Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1865-04-06
gradford geporter.
Towanda, Thursday, April 6, 1866.
SCHEME TO PAY OFF OUR NATIONAL DEBT.


national debt-now over two thousand mil
lion of dollars-by voluntary subscriptions
of our richest men. This would require ten
thousand dollars each from two hundred
thousand men and there are more than
that number of men who can spare the ten
thousand dollars, but will they do it? There
are doubtless many who would do this
cheerfully, but the majority will not When
we remember that i'll about seventeen years
the interest ON our national debt will equal
the principal, the economy of paying all off
now becomes quite manifest and it would
certainly be a grand scheme, and worthy
the patriotism of our great republic. lfmen
of large means, and heavy business would
compute how much they could afford to pay
to rid their estates, and their business, of
all future taxation, enough might find it
profitable to invest ten thousand dollars in
a free gift to the government. One gentle
man in Boston, warm advocate of the
measure, has offered to give two hundred
thousand dollars The difficulty however,
about all projects depending upon the lib
erality of men is, that as rule, those who
are the best able to give are the least will
ling, and the "willing horse is rode down"
Some paper has proposed, we think it was
the n Y. Herald that the government
should donate an acre of the government
land for every two dollars paid into this
fund, as an inducement to men to invest in
this gift to the government and we will
add that if such land was freed from tax
alton, it would add very materially to the
temptation In less than twenty years,
each acre of land so taken would be trebled,
if not quadrupled in value, thus making
the investment good one. This scheme
ought to be carried out, if for no other
reason than to give the world, and especial
ly England and France, another example Of
American liberality of American power,
and of American patriotism. If done, it
would make those who are envious and
Jealous of us, and who take advantage of
all opportunities to jibe and hurt us, trem-
bic in their shoes, and forever after make
them careful about treading on our toes
Our Christian and Sanitary Commissions
have presented sights that have amazed the
old world and if we should now, in sin
gle day, pay off the entire expenses of our
fearful war of four years duration, one of
the most terrible, and exhausting, in the
worlds history, while the monarchial gov
ernments of Europe, still groan under war
debts centuries old, and to groan under
still centuries longer, would startle them
with wild astonishment, and we would no
longer have cause to complain of them =
They would respect all our rights with ter
ible fear, forever afterwards and what a
proof it would afford of the permancy of
our institutions
There are some however, who distrust
the expediency of paying off in full our
public debt, contending that where the
debt of a Government is due to its own
people, there are advantages enough in the
aggregate sufficient to overcome all its
disadvantages, and to make it blessing.
1t is true that such debt is only due in
form by the Government, and is really ow-
ing from one class of citizens to another
1t is due from the property holders to the
bond holders, for the Government tax of
tho fprmar ic tho intarnc+ pr tho lo++or
is therefore, in the form of surplus capital,
and if paid off, it will be surplus capital,
still, and in this form will seek other secu-
rites. Men of means can buy Government
Bonds enough to make the interest thereon
equal to the tax due to the Government on
their property This will balance the ac-
count, and to those who do this the national
debt will be the same as paid off; and as
the interest on Government securities is
much higher than the tax on property, men
generally, who have the ready money, will
do this, especially as these Bonds are al
ways convertible, and therefore make ready
cash for emergencies
If it was to the interest of the Govern
ment bond-holders to invest their money in
these loans, it is quite probable, it will be
equally to their interest to keep it there.
If the Government debt is paid off, two
thousand millions of surplus capital no
longer paying interest, will be thrown on
the owners hands, willing or unwilling, for
which they must seek new investment.
When they have loaned this large sum out
ag ain on bonds and mortgages, OF pur-
chased real estate for rent, the country
will be in the same condition as before, in
its aggregate Indebtedness, as one class of
citizens, the borrowers, the tenants or the
mortgagers, will be owing another class,
the owners Of the surplus capital, the same
two thousand million dollars, and will be
paying interest thereon, as now. 1t is held
therefore, that the country needs, for its
surplus capital, just such mode of invest
ment as the National Securities afford, as
it tends to mobilize capital, and to facili-
tate changes of investment.
The Chicago Tribune. urging the advan-
tages of National Debt, both to the peo-
pIa ap5 tho Government illuctro+ac +b,e