3.50, 977, sos
yearly. The only wonder is that the
debt left by, four years OF such war
was not much greater, for the official
statement of Secretary Sherman to
Congress in 1880 gave the items show
.ng that the cost OF the war had been
IS, ,S09 This war-created debt
was reduced with rapldity which
caused the world to wonder. at times
over sl50.OC0,000 In year. 1t reached
its lowest point on October /, 1892, lust
before the election of Cleveland, when
the debt. less cash in the treasury, was
only, SS2i,622,246 More wonderful still
was the reduction in interest charge
during the same period, which had been
cutdown to s22,S43.SS3 on July /. little
over seventh OF the annual charge in
1866.
Since 1892 the debt was not decreased,
but largely Increased. The attacks of
President Cleveland on the national
policy OF protection and on the sound
ness Of the currency soon caused pan
&c. and during his term he sold bonds
amounting TO Se62, 35l, 400. part at Az and
part at 4 per cent. increasing the annual
interest charge by s1l.492,6l6, over half
the entire interest charge to July, 1892.
Last year the war also made necessary
a sale OF bonds, but a restoration OF the
Republican policy had greatly improved
conditions. and President Mex inley was
enabled to sell per cent bonds in war,
whereas and AZ, per cent bonds had
been sold In peace. SO that the addition
OF sls3,3G6.G00 to the bonded debt only
Increased the interest charge $500, $50
yearly.
Thus the present debt consists OF
sS3i6e2,oOO remaining from the war,
$3.50 SIS. 400 added by Clevcland's admin
;strauon. and sl92, 1866. 900 added by the
Spanish war. less the increase in cash
on hand. which has been such that the
total debt. less cash on March |, was
sl,l5I. S0i,39e The interest charge year.
~ Is now a0.G95,15l OF which $500, $50
has been added b. the Spanish war.
and Sl1,492,6l6 was added By Cleveland's
four years Of disaster. 1t now costs the
people about ffty-th-ee cents year
FOR each inha bltant to pay the interest
on the bonded debt. OF which thirty
cents goes to pay the cost OF the Rebel
lion. fifteen cents goes to pay the cost OF
~'SNcA1AiA D dtiOLl,
cents goes 70 pay the cost OF the Span
Ism war. With continued prosperity
and maintenance OF the Republican ma
,loRal policy, It would not take many
years to clear off the entire interest
bearing debt, were that the wisest use
10 make of the money. But when tie
people are borrowing for Use In their in
dnstsies and for development of newTe-
Sources several thousand millions a.
higher rates OF interest than the public
debt bears. It IS fairly questionable
whether immediate expenditure for
debt reduction Is necessary.
The debt is insignificant compared
with that Of any other nation approach
Ing this II size or wealth Over $685.
600 of It bears no interest, and the
balance is scarcely more than the peJ-
pie offered at short notice from their
spare funds when the loan of 5000. 600, 900
was proposed. Within a few years.
without increase of taxes, the natural
expansion of business and of revenue
may not improbaoly render some reduc-
ton easy. But the debt is not the bur-
den Or buqbear that the first great
debt caused by the war was to the
smaller population Of 1865. with only
fraction OF the resources now possessed.