In the spring of
1861 our civil war commenced. Each year of its continuance made an
enormous addition to the debt; and when, in the spring of 1865, the
nation successfully emerged from the conflict, the obligations of the
Government had reached the immense sum of $2,873,992,909. The Secretary
of the Treasury shows that on the 1st day of November, 1867, this amount
had been reduced to $2,491,504,450; but at the same time his report
exhibits an increase during the past year of $35,625,102, for the debt
on the 1st day of November last is stated to have been $2,527,129,552.
It is estimated by the Secretary that the returns for the past month
will add to our liabilities the further sum of $11,000,000, making a
total increase during thirteen months of $46,500,000.
In my message to Congress December 4, 1865, it was suggested that a
policy should be devised which, without being oppressive to the people,
would at once begin to effect a reduction of the debt, and, if persisted
in, discharge it fully within a definite number of years.
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