Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1867-10-02

the increase Of population, wealth and
capital will enable the Government TO
sell at par bonds bearing much lower
rate Of interest than the present, and
thus consolidate and reduce the debt.
Should the Government st any time
find itself, in possession Of coin or cur
Tency that can be applied to the re-
duction Of the debt, il tsh0uldo course
be promptly applied. but any attempt
to pay the bonded debt in advance by
heavy taxation, or By inAating the cur
rency, viii be unnecessary, unWise and .
/ would pay the interest promptly,
according to the contract. would pay
Oh our currency obligations and other
debts as they mature, and see toit that
the public debt should under no cir
cumstances be increased. = / would re-
duce the rate of taxation TO the lowest
point that would defrAy the expenses
of the Government, economically ad-
ministered, and pay the interest and
maturing obligations, and leave the
principal Of the bonded debt TO be
discharged IN other and better times.
Who ever before heard of nation,
while still exhausted from the war,
with wounds unhealed, attempting to
pay of the war debit Foreign nations
may admire our ambition il this re-
spect, but would despiss our discretion.
The national taxes can be reduced by
the adoption Of the policy ] propose.
and BY the honest and faithful collec-
ton OF the internal revenue. In ff-
teen years, and possibly IN fFe the diff
ference in value between gold and
greenbacks viii have ceased to exist,
by gradual return to specis payment
and the question of the mode Of pay
ment of the bonds, Whether in gold
or greenbacks, will have become un-
important Specie paymsnts can be
reached without contracting the cur
reney, BY waiting reasonable time,
until successful reconstruction and the
growth of wealth and business have
brought the country up to the existing
volume Of currency without afnaneial
revulsion.
The decline Of gold from 200 to 40
brought corresponding reduction in
the price of property, attended with
great loss and ndderangement Of business.
Another imitation of the currency
would be attended with another ascent
and descent Of prices, and with i'm
mense disasters 70 the nation. What
the country needs Is repose and stabil-
ity in our financial policy, and without
these trade and prosperity must Ian
guish, When our debt Was contracted,
the men who now eIAn1oF for its imme-
diate payment denounced bonds and
greenbacks as alike worthless, and dis
susded the people from lending their
money to carry on the war; and my
opinion Is, they mean No better to the
country now than they did then
Now. as then, their effort u to destroy
the public credit. The proposition to
pay the public debt in advance Is un-
necessary, impraeticable aud destruc-
tive, and WuId result in benefit to none,
unless it would be the gold gamblers,
and they would ultimately be ''hoisted
by their own pstard, p as they were at
the close Of the war. The national
debt can be paid without expressing
the country, not BY 'hot house, exper-
rimets, spasmodic efforts, or violation
Of the public faith, bat by the solid
growth of the country in population,
wealth and prosperity, under the sd-
Of q stable financial pol
icy, 1ee p. MOEroN.