The recorder. [volume] (Richmond, Va.) 1802-1803, 1803-06-01

own itrength, and our weakness; and #
he forbearS 90 declare war, ac wall not
fail 20 wrench fuii fat;sfa6tion, She
leilens che American rcvcnae, by cramp-
ing our commerce and ihe may, aC
once, augment the public debr by re-
quiftion. IN the ben view Of matters,
tits dificulr 70 conjecture from what
quarter eleven hundred rhouland dol
lars OF additional income arc, in 1901,
10 be derived.
At eight per cent, forty-t,vo millions
ofdohars come 20 three millions threchIn-
drcdand lxty thouland dollars year. One
par5ol this burden falls of in rhc year
1878, and che remainder il 1884, But
as the money mutt be paid by taxes, the
importing merchant, who advances an
impoH often or fifteen per cenc, will,
n his own defence, charge ar leaf five
per cent additional upon his cuitoners.
The goods, may pats through lixdifFerenc
hands before they reach the ulcimale con
fumer, who Will mott likely pay two or
three times the original burden OF the
lhaPot. 1t IS within compass 70 Eay,
that thcic three millions thr9e hundred
ald iiXty thouiand dollars viii actually
colt the public, in one fhape or O.
gher, FIVE millions. To this add one
million, being a profit Of twenty per
cent, which would nave been cleared
upon the capital Of five millions, Il il
had remained in the hands of rlofc who
pay It. Here IS real burden OF Ok
millions OF dollars per annun and rake
as a medium between 1873 and 1921, The
year 82I for the term of expirariop.
he doineltic debt then refoivcs into
this iinple propoftion IN hundred
and twsntyilX millions OF dollars pay
able by twenty -onc annuai iritalncnts.
Ot chs inm a grcac parr will be Grant
mltged 70 Europe, IS many purchaiers
OF the dotneificdebtreiide in thai PART Of
the world.
Juftice and necefity equally demand
ed, tilat the foreign loans, made bv the
CD government in France and Holland
lhouId be iiichargsd 80 rhe la6 ccnc.
A retolal would have lupplied very
good realons ior rhe)c two countries 70
lieclafe waT againa America. On the
HG o. January, 1890, this foreign debr,
including one due to foreign officers,
with the lntere.1 OF both, came to rwelye
millions one hundred and Tx rhouiara
dollars. Forfome auc before the fund
ing act, nonicd men in Holland t'e4It 70 a
considerable extent il our domct,c Ger
tlflcates. Here they Alified their ground
and were enri5led to no farther iorIoj-
gence than an American fpec uiaror.
Beiides the above dometic ana f2-
reign debc, there was a third D-ioc;r,a7
dlYilion Q public debt, which conGtad
OF thoie contrattions alIu.ncd for f5r
individual ftares. OF that luaiea no.
tmn6 more fhaH he laid at pre{Sar, ~.
proceed % examine the nature and me-
III Of tbs dorneftic debt, or what are
commonly caiIedfbs ceytyfeate5 II ~ "a
lbjd!sys.
| a great Glamour has been RATED, as to
the ln)utticc endured by the Continental
army. They wefe compelled from 20
yerty TO fell the certificates which rhev
had OBTAIN Tor their arrears Of pay and
they received a very reduced price from
fhe Purchaiers. One reafon for tb7s
pTodllgious dhcouHt was the uncertainty
whether the new government would un-
dertake 10 fund rhar paper, and 1--WE
iscuFity for It's payment. it's believed
that rf'ls iuoJsdt has never YET been pla-
csdn ajuit light, by any Of The parties
concerned. a new path remains 70 be
truck out, The d,fcuaion, after eve
! Y triaI to condenfc it, require corr
dctable room. Attention Is uncrea.e3