The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1865-06-22
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policy has demonstrated our powcr
as a nation as fully as the exhibition
of our physical strength. And yet
this policy was bnt a succession Of
expcdiehts merely adopted from time
TO time 10 meet immediate and press
ing wants. At first We resortcd TO
loans in the usual way through bank
ers in New York, and in a short time
exhausted them. Then followed the
suspension Of specie payments. This
was critical point. Gold being
boarded. there was no currency eX-
.cept State bank notes, and these were
only Of local credit, and issued by H.
300 different corporations. To use
these as q national currency was dan
gerous, and indeed, Disastrous De-
mnnd notes Of the United States were
then authorized and issued. They
were made receivable for loans and
taxes, As the amount increased they
deprecated in market value. Credit
ors were not bound to receive them,
and any man might demand gold
This would soon have destroyed their
value. Then came the question of
making them a legal tender. This
was indispcnsably necessary, and was
done, though fiercely clamored against.
Thus was established q national cur
rency, but it was'a currency founded
solely upon national credit. The his
tory of the assignats in France, and
our continental money, were fatal ex-
amples of this kind of money, but q
worse feature was in the fact that
State Banks swelled the currency by
banking upon legal tenders. This led
to the establishment of our national
banking system, byfwhich private
capital was combined with national
credit. When this system was adopt.
Cd we were enabled to cHrtail the is.
sues of State Banks, and, as ! conf
IDENTIFY believe, will secure their ulti
mate abolition. All these were meas
ures to establish currency, bnt thii
vas not enough. We had to raise vas
sums. A currency once established
enabled US to appeal to hepeople anC
enabled the people to lend us money
The admirable system Of popularizina
our loans is familiar to all, but it il
due TO candor to say that its success.
depended very much upon private en-
terprise. To establish Il currency anl
to borrow money was not sufficient
] We had to convince the people tina
this money must be refunded with in
terest Then came taxation in all it
multiplied, forms. The duties on i'm
ported goods were largely increased
whisky, tobacco, and other comforts
and luxuries were heavily taxed, an(
each citizen was called upon to pay
his share. | do not claim that thi'
system is perfect, but L do claim tha
it is productive and is not burden
someJ rt ,aH .G,.- p. .u.
Such is the financial system adopted
by this Administration. This remark
able fact appears, that though the wa
has demanded one thousand millions
of dollars a ycar-a sum far create
Than any Government ever before cX
pended in tho same time-yct the mon
cy has been supplied Another lac
equally remarkable, stated TO me b,
the Secretary of ftho Treasury within
few days, is that by the lst OF July
next every demand upon tho Treasury
will have been paid and cancelled
'a"' OUR NATIONAL DEBT.
1t is true, fellow citizcns, that III
war leaves us with very large pub
lie debt, about, probably less, when al
accounts are adjusted, than So, 1000,
600. But it is equally true, that upol
the basis of our present tax laws thi
debt will be paid off by our presen
population in twenty five years, and
as I believe, without expressing an,
branch of industry. When we com
to reflect that our wealth doubles il
ten years, and our population in thirt,
years, that hundreds of thousands o
omigrants come annually to help II
pay the debt, that we have undevelop
cd resources almost without a parallel
this vast debt ceases to frightcn us.
Tho debt of the United States il
1916 was $127000,000, or 14-67 pc
cent, on the total property of he peo
pie. Now the S3,O00,O00,00O is only
l5 per cent. on the property of the 10y
al States, and we mean the South shal
help us pay it. .gt..
Every dollar of that former deb
was paid in less than twenty years
and we wcrc quarreIing about wha
distribution should be made of th
Ipublic lands. = In 1916 the debt o
Great Britain was over four thousan'
millions of dollars, or S2lS 20 per h oac
forty and four-tenths per cent. on tn
aggregate property of tho empire
| Now it is only twelve per cent. of tn
property. When we rcmember tha
our population doubles in every tel
years, and our wealth moro thai
doubles by reason not only of the in
dustry of our people, but by new dis
coveries of the natural sources o
wealth, such us our mines ofsilvcr ant
gold, and our petroleum wells, thi
J. debt should not disturb lis in the least
| do not wish to underrate the burdel
of this debt. 1t will have to be paiC
)! in taxes, and these will sometime
come hard, but they are the price Q
our nationality. Every patriotic citi
zen will pay them cheertu)ly, ant
those who are not 50 patriotic vii
have to pay them. 1t is certain tha
every dollar of this debt not only cal
but will be paid. There are some in
I cidental advantages of the public debt