Year: 1871

Extraordinary Reduction of othe Public
Debt and Resources OF the Country.


On September |, 1866, the public debt Of the
United States was S2,757, 6s9,57l. This was
the largest amount Of debt the nation ever
owed 1t had been augmenting vastly during
the four years war, which closed in the spring
OF 1865 For the first fewponths after the
close of the war-that is from April to Septem-
ber-a large amount of floating indebtedness
had to be adjusted, and it was this that brought
the debt up to the highest figure in September.
But from that time it began to waste away.
1t has been steadily and regularly decreasing
since. On January 8, 1871, the debt was
$2,349, ,GG4,32Q. This is the lowest point 1t
has reached since September, 1865 Thus,
then, there has been paid in the course of five
years and four months $4OS, OPS, PSI.


During Johnsons administration, or, rather
during the three years and six months of his
administration from the time the debt was
adjusted and reached the highest figure, there
was paid $2l2, 2,G67. Since General Grant
has been President, or during one year and
ten months, there has bem paid sl95, ,372, ,5S4.
1t must be remembered, Nal6verJ lhat the
claims upon the Treasury arising out of the
war, for the first two or three years after it
ended, were numerous and large. Many of
these were settled before General Grant en-
tered the White House. Indeed. the amount
Of the war claims and expenses of the govern
ment growing out of the war have been less
every year for several years past, and will
continue to diminish henceforward. Even the
war pensions will fall off every year.


The amount of money the people of this
country have contributed to the support of the
government and payment of the debt in the
last ten years is stupendous. The contribu-
tions in the shape Of taxes, in one
way or another, have averaged, pro-
badly, over four hundred millions
year for the last ten years, or, in the
aggregate, between four and five thousand mil
lions. Yes, the people have paid from the
earnings Of their industry in the short period
of ten years sum more than double the
amount of the present Understanding debt
q sum far larger than that raised from the
nation during the previous eighty years and
upward of its history. Did ever aoAation show
such extraordinary resources before Was
there ever known more marvellous elasticity
in the financial capabilities of country?


But that is not all: This stupeadous taxa
ton was borne at time when millions of men
were taken away from industrial pursuits for
the armies, and when thousands of millions of
property was destroyed by the war. The pro-
ductive South was almost turned into will
derness, and all the efforts of the North were
strained to an unparalleled extent to carry on
to restore industry, and though the country
generally, and the South especially, have
risen from this PROSTATE condition in an aston
ishing manner, the effects of the war are still
felt. 1t will take some time to restore the
vast wealth that was destroyed.


Now the question is, Ought the people who
have paid so much for the preservation of the
Union-who have borne such enormous bur-
dens and lost so much blodAl and property-to
be still heavily taxed to pay the balance of the
debt? Ought not our children, ought not
posterity, to pay portion of the debt? There
is no longer any question, if there ever was, as
to the ability and purpose of the republic to
pay. We need not raise large revenue and
keep paying off the debt at the rate of hun
dred millions year to establish the credit
Of the government. Then, as wealth and
population increase, the people will feel less
and less the weight of the debt. With the sur
prising development of wealth and population
the people in ten years will be able to bear a
hundred millions of taxes better than we can
now fifty millions. A small sinking fund, to
keep the debt constantly decreasing, is all that
is needed at present. The revenue can be cut
down hundred millions year, and then
there will be left an ample amount for the cur
rent expenses Of an economical government
hands Of the people would be applied to in
dustry would stimulate production and add
vastly to the national wealth. Instead Of be-
ing anxious to pay the debt in hurry, as the
Secretary of the Treasury is, the taxes ought
to be reduced to the lowest amount possible
That would be national economy and the
proper course for wise government to pursue


Faidherbe's Victory.


There seems to be no doubt that General
Faidherbe is handling the French Army OF the
North with great skill 1t is not two weeks
since he was defeated by General Manteuffel,
near Amiens, and forced to retire on Arras
He, however, retreated in good order, and has
already resumed the offensive with success.
The victory gained by his army, even if not
dncisiuc must hear mnnrtant rasults Tho