The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1866-01-17


dent, in less than Eve years, created nearly
rs large a debt as the Kings Of England had
done in two hundred years.
THE FUNDED DEBT.
"The merchant or moneyed man." says
Adam Smith, makes money by lending TO
the Government, and instead Of diminish
ing, increases his trading capital. He con
siders it as favor, therefore, when the Ad-
/; ministration admits him to a share in the
first subscription for new loan. -
And one Of the great causes for the facility
with which debts are contracted by govern
ments, is that the law Of usury does not ap-
ply against the money-ender; governments
have monopoly in borrowing, the moment
the funds fall below par" Because, in pro-
portion as the funds fall do the profits OF the
bOnd-buyer Increase the lower the funds,
the greater the profits.
Three quarters Off century have rolled
away since the death Of Adam Smith, but
had he been drawing the portrait of the mon
ey-lender of to day the likeness could not
have been more perfect.
! Here, then. citizens, we have the warn
ing examples Of republics enfeebled, corrup
ted and cnslaved; of a majestic monarchy
with its debts washed out in the blood of
revolution, and the most powerful kingdom
| of modern times, with one landowner TO
every thousand, and Que pauper to every fit.
teen inhalitant,!
| Andall these evils, citizens, were brought
about by financial systems less unjust more
wise, and less burdensome than that which
now afflicts the people of the Sc United
States. And what reason have We to hope
that our country will escape thc doom of
other nations under ike circumstances? If
we look to the past, our vision is dimmed BY
mist Of blood; and If TO the future, we see
in the dim distance but paiac,s and novels
the lordly rich and the starving poor
| ''CANTHE DHBT BE PAID IN THIRTY YEARs?'
We are assured, citizens, by the distin-
guished ffnancier at the head of the Treas
ury, that the National debt can be paid in
thirty years, and l would be glad to believe
that such an event was probable But it is
vain to try 10 deceive ourselves with delu-
sive hopes. To rush madly, wantonly into
debt, is an achievement easily performed,
but to pay debt Of almost an incalculable
amount is another hiatt.r. No, citizens
this debt will not be paid in thirty, nor in
three hundred years. Arc the expenditures
of the Government 10 cease during the next
thirty years. that We are sble to apply the
public revenues to the extingniShmcnt of the
debt? What assurance has the distinguish
ed and able Secretary that we will not be in
volved in another gigantic war within the
next thirty-nay, not within the next thirty
but within one yearf
! Why, citizens, are we not told by our wise
and patriotic President that. taking advan-
tage of the contest lin which our country
was engaged, the materials IF war for the
insurgent States were furnished, in a great
measure, frun tliewnrk house of Great
] Britain; and British ships, manned by Brit
/ fsh Subjects and aAprepared for receiving
British armanirntS, sailing from the ports
of Great Britain to make war on American
commerce, under shelter OF a comm iSsion
from the insurgei States. These ships
having on .. escaped from British ports, ev-
cr al, erward en- cred them to RIFT, and so to
renew their dnpr dationS" In TWO brief
sentences the Pre- id, mt ,l.arly and graphi-
cally sums up five di tiI,ct causes of war
against Great Britain. Hostities may not
come, but the causes exist; and no man can
tell how soon they may culniinate in open
war.
Nor is this our only dnngcr-I mean,
financial dangcr-for |, citizens, like you all,
would prefer again to scs the sword un-
sheathed rather than to submit to National
dishonor
But, citizens, thero are other causes of
war, and consequently of financial danger
and financial ruin, For months the land
has been rife with threatening rumors as to
France and Mexico, and the opinions Of the
distinguished Lieutenant general command
ing our armies are hcralded forth as omcns
of coming war.
A debt OF three thousand millions, and
war talked ri with three nations, two OF
them combining sixteen hundred ships Of
war And with all these dangers confront
ing us, We are told that the National debt
can be paid in thirty years
But there is another .eason citizens, why
the debt will not be paid within that time.
The bondholders have complete control of
Congress, and of all the Legislatures, save
one, whose States represented in the Ma
tionAl Legislature, and the bond-owners are
determined that the debt shall not he paid.
Why? Because they own the debt, and it
Is secured by mortgage on your property,
and they. receive usury in gold, which You
are forced to pay and the desire that their
children and your children shall occupy the
relation Of bond owner and bondmcn.
THE DEBT OF ENGLAND.
/ But who so blind as to be deceived ?
Have We not before us the record of the
funding system OF Englandp Do We not
know that for two hundred years that ma
ton has never been free from debt, and
hence her two million paupers and hel thir-
ty thousand owners of the soil And yet
this is the model followed by those who have
ruled, and who would have ruined our coun-
try, had it not been for the indomitab'e
courage, infinching energy and patriotism Of
the people.
At the clcs. of the regn Of Charles H.,
the British debt only amounted to six hun
dred and sixty four thousand. two hundred
and sixty-three pounds, sterling money, but
by the year 1901 it had argumented to three
million pounds, and the war with France
rehich rOtnmanred six yearS afterwar1 in