The daily press. (Cincinnati [Ohio) 1859-1859, 1859-05-24
Public Debt-PaYment.

The financial condition of the States Of
Europe, which may be expressed in one
word -BANKRUPToY-is suggestive of an
inquiry: Is debt inseparable from govern
ment2 The public debt Of England is
monstrous-oppressive upon every branch
of her industry and every class of her
people France with a most searching
and grinding system of taxation, is bank
rupt Austria is in q like condition; and
so is Russia There is not government
that has not its debt greater than its pres
ent or any nationally prospective means
of payment. None are paying; and the
process of contracting further obligations
is only limited by the want of the neces-
sary credit in the markets of the world
In America the practice is the same
The national government is in debt
Nearly every State has its huge mass Of
public indebtedness. Counties have done
all they could to follow the example Of the
larger bodies; municipal corporations
have not been content until they have
strained their credit to the utmost and
several of the largest cities of the Union
are in debt to an extent that is absolutely
frightful. With our local Legislature :
which is probably no worse than the
rest the business is to create debt.
Every measure is connected with some
plan for increasing the corporate liability;
and from the acts of the members, one
would suppose that they look upon them
selves as faithful public servants in pro,
portion to the success with which they
have been able to provide burden for
the necks Of future generations.
Is it fact that government necessarily
costs more than the present people are
able to pay2 Are we indulging in insti-
tutional luxuries-constitutions laws, Off
cials and functionaries = beyond our
means? If so, it is time either to re-
trench, or to provide some plan to dispose
of those masses of accumulating obliga-
tion which it is beyond all hope to pay
With us the annually accruing and in.
creasing interest is becoming weight
which will soon be too heavy to carry
the process, therefore, must include thai
which will take care of the interest a:
we'll as the principal If we are unable
to support our government, what reason
have we to suppose that our posterity will
be any better able to support theirs
None whatever; the plan must, conse
quently, be one that will apply as well tc
the future as to the present time What
shall it be2 An answer is sorely needed.
There is a potent logic in an actuality
When MEN refuse to reason, THINGS moi
unfrequently take the business out Of
their hands, and ratiocinate for them
Reputation is an ugly word, when il
means WILL NOT; but when it simply
stands for CAN NOT, it becomes mightil,
white-washed as to its moral character
When men arrive at the point of can not
they are greatly prone to search for rea
sons why they should not What right
have we to bind posterity-to entail upon
future generations an enormous debt
which shall oppress its industry, cripple
its progress, and grind its laboring classes
to POWDER Men only owe when they
consent to owe and why not generations
Let forefathers pay the debts that fore.
fathers contracted. Such, some day OF
other, will be the logic of events Senti
ment may whine upon the creditor side
and multitudes will listen, but, for ali
that, there will be no more payment
Practical reputation of public debt j.
no novelty in the history of the world
England-great as was the outcry of hel
journalists at the suspension of the pay
ment of interest by Pennsylvania - has
on several occasions, reduced, by law, til,
interest on her securities and what il
this but the annihilation of part of hel
indebtedness? 1t is said, by way of ex
cuse, that the public creditors acquiescet
in the change How could they helE
themselves The truth is, there is nc
such thing as absolute debt, as agains
body polite. The lender lends as tn,
borrower borrOws, both conscious that il
is wrong to create an obligation which il
the offspring Of their mutual selfshness
and relying more upon chance, the good
nature or the folly Of the public for its
payment than upon any substantial right
in the premises. @te -