Year: 1866

The Secretary of the Treasury. in his annual
report, thus discourses on these topics:


The public deb, of the United States
represents portion OF the accumulated wealth
OF the country. While it is the debt of tie
Nation, it becomes the capital of the citizen.
The means Of the merchant. manufacturer, and
farmer, and also those of the workingman and
the soldier, have been literally invested IN it;
and II is az interesting fact-a practical
evidence of the great resources of the country
that so large an amount of their wealth
could be loaned by the people 10 the Govern
me6t, without embarrassing industrial pursuits.
Notwithstanding more than two thousand
millions of dollars of the means of the people
OF the United States have been thus loaned
90 branch of useful industry has suffered by the
Investment. II is undoubtedly true that, if the
wealth that has been invested 10 United States
securities could have been employed in agri
culture, 10 mining, IN commerce. in manufac
lures, In opening farms, and the better
improvement Of those already uDder cultivation,
10 building railroads and ships. in working the
mines. ard in increasing the variety and
amount OF our manufactures, the \ alton would
have been far 10 advance Of what it now is in
material prosperity. But it is also true that,
notwithstanding the large investments by the
people OF the United States in the security
OF their Government notwithstanding, also,
more than two millions Of men. in the n Northern
states alone. were, for longer or shorter periods.
10 the military service, and at least seven
hundred thousand, during the time the war
continued, were constantly under arms: and
Notwithstanding the immense waste of life
consequent upon operations so extensive, and
battles so sangulnary as characterized this
memorable struggle, the larger part of the
country has still, since 1860, progressed both
in wealth and population. The loyal States
have advanced in material prosperity, in spite
OF the great drain that has been made upon
them; and now that the war is closed the
Union no longer in peril, and the men that
made the armies on both sides so effective and
formidable, are to be again employed in profit.
able pursuits, the onward march of the country
even II temporary reaction, as the result OF
the war and the redundancy OF the currency
shall be experienced be decided ard
resistless.


'Ihe debt is large, but. if kept at home as
it is desirable it should be, with q iudicious
system OF taxation, 1t need not be oppressive
1t is, however, debt. While it is capital to
the holders of the securities, it is still a
National debt, and an encumbrance upon the
National estate. Neither its advantages nor
its burdens are or can be shared or borne
equally by the people. its Influences are anti,
Republican. 1t adds to the power of the
Executive by increasing Federal patronage
1t fills the country with iuformers and tax
gatherers. 1t is dangerous to the public
virtue, because it involves the collection and
disbursement of vast sums of money, and
renders rigid national economy almost imprac
,cabe. 1t is, 10 word, national burden,
and the work of removing it-no matter now
desirable it may be for individual investment
should not be long postponed


"As all true men desire to leave to their
heirs unencumbered estates, so should it be the
ambition of the people OF the United States to
relieve their descendants of the national
mortgage. We need not be anxious that
future generations shall bear the burdens with
US. Wars are not at an end, and posteriy
will have enough to do to take care of the
debts of their own creation