Columbia Democrat and Bloomsburg general advertiser. [volume] (Bloomsburg, Pa.) 1850-1866, 1864-12-17
The President on the Pubic

CtSSAibS "a 'uO E0pliS NSo't w "'' : =
cent message, the President says.
',The public debt on the LIST Of July
last, as appears by the books of the Treas
ury, amounted 10 one billion seven hundred
and forty millions six hundred and ninety
thousand four hundred and eighty nine
= dollars and forty nine cents Probably
should the war continue for another year
that amount will be increased by not far
from FIVE hundred millions.
"Held as it is, for the most part, by our
own people, it has become substantial
branch of national, though private proper
ID ty. For obvious reasons the moro ne ariy
this property can be distributed among all
the people the better. To favor such gen.
eral distribution, greater inducements to
: become owners might, perhaps with good
effect and without injury, be presented to
persons of limited means
With these views suggest whether it
might not be competent and ezpcdieut for
Congress to provide that limited amount
of some future issue Of public. securities
might be held by any bona fede purchaser,
exempt from taxatios and from seizure for
debt under such restrictions and liulita
ton5 as might be necessary 10 guard
against abuse OF so important privilege
This would enable every peuson to set
aside small Oaaity against possible day
OF want.
Privileges like these would render TIE
possession Of such securities TO the amount
limited, most desirable to every person of
small means who might be able to save
enough for the purpose. The great adj
vantage of citizens being creditors as we'll
as debtors, with relation to the public debt,
is obvious. They readily perceive that
they cannot be much oppressed by debt
which they owe to Themselves"
II will be seen from the above that the
Presidents recommends Congress to pass
law, under and by virtue of which any
debtor will be enabled TO cheat his credi.
tors. All that be would have to do to avoid
paying his debts, or being compelled by
q legal process to pay them, would be to in.
vest all his personal and real property in
the class Of Government securities which
Mr.. Lincoln proposes to exemptfro tax.
stion and seizure for debt, and The thing
o. would be accomplished. hfa -'''
IL is to be presumed OF hoped that Con.
gress will not, even at the request Of the
President, consent TO legaize swinding !;
yet it is humiliating.as we'll as portentous
z of siIl sadder expedients of the same kind
b in the future, that the Chief Magistrate Of
the nation should ask Congress to author.
ize and enable the people to repudiste their
private debts.
And may it not well be feared that if
the Executive can, to-day, by way Of in
duciug the people to put their means in
treasury bonds, propose to sanction them
in robbing their private creditors, be may,
at some period hereafter, advise The peo-
e pie 10 repudiate The national debt 7 The
transition from one measure to the other is
quite natural, ifnot probable. Indeed ge
are not cure that the Ultimate happening
Of the last named ezpedent for getting rid
Of the financial obligations Of the Govern.
ment is 20 more than insinuated in that
characteristic renarki in which Mr. Lin,
colo. Gays;
"The great advantage Of citizens being
creditors, as we'll as debtors, with relation
to ths public debt. is obvious. Men read.
lily perceive that they cannot be much OPP
pressed by debt which they owe to them
Selves
It is difficult to perceive why the people
should not be much oppressed by the pub
lie deb. that Is accumulated on them at the
rate ofthrse millions of dollars a day, ex
cept on the theory that they may, esentu-
ally. agree to exfiuguish it by act Of Con.
gress.
sheriff Samuel Snyder.