The Plymouth weekly Democrat. (Plymouth, Ind.) 1860-1869, 1867-05-30

Will 1t Ever be Paid

It is estimated that the national debt is
now about 5000, 600 900 Of dollars, ex.
elusive of the floating debt not yet adjust
ed, which, it ID thought will reach at least
$1,000. 000, 600 more. This is, by far, the
largest public debt in proportion to the
population Of the country, that was ever
incurred by any people. Add to this, the
State and municipal debts of the American
people, and the sum total is Of alarming d.
mcnsiors. So great indeed, is the amount
Of interest required to be raised to keep
our credit good, even among ourselves, that
many leading minds are enquiring wheth-
er il is possible that we can ever pay the
principal.
The interest on our public debt is not all
that we have to pay. The current expen-
ses Of the government must be met, wheth-
or the debt be paid or not. The
means With which to pay, are drawn direct
ly from the laboring classes of the people.
The producer is the one on whom the bur-
den falls most heavily. He is the very
center of the laboratory where the wealth of
the country is originated. Without his
labor, others can do nothing towards in
or the wealth and prosperity of a
] yet it bt relnembered also, that
producer is Il being heavily taxed
eneft of the consumer, the lat
mparatively free from the burden
lion. The holders Of Bonds issued
" the pressure Of a fictitious public
o%p;uion, created by sharpers and dema-
gogues for the very purpose of bringing
about this state of pressure Oh the
weaklings who hen had charge of our fl
nances, pay no taxes, draw large divi-
dends, build fine houses, fare sumptuously
every day, and clothe and decorate them
selves in the most costly fabrics. The
poor man pays for all these things by his
toll, aud has scarcely enough left with
which to buy the merest necessaries Of life.
He is beginning to see and feel the Unjust
ice of this condition of things. How long
will it be before the producing classes
denand that taxation shall be equalized,
and failing in this, how much longer will
it be before they demand the absolute re-
pudlation of these untaxed bonds We
nave no hesitation in saying that We be-
lieve the time is at hand when these bonds
must Be sarsd as other property, or they
will be %repudiated BY the people. We
believe also that this question OF taxation
or Reputation" will be confined to no par
ticular party as at present organized. Men
of all parties are alike interested in it, and
will act and vote together on that issue,
regardless Of other political differences
But suppose the bonds should be taxed,
and the burthens of the government be
equally distributed according to the wealth
Of the people, What then? VIII the pub
lie debt in that ease be paid !? Never -
The interest would probably be paid for a
time, but the principal. never. We wo'd
adopt the system Of England, paying the
interest only and leaving the principal as
a perpetual debt, or else We would follow
the example of our fathers and let FIVE
twenties and seven-thirties share the same
fate of the old continental currency. At
all events, We have no idea whatever, that
the public debt of this country will ever
be paid.