The Massachusetts spy. [volume] (Worcester [Mass.]) 1831-1858, 1832-02-22

Off In addition to this, SO far from its be-
ing true, that neither the President nor
Mr.. McLane has ever said word" about
them, it will be found, by reference to the
Message, at the opening of the present
session of Congress, that the Presiden,
there said, /" it is believed, that, with the
means which the government have at its
disposal, from various sources, trhich yilI
betuliy stated By the proper Department. the
WHOLE of the public debt may be extin-
guished, either by redemption or purchase,
within the four years Of MY administration. u
The Secretary of the Treasury, in his re-
port, thus directly referred TO by General
jackson, recommends the sale of the gov
eminent shares in the United States Bank.
for the purpose Of being able "to redeem
the 'ohole public debt before the fourth OF
March, 1888" The 3 per cent. stocks
amount to ID millions Of dollars; the Bank
stock to millions. 1t will, therefore, be
seen that the other Iresonrces of the gov-
eminent will be more than sufficient to paw
Oft all the debit except the per cents, and.
consequently, although the 3 per cents. are
not particularly named, by the President or
Secretary, but are included in the term,
+" the whole public debt" the sale of the
Bank stock is recommended for the sole
and exclusive purpose of paying them off
This Message, as admitted by the Repub-
lican, produced further advance in the
price, and, whenever it is known that gov.
eminent is in the possession of funds, to be
appropriated to their purchase, the price
will be one hundred cents on the dollar. If
they are paid off at that price, it will be, in
effect, taking from the pockets of the peo-
Pile thirteen millions of dollars to pay 20
the capitalists for that which is, intrinsical-
ly, worth but six millions and half; or in
other words it will be putting an annual
tax upon the people, in order to give to the
capitalists tpelUe per cent. interest for their
money, instead of sir ! The case is too
plain and palpable to require any argu-
ment, and we know Of but single individ-
ual, who has had the hardihood to attempt
to deceive the public in relation to it.
Let US place the subject ON its proper
ground and it will at once shew the beau
Ties of the present system of retrencIment
and reform. The total annual interest on
the 10 millions of three per cent stocks is
$4,000, the income of the Bank stock be-
longing to government is $4,000, leaving
to the government net income of $4,000
1 per annum, after paying the interest on the
/ B per cents. So, if both are suffered to re-
main as they are, or, if the Bank stock is
| sold and the proceeds invested in any other
mode, SO as to produce per cent. interest
there will, in the aggregate, continue to be
balance in favor of the government, which
will be permanent source of revenue.-
But, if Gen. Jackson's scheme is followed
it will take the whole of the Bank stock, al
its par value, and Sir millions of dollars il
addition to it, to pay off the three per cents
The interest on this six millions would be-
$4,000; which, added to the $4,000 ex
cess which the government now receives
| will make difference of $4,000 per an.
mum. for ever, out of the peoples pockets
in the item of interest alone
1t has been said that the Bank stock is q
good deal above par, and that the govern
ment may realize much more than par val
ue by sale of its stoc',. The Secretary
| of the Treasury, in his report, estimates it
! to produce eight millions. 1t will do very
! we'll to " tell these stories to the Marines, ~
but, we venture to say, that, if the whole o!
the U. S. stock in the Bank was thrown
I into the market, or if it should lie known
that it would be, soon, no prudent business
4 man would give but little, if any thing,
above par for it. But grant that it would
bring eight millions, the money it produced
would still be worth sir per cent, and
might be employed to better advantage
than buying up public securities at par
which pay bu: three per cent. If it would
be bad policy in an individual to buy stock
at par which pays but 3 per cent, when
his money otherwise would net him six,
it is equally bad for the government to dc
the same thing.
STATISTICS. We have looked over the