The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1865-06-15
The Payment of the Public Debt.

The New York Herald, week or two
ago came out with a proposition to pay
off the public debt by subscription of
twenty thousand dollars each, and headed
the list for its proprietor with subscrip-
ton of Forty-thousand dollars. The
Tribune looked upon the proposition for
thus paying the whole debt as impracti-
cable, and suggested that we content our
selves with paying one third of the debt
at present. The Herald, upon looking
at the matter a second time, sees the i'm
practicability of its proposition, and now
argues in favor of the sale Of exemptions
from taxation by the Government, argu-
ing that this mode would certainly so re-
duce the debt, as to make taxation for
the payment of interest and principle,
less burden on the people. Mr.. Geo
Francis Train, having given the matter
consideration, writes thus sensibly con-
corning Bennets subscription proposition,
and, at the same time, gives his views of
the debt itself. George looks upon the
debt as protection to the government
and the prosperity of the country, and
is, hence, in no great hurry for its extin,
guishment. His argument is original,
and his style SO unique, that it will not
be necessary for us to request perusal
of the extracts which we append from his
letter George says to Bennet:
"You and Bonner are rich. Forty
thousand is nothing to either But what
other journals could pay as much on call?
You insult your less prosperous cotempo-
raries by your audacious proposition :
Vanderbilt is rich-with Pacific Mail,
Harlem and Hudson, at present quota
tions. What is five hundred thousand to
him F? Stewart could pay million, soith
gold at t'co hundred and fifty! Would
you like to have rich man receive you
with open arms, offer to lend hin. haLf a
million. Wealth is credit credit is con
fdence. Take away that and down comes
your partition. x x
As bit of bunkum for European con-
sumption, your idea is good. The ad-
0erttsement as cheap; as no margin IS re-
CURED and I erpect to be millionaire
SOME day, put me doaen for one hundred
shares. viii you take it in Prairie Dog?
Our national debt is credit-a national
irm-thirty million of partners-capital
three thousand millions. Craftsmanship
begets confdence-confidence guarantees
debt; then our debt is gold, capital, wealth.
Destroy either, and all fail.
Our debt guarantees Americans indus.
try; pay It, and free trade is ruin, Look
at Turkey, Portugal, India under Eng
lands pestilence tutilage. Nothing but
intense vitality and enormous resources
saved America from Democratic policy.
Toadyism on the brain begat free trade.
Bright & Golden fired their double barrel,
bringing down both birds. Abolitionism
hit Wings; free trade hit Democrats.
America, however, will bag the game in
stead of England Yet, over the grave
of slavery, by paying the debt, which is
protection, you would resurrect serfdom
which is free trade. /
x x II
England took duty off of corn because
Ireland was starving and emigrants flow
ed America ward. She called it free
trade. We fools cheered, 1t was pro- |
lection to her labor England (having
FIVE hundred million in three thousand
cotton mills) took duty off of cotton be-
cause we undersold her in the east We
idiots cheered again. 1t was protection
to capital. Both these great political e.
vents were acts of protection, which we,
IN our miraculous wisdom, interpreted
free trade" * X X