The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1866-01-31
interest in gold, equivalent to 20 per
a..


cent in paper money. .,.-. ''
And as grcenbacks fell in value, all
commodities rose in corresponding pro-
portion and to purchase one million dol.
lars worth Of supplies for the army, it
was necessary to expend two million dol.
lars in greenbacks; and on every hun.
dred millions consumed, there was dead
loss of fifty millions to the people.
.l'And hence one begins dimly to under.
stand how it was that an American Pres.
ident in less than FIVE years, created near
ly as large debt as the Kings of Eng
land have done in two hundred years.
"Tbe merchant or moneyed man" says
Adam Smith, "makes money by lending
to The Government, and instead of d.
minishing, increases his trading capital.
He considers it as favor, therefore, when
the Administration admits him to a share
in the first subscription for new loan. y
x And one of tho great causes for the
facility with which debts are contracted
by Governments is that the law of usury
does not apply against the money lender.
Governments have a monopoly in borrow
ing, the moment the funds fall below
par" Because in proportion as the funds
fall, do the profits of the bond.buyer in
crease the lower the funds the greater
the profits.
Three.quarters of q century have roll.
cd away since the death of Adam Smith,
but had he been drawing the portrait of
the money lender of to day, the likeness
could not have been more perfect,
In speaking of funding, that profound
writcr-says:
"This practice Of funding has gradual
ly-enfeebled every State which has adop.
ted it. The Italian republics seem to
have begun it, Genoa and Venice, The
only too remaining rhich can pretend 10
an Independent eristence, haze both been
tnJecJted Jy it" And rince the death of
Smith, both of those republics have lost
their independence, thus confirming the
judgment of the great economist.
France says Smith, "languishes un-
der an oppressive load Of the same kind, !"
And he lived long enough to hear the
first rumblings of the French revolution,
which in great measure was produced
by an oppressive debt, and unequal taxa
ton. The debt was washed out; the
king was beheaded, and France, with re-
newed life and new hope again set out on
her career among the nations.
at is likely" says Smith, "that in
Great Britain alone, a practice which has
brought weakness and desolation into ev-
cry other country should prove altogether
inuocent?'
And Great Britain to-day, with her
population of thirty million souls, has
only thirty thousand land owners And
among every fifteen of her inhabitants,
there is one pauper According to the
London Lancet three hundred persons
annually starve to death in the streets Of
Londcn
Here then, citizens, we have the warn
ing examples of republics en(teblcd, cor
ruTted and enslavcd of a majestic mon.
arcby with its debt washed out in the
blood of revolution and the most power
full kingdom Of modern times, with. ono
land owner to every fifteen inhabitants |!
And al these evils, citizens, were brought
about by financial 1ylcms less unjust,
more wise, and less burtheusome than
that which now afliicts the people of these
United States. And what reason have
we to hope that our own country will es,
cape the doom Of other nations, under
like circumstances If we look to the
past, our vision is dinmed by a mist of
blood; aAdi to the future, NO Seo in
the dim distance, but palaces and novels
the lordly rich, and the starving poor
We are assured, citizens, by the distin-
guished fnancier at the head of the
Treususury, that the national debt can be
paid in thirty years and | would be glad
to believe that such an event was proba-
hIa Knit ~ Ia in win n IN HnnnIua
onrso,vss Win 5olu.ivs homes To rnsb
mod,v w,r,onlv ;n,o deht e an och;ovs-
msnt easily ncrIornsd bpt to nav a doh,
If almost 4 inca,cnlablc amonnt is an
other matter, No citizens, this debt
will NOT be maid in ,b;rtv vears nor in
three bundred vearsi ire The exnendi-
tnrss Of tbe Governm.nt to cease durino
the next tbiatv wears, TINT we are to BE-
ablo To apnly The publiO revepues TO The
er,inopisbment of The dsb,P what ns,
suranee has the distippuisbed md able
SaSretn,v tbot vs will not he involved in
onotbor eioantic wor within the nex,
thir,y,-5oS NOT within the n.xt thirty
hr, y,,b;n ono ro.ry ''