THE PUBLIC DEBT, AND THE Az.


THORS OF IT.
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facts relative to the public debt of the
United States, and the present deficiency
ofrevenuc, whereby so many cmbarrass-
ments have come upon the country, it may
be proper to look little into the history of
the last administration.


When Mr.. VAN BUREN came into Office
in 1887 there was ready money in the
Treasury Of 36,000-incuding an
instalment OF some nine millions due to
the States under the act for distributing
the surplus revenue. This nstalmcnt has
never been paid; it was applied to the use
OF the general government. The stock own
ed by the Government in the Bank OF the
United States was sold for about SS,000,-
GOO; and this was also used to meet the
wants Of the Treasury. Here then was
an amount Of some TWENTY SIX MIL
LIONS orcr and dborc The ordinary rere-
nwc Of the Government, lying as a surplus
in the Treasury all was at the dis
posal Of Mr.. VAN BUaEN's administration.
1t was all expended; the accruiHg revenue
from year to year was all expended, is
sues OF Treasury NOES were made to fur
nish still further sums; and when that
administration went out Of power there
was an outstanding debt for Treasury
notes unredecmable TO the amount Of
more than FIVE MILLIoNs.


1t is plain, therefore, that if Mr.. VAN
buren, had come into Office with no other
means at his disposal than the ordinary
receipts of the Treasury from tie Gus
toms and the Public Lands, he would
have left behind him national debt Of
more than THIRTY MILLIONS. In other
words, there were expended under his
administration thirty millions more than
the receipts Of the Treasury during his
term.


But this is not all Towards the close
of Mr.. VAN BuREN's administration, ap-
preparations were made and obligations
contracted to large amQTnt. the fulfil
ment of which w2ss~put off so that the
burden OF hHfIeat might lal! upon the
W sg g administration which was about to
enter upon the government. IN speech
delivered during the present session of
Congress by MIR. MERRIwETHER OF Geor-
gia, the amount Of these postponed ob!i-
cations, with the several items specified,
is set down at the enormous sum Of t321,
7l9,O0S. This aggregate includes lrea
sury Notes outstanding on the 1th Of
March 1871, debts due in Holland assum-
ed for cities in the District OF Columbia;
amount due navy; pension fund for mo-
ney used by government; amount due va
ricus Indian tribes; amount due by Post
Office Department to contractors and 9TH
crs; amount due Florida, Georgia and
Maine, for services of militia or ON other
claims; funded and unlunded debt Of last
war-all reaching the gross sum oGtwelve
millions and upwards; and in addition to
these items there were appropriations
made by the Congress which expired on
the 3rd ofMarch 1871, without provision
Of available means TO meet them, to the
amount of twelve millions more.


These estimates, moreover, are eXclu-
sive of private claims to large amount,
and of the Smithsonian bequest Of half
million of dollars. sit may be said," re-
marks Mr.. Merriwethcr, 'that the appro-
priations are no debt, in the technical
meaning of the word.-This is true. But
still, when services have been performed
under a law, they are as much entitled to
payment as the holder of Treasury note
when 1t falls due; and it just as difficult
to pay demands against the Treasury,
when created in this way, of Sl2,000,-
600, without any funds to do it with, as
it would be to pay similar amount of
Treasury notes without the means. And
it is to be presumed that these appropria-
tons were necessary for the public inter-
est. If so, then either the public interests
must be neglected and suffer, or else we
must raise the money to meet the demands
on the Treasury made by the Van Buren,
party"