, 1865-05-03
THE NATIONAL DEHT-1TS EF-
FEC rs

IHE NATIONAL DEBT-1Fs EF-
FEC rs.
We have received numerous communica-
ions recommending plans for the payment
Of the National debt by subscription. The
question has begun to excite considerable at
tcntion In all parts Of the country and among
all classes Of the people. Those proposing
these plans seem to have assumed as too self
evident for argument, that the National debt
ought to be paid OF, provided the people
could be persuaded to do so, and some mode
could be adopted BY which the details Of the
affair could be carried through. On the
other hand we see no difficulty In either de-
tails or plan If tie payment Of the debt is in
itself expedient, When the point shall be
settled that the nation would be benefited
by paying of Its debt, 1t Is obvious that to
perform go great 8 work, demanding such
tremendous strain upon the national resonr-
ces and such dislocadon and resetting OF
our financial limbs and joints, would require
the Legislative power Of Congress-. 1. c. the
whole principal Of the debt must be levied by
ta1ation.' The propositions to pay of the
debt By voluntary contribution without 1egis-
1atiye compulsion will not bd found prac-
Nstinn., ~ ~ d.ht ~ IN M e1cced 1re ner cent
atts- TOO nv three vrsrs FINN now. as the
Iopds drawing slx or .seven-thf.ty interest
sill be funded into long five per cents. On
The other hand nearly all the business capI
tai Of the country will be earning higher
rate of interest that five per cent. Every per
acn called on to contribute to this end viii
ask 1,,mae1f boF mach he can afford topsy
10 aecompltsh the result. His answer viii
he that enm. the interest on which at Cur.
rent rates would pay his share Of the annual
taxes. This capital produces him more than
five per cent he would lose money by paying
lis proportion OF the National debt. sup
rosc AS share OF the debt to be slo.oO; by
7ayingit he reduces his Federal taxes s5oo
1er year. But on the other hand, the
5000 arc earning him or enabling him to
cam &, 600 per year he loses $500 per year Of
rrofit BY liquidating his portion Of the debt.
One % s1tuated will not sacrifice five hundred
dollars year in hard cash to any financial
climeia. Every man called upon to pay off
the pationa1 debt will calculate for himself
whether the money invested in so doing will
be gain or loss to him compared with the
form in which It is already invested. Hit
would be loss to him he would begin to
suspect that 1t might be equally loss to his
neishbore, and consequently that to compel
them TO participate in the needless sacrifice
would be most unpatrlotie. But II It would
te,a gain for him to pay of his share Of the
Datioual debt, then it must be that he Is get
ting lower rate Of interest en his capital
than he is paying in taxes On his share Of the
debt. But It this were true, he need only in
vest In the Government securities go much Of
Ills capital as Wtuld amount TO his Share OF
the national debt, and this grievance would
he removed He would as holder Of the na-
tiona securities receive the improved rate OF
interest. The 1act. therefore, that MS prop
c1ty does not stand In national securities
proves 1aat nc Is getting aagnef fate OF in-
terest upon II tnan II were. ana eonse-
4uentlS that ne wou!d lose oy uslng II 10 pay
OF tho national dept. ..-
!. The actaA value o1 lne real ana personal
property Of the nation IN lsoo WAS returned
by the census OF that year at $l6, ,l59, ,6lb, 01S.
It Is probably about the same now. The
amount Of the national debt is about two
thousand millions, or one-efgh'h Q2H per
cent? Of this sum. A general though not pre-
else form of the question would be whether
ne ran nfo,d 10 nav l2h per ceot
of onr entire capital to ret rid
Of 1nvlnp our internal revenue taxes.
yerv few men have 1e1< per cent Of their
cenita, d,sposable for any such purpose, They
1ould have to raise it By borrowing the
,nonev and ,,y mortgage on their property.
Ac 4r,e nor+c they 1yop1d rive Tonld ba
q lower o,ade Of security than the govern