Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1865-12-12

eS CHI plstce litiS ueut pii a Tes'''.eF'es
I'd basis, and meet every engagement vii
fidelity. The same wisdom which ~
4, been exhibited by the national council
L, in providing the means for preserrin
D. the rational unity, will not be wantln
10 ia devising measures for establishing u
n national credit.
4 The maintenance Of public faith is
p national necessity. Nations do not an
" cannot safely accumulate moneys to b
q used at a future day, and exigencies AT
J. constantly occurring IN which the richie,
e and most powerful are under the NJ
d cpssitv Of borrowing. The milIennia
o DAYS. when nations shall beat thei
h swords into ploWshares, and their spear
/ intopruning hooks andlea II war no more
!, are Yet. according TO all existing indica
I tions, far in the future. Weak nddelaull
. ing nations may maintain 4 nominal. !.
r independent existence, but u VIII be y.
{ reason Of the iealousies, rather than tn
= forhearance Of stronger Powers. NO ma
{ ton is absolutely safe which is not IN ;
= condition TO defend itself; nor can il b'
e in this condition, no matter how stronl
. in other respects, without a well estab
! lished financial credit. Nations cannot
= therefore, afford to be unfaithful TO then
/ pecuniary obligations. Credit to them
a. to individuals, is money; and money
is the war power Of the age But for the
{ unfalteTing confidence of tire people OF
the loyal States, in the good faith Of the
Government, the late rebellion would
have been a success, and this great nation,
50 rapidly becoming again united and
Harmonious, would have been broken
into weak and beiligerent fragments,
NATIONAL CREDIT.
But the public faith Of the United
States LAS higher considerations than
| these for its support. 1t rests not only
upon the interests of the people, but upon
I their integrity and virtue. The debt of
( the United States has boen created by the
I people in their successful struggle for un-
/ divided and indivisible nationality. 1t is
not debt imposed upon unwilling sub
jects by despotic authority, but one in-
Cured by the people themselves, for the
preservation of their GOvernment--by
The preservation of which those who
have been leagued together for its over
throw are to be as really benefited as
those who have been hattlingfor its main
tenance. As it is a debt voluntarily in
Cured for the common good, its burdens
will be cheerfully borne by the people,
who will not permit them TO be per-
manent. o. A
The public debt of the United states
represents n portion of the accumulated
wealth of the country. While it is a bebt
of the nation, it hecomes the capital of
the citizen. The means of the merchant,
the manufacturer and faSmer, and also
those Of the wOrkingman and the soldier,
have been literally invested in it; and il
is an interesting fact-7a practical evl-
denUe of the great resources OF the cotin-
trv-that so large an amount Of their
wealth could be loaned by the people to
the Government without embarrassing
industrial pursuits. Notwithstanding
more than two thousand million of dol
lars of the means of the people
Of the United States have thus
been loaned, no branch Of useful
industry has suffered by the in
vcstment. Ii is undoubtedly true, that,
if the wealth which has been invested in
United States securities could have been
employed in agriculture, in commerce, !
in mining and manufactures, in opening |
farms and the better improvement of
Hose alreadyunder cultivation, in build /
ing railroads and ships, in working the /
mines, and in increasing the variety and /
amount of our manufactures-the nation |
would have been far in advance Of what A
il now is i'm material prosperity. But it I
is also true that, Notwithstanding the 4
large Investments by the pesple of the
United States in theseemities of thelrCfOv
Notwithstanding, also more
than two million Of men, in the /
Northern States alone, were, for longer
or shorter periods, in the military ser
vice, and at least seven hundred thou
sand for a good part of the time the war
continued were constantly under arms
and notwithstanding the immense waste
Of life consequent upon operations 50 ex-
tCusive, and battles so sanguinary, as
this memorable struggle, /
the larger part of the country has still,
since 1860, progressed both in wealth and
population. The loyal States have ad-
yanced in material prosperity, in spite Of
he great drain that has been made upon
hem; and now that the war is closed,
Inc Union is no longer in peril, and the
men that made the armies on both sides
20 effective and formidable, are to be
igain pinployed iu profitable pursuits. IA
lie onward march OF me c0uHUy--eV Il
t a temporary reaction, as the result of
he war, and the redundancy of the cur
-ency, shall be experienced-Will be de-
.ided and resistless.
The debt is large, but If kept at home,
~ il is desirable it should be, with Judi
,ious system Of taxation it need not be
oppressive. 1t is, however, debt. While
I ]
{ is still "A national debt, and an incum-
,eranee upon the national estate. Neither
Is advantages nor its burdens are or can
De shared or borne equally by the people.
It's influences are anti-republican. 1t
idds TO the power Of the Executive by in
'reasing Federal patronage. 1t must be
To the people because it fills the
country with iniOrmers and tax-gatherers.
II is dangerous TO the public virtue, because
il involves the collection and disburse-
nent of vast sums of money and renders
rigid national economy almost impracti-
cable. II j., in word, national bur
len, and the work of removing it-no
matter how desirable it may he for indi-
yidual investment-shuuld not be long
AS all true men desire to leave to their
heirs unincumbered estates, so should it
be the ambition of the people of the Uni
ted States 10 relieve their descendants Of
.his national mortgage. We need not
be anxious that future generations shall
share the burden with us. Wars are not
lt an end, and possibly will liave enough l
to do to take care of the debts of their
own creation.
PLANS FOR PAYMENT OF TTTE DEBT.
Various plans have been suggested for
the payment Of the debt, but the Secre-
tary sees no way Of accomplishing it but
by an increase of the national income be-
yOnd the national expenditures. In
matter of 40 great importance as this, ex-
periments are out of place. The plain
beaten path of experience is the only
safe one to tread.
The first step to be taken is to institute
measures for funding the obligations
that are soon to mature. The next is to
provide for raising, in manner the least
OdiOus and oppressive TO tax payers,
the revenues neccC sary 70 pay ithe in
terest on the debt, and a certain definite |
amount annually for the reduction
Of the principal. The Secretary respect
fully suggests that on this subject the eX-
preston of Congress- should be decided /
and emphatic. IL is of the greatest inI- /
portanee, in the management Of 3 mat /
ter OF so surprising interest, that the /
right start should be made Nothing but |
revenue will sustain the national credit,
and nothing less than fixed policy for
the reduction of the public debt will be
likely To prevent its increase.
ZION the 3lst of October, 1865 since which /
Time no material change has taken place,
the public debt, without deducting funds
in the Treasury, amounted to 3, sos, ,549,- /
i27.55, consisting of the following items: /
bIDNSs lU-aU per
cent, due IN 1901. sl727 100 90
Bonds, Pacific Rail-
road, o per cent,
due in lS5i....,...... ,25S,OO0 90
Bonds 5-2O's, per
1881 and ISs5.......... 65a.2j9.ts30 90
BOnds per cent,
due in 1881 .......-...... 2tlljf1, 400 %
Bonds per cent,
due In lssO........- lS4l5,00O %
Bonds per cent,
due IN lsi..-.a, 20OOO,GOO %
Bonds, per cent,
due in ISL l..-.....-. 7.O22O00 %
----sl, ,l44,O72,lO0 90 |
Borads, 6 per cent, due
in isss..'--.-.' -.....-.. SSg0S, S,3il 50
Bonds, g per cent, due
in isi5 ..-...- 9H5,2j0 90
Compound interest
notes, due iu 1867
aud lsis.........--..... l730lAlq 90
30 Treasury notes,
due in 1851 ana SIS. s30,000 go %
.re m l,02l, l,8s5,7s2 80 |
Bonds, Texas indefu-
nil due...--.-.- 'r4tallaEl