Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1866-04-17


The debt of the Government, in all Of its
forms, will, to say the least of it, amount to
four thousand millions OF dollars. This
debt, now in the hands of bond-holders,
was contracted in a diluted currency, a
currency so diluted that it took two dollars
to buy what really could have been bought
at the time for one dollar in specie. The
people, IL is assumed, have this debt to pay,
aud are now taxed to pay the interest on
it, Now, one of two things seems clear /;
the debt should be paid in the'iSlnd of cur
rency in which it was contracted, or paid
in specie at the rate of fifty cents on the
dollar. 1t seems to be the policy of the
Secretary of the Treasury to reduce the
currency to the specie standard. But is
such policy just! 1t favors the
capitalists of the country by doubling
the value of the bonds in their possess
sion. They purchased the bonds at the
rate, as we have stated, of fifty cents on the
dollar, and by reducing the currency to the
specie standard these bonds are enhanced
one hundred per cent. A nice operation
this, truly, for the mOneyed men of the
country! But how will the policy operate
upon the interests of the labOring classes
those who have the debt to pay? Tor if
ever paid it has to be paid by tax on the
American muscle. UniavOrably it will
operate. Double the quantity of labor will
be required at the hands Ofthe people. Two
thousand millions worth of labor over and
above what is just will be required at the
hands of the people. This IS a right smart
sum; more than two such States as
Ohio are worth. If Secretary McCul-
lOch wishes to deal justly towards all
parties, he should allow the cur
rency to remain at about what it
was when the debt of the Government was
contracted. The bOnd-holders could not
complain, while receiving in principal or
interest," what they paid for the bonds, and
the people would be satisfied to pay that
amount. Germany, perhaps, owns one
eighth OF these bonds. They were sold in
that country at some forty cents on the dol
lar. Secretary McCullOch's policy proposes
to give to the Germans for every forty cents
they invested in Government bonds, sixty
cents. The bonds owned in Germany
amount to about $j00,000,00O. For these
the Government received about 500, OO,OOO
-tWO-titths of the face OF the bonds. The
policy Is in substance to take $30O,000,000 OF
the labor of the American operatives and
present it to the German capitalists. This
is regarded as good tinanciering by great
many who admire Secretary McCulloch.
1t is good for the bond-holders, but bad for
the people.
Secretary McCulloch's policy, instead OF
being a wise one, is calculated to bring
about Reputation. Republication of debt is
measure that nations, as well asindividu-
ais, resort to. The measure, among other
things, has very close relation to quantity
Multiply the dollars sufficiently anu there
is not nation in christendOm but what will
repudate. While the American people
might be disposed to make a great effort to
pay two thousand millions, they might be
inclined to pay nothing at all should this
amount be increased to tour thousand mil
lions, aud the more especially would the
latter be the case if it were believed that
the increase might as well as not have been
avoided. Il.