The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-10-18

foundation.
The entire public debt, funded and unfunded,
was, on the first of July last, about 81 ESQ ,000,
600. The expenses from 1st July to 3lst Dec,
are estimated at about 325, 0U0, U0O-maklng an
aggregate Of 81 SIS, 100000
In this amount is included S250,000,000 of
per cent. bonds, to be issued in place of the like
amount of old currency, funded under the act of
February II, 1861 but considerable portion of
this sum will be turned in to the Treasury under
the Tax actor, in other words, the whole sum
produced by the taxation OF the present year, will
be applicable to the reduction of this aggregate of
81 ,575, 600, 600 Let liberal allowance however,
be made for opposite contingencies, and let the
debt on the LIST of January, 1865, be set down in
| round numbers at 81 $780, 900. Let the war
be supposed to continue, aud in its progress add
$500 600 900 more to the national debt, making
; the aggregate finally $4,000, 100000 This would
entail upon us annual interest OF $l40 goo, 600.
Why should-our ability to bear this burden be
doubted? Before this war, it was alleged (and 10
my opinion with great TRUTH that sum fully as
great as this was annually paid in tribute to the
Northern States. Why should it not be paid with
equal ease to our own government by whom it will
be returned to US in the payment of interest?
1t may be supposed by some that the magnitude
of the debt in proportion to property, may lead
| to general insolvency aud bankruptcy. Let US ex
anime the grounds of this possible apprehension.
worth 100000, sells, during its progress, wheat,
corn, etc. to the value Of 100000, and takes
government bonds for the amount, how does it in-
cur the risk of being ruined? And what is true of
citizen in this respect, of class, is equal
ly true of the whole community.
The alarm must arise from matter ton to the i'm
portant consideration, that We are selling to the
government, year by year, ony the surplus Of our
annual productions.
There IS one way, however, in which the debt
may be oppressive, as the following transaction
will show. The government paid, on one occasion
$500 600 for certain supplies; and the party who
received this sum bought with it, from foreign
er, SIS, 600 in gold, deliverable in England With
the 100000 thus obtained the foreigner then
bought equal amount of government bonds,
bearing per cent. per annum interest.
1t follows that at the end of this war, for Sl5,-
600 thus acquired by the citizen, the government
will owe tebt Of 100000
The citizen will receive, annually 81 ,050 inter
est; the government will pay, annually, 81 200.
Had be, the contrary, bought the bonds him
self, the SCI 600 annually paid by the government
would have been received by of its own citi-
zens, and the country as whole, would have been
neither richer nor poorer. | would earnestly i'm
press upon your consideration, that when traced
through all their various rami6cations, this is at
last the uniform result of every in which sup
plies are sold to the government, aud property of
| any description is bought with the money to the
| exclusion Of government securities
1t should be borne in mind that we have now no
commercial class in this country; that the banks
have limited capital of about $50 900 900, and
beyond this sum have power to purchase gov
eminent bonds. The great mass OF our citizens,
then, of every class, must combine, ard take gov
eminent securities, and nothing else, in exchange
for treasury notes, the public debt must nfalli
bly, go abroad There is sing lie class of our own
citizens who have the power to purchase and hold
81 500, 100000 Of bonds. The question then is
between public debt being taken by our entire pop
ulaton of all classes, by foreigners, in the
ner and on the terms already indicated. Judging
from present indications, there will be difficulty
in finding purchasers for our bonds among those
who are sending them abroad. Shall they be al
lowed to go abroad? There can be no escape from
the ultimate payment OF the debt; If held by for.
egners we could not evade it if we would; if held
by our own people, we would not if we could; and
under no circumstance, trust, would sugges-
ton, SO dishonorable, be gravely entertained.
In the consideration of this question, therefore,
such an apprehension this should be allowed no
weight whatever. Every man must take home to
himself the conviction that in proportion to his pro-
perty he is the debtor for his share of the nation
al debt, and the question for him to determine is
whether he will hold that share Of the debt him
self or with clear perception of the consequences
he will permit 1t to be taken and held by foreigners
If it be true that the public debt must infal-
bly, be paid; that every mans property is bound
for its proportionate share, and that all must pay
taxes according to their wealth, to defray the an-
nual interest, then it follows that ali equally
interested in limiting the expenditures to the
smallest possible sum; and 10 purchasing and hold
ing the bonds that thus constitute charge upon
their estates.
The expenditures depend iE great degree upon
the price you shall fix; to you alone have Congress
coufded the power OF exercising any control over
this question. And through you may those en-
gagged iu furnishing supplies to the Government,
aud for the payment of whom the public debt in
creased most easily aud naturally learn, how much
better they are served, when your moderation in
restraining the public expenditures, confines with
in more prudent limits the mortgage upon your
estates; and with how much greater safety they
may themselves become the purchasers of these
mortgages, than permit them to pass into the hands
of foreigners.
The whole question, complicated as it may at
FIRST appear is perfectly simple, and lies in a nut
she'll Congress has ordered the following expen
ditures to be made, viz
For pay of the army, s75,OOO,OOO
transportation, &C. $4,000, 900
For provisions for the army, 100000
$500, 900 900