The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1865-06-14
NATIONAL DEBTS.

A proposal, in the New York Herald,
to pay off the whole Of our National debt,
by l5O, 900 persons contributing $40, 900
each for the purpose, which would yield
5000 millions of dollars, may at first ap-
pear impracticable, but little considera-
ton will show that it can be done. Only,
instead of allowing 10000 persons, how
ever wealthy to effect this liquidation. it
would be more equitable to include per-
sons of all means-so as to distribute
the payment throughout every circle of
society from the highest to the lowest
Let Capital contribute It's thousands by
all means, but let Industry also take its
part in this national achievement. 1t
would not be any very great sacrifice for
each person, whose labor yields any com-
pensation, to bestow one weeks income,
earning or salary, to wipe off the entire
National Debt. The united efforts of
Capital and Labor can easily do it.
1t may be assumed that,iu round mum.
bers, our debt amounts to So. .O0O,0OO,O0O.
This is exactly 500 per head of our
whole white population-not such very
large amount for each man, woman and
child.
No country except the United States
has ever paid off its war debts. We did
it in 1886; we may do it before 1866, if
we are sosminded.-Phila. Press.
The National debt can possibly be paid
in that way, but it may be donbted wheth-
er capitalists will see the advantage of
such course either to commerce, trade,
or the credit of the nation. The sub.
scription by any one who would like to
see his name in the papers for a full share
of $40, 900 will be safe, as no money is
to be paid untillthe whole three thousand
millions have been subscribed. Make
the shares Sl00 and we should not object
to taking five or six just for the glory of
paying off the whole debt In year. Or
Luzerne County might take 20 or so
shares. Say each person having an iu-
come tax to pay advance the amount of
five or ten years, saving all cost of col
lection and interest to the nation.
But who will insure usEfrom the crea.
ton of another debt as large if we get
rid of this so easily? What will become
of all our National Banks when their
foundation is so summarily knocked out?
A more practical and practicable sug-
gestion would seem to be to subscribe
half the amount, 1900, 100000 and pre-.
sent it to the nation, and reduce the debt
so that an export duty on cotton of few
cents per pound, stamp duties, and the
customs revenue would produce enough
10 meet current expenses, interest, and
create sinking fund of a few millions a
year, without the little petty and annoy
ing taxes which require so many assess
ors and collectors to levy and collect
Licenses, stamps, cotton exports and i'm
ported luxuries need but few officials out
of the sea port towns. All Incomes
above $500 might be taxed 5 per cent.
if needed, if it could be done without all
the present cumbersome machinery. to
meet the pensions due our gallant soldiers
and their widows.
The Herald on Monday adds many
names to its list, a total Of nearly two
millions. 1t modifes its plan to admit
smaller subscriptions, and now suggests
the payment of part Of the debt, and that
each contributor be relieved from taxation
in proportIon.-Record Of the Times.