Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-03-22
The President Predicts Financial Crash
ard Reorganization of the National Debt.


johnson. from which we take the following
WASHINGTON, March 6.
| "And now. apart from the directly poll
tica1. " continued the President, n" what is
the main issue looming mp in fae lmmed1-
ate future What issue IS clearly Iofe-
Swallowed to be the Aarons rod which must
swallow up all minor questions 1t Is the
GREAT financial issue. the Issue of the ma
| tioDal debt whether it shall be paid or re-
pudiated ? This issue has fibres extending
into the pocket Of every citizen; for where
ever a man has q dollar, or can earn dol
lar. the Government Is now compelled to
90 for it's portion of his substance, and
with the vast machinery under its control
the money is fetched. =.
! "Apd what has been the course of that
! Congress which has just ended, and which
this blind aristocracy OF national debt sus-
tanned in overriding my efforts for return
TO sound principles of internal government?
Look at the bill giving from four
hundred and eighty to six hundred mil
lions of dOlIars-nomiEaly fer back bOun-
tv or as All equalization OF bOuntles to the
soldiers; but really, as all intelligent men
must be aware, to be parcelied ont as Il
prey among the bounty sharks and claim
accents who are the most reckless and clam
OT0us adhereuts OF the dOmlI AIT maJollty
in Congress. Then look at appropriations
amounting to another hundred muil0nS Tor
internal improvements, which should prop
erly be left to the laws governing private
industry and the progress OF our national
DEVELOPMENT. Look also at the increase OF
all salaries with protiigal hand; this vlrtu-
Gus Congress- first setting an example
against retreuchment b. voting to them
selves an increase of salaries. Everywhere,
and in an eyer-incrCaslEg ratio the motto
seems to be: Always spend and never
SPARE fresh issue from the paper mill
over yonder '-(slightly pointing his pen
Gil to the Treasury DEPARTMENT. being
the Paracea prescribed for every evil OF
: our present situation.
''t.very effort to increase our annual taxa
ton is resisted. for increased taxes might
help to awaken the people from their false
! dream Of prosperity under the sway of rev
1 O!uti0nnry and radical ideas: but no addi-
l ton to the national debt can be proposed,
, no further imitation OF our Inflated curren-
. cv, which the pTeponderttlng votes OF the
> Western States will not b. certain to favor.
, The war Of finance is the next war we have
to fight, aud every blow struck agains my
efforts to uphold a strict construction OF
the laws and the Constitution Is III reality a
DlDW
debt The manufacturers and men OF
: capital in the Eastern States and the States
u along the Atlantic seaboaTd-a mere st.lp Ol
, frlug, Oh the broad mante OF our cOun
try, ii You will examine the map-these are
in favor of high protective, and, IL TACT
prohIbitory tariffs, and also favor con
. traction OF the currency. Bat against both
measures the interests and votes of the
great producing and manufacturing States
l OF the West stand irrevOcably arrayed, anC
q glance at the map ana the census statls
: tics OF the last twenty years VIII tell every
) one who is open to conviction how the Wal
must end.
THE history of the world gives no eX
! ample of a war debt that has ever been paid
but we have an exceptional country, anC
present an exceptional case. Our deb
! might easily DO paid, provided the break:
, against excessive expenditures could Dt
: turned on quickly cnough-but now is the
appointed time, and now or never the WORK
Il must be commenced. Ii that debt is ever
to be paid we need economy IN every brancL
= o. the public 6ervice-the reduction, not ar
= incre., Sc, of salaries 10 congressman anC
- other officials; the sytematic reduction o
: our national debt, and not it's increase by
: slch mOn-tfou> bills as this last demagOgut
me asure for the pretended equalization O.
DO ties.
"And whittier is all this drifting? Tt
IL intelligent men there can be but one
il answer: we are drifting to reputation, anC
Il tue moneyed aristocracy Of the nationa
debt-the very men whose interests arr
most jeOpardzed-are 50 blind that the.
are practically helping to accelerate, no
cheek, our course IN this downward direc
ton. We need the industry and enormou
l. possible PRODUCTS of the lately revOltet
1t States to help us in bearing our heavy bur
s den. We need confidence and caIm-w
u need internal harmony and, above all, W
Il need return to the UnqueshOued su
"a premacy OF the civil laws aud cOustltu
l. nonal restraints, Ii our debt is not to b
l. repudiated within the next half score c
y years.
l "FinaAcial prosperity was secured up t
II within Il recent period but already tn
- delicate fabric Of public credlt-a house {
cards at best--begins TO totter under tn
$ conclusion Of the various revolutionar
y ideas which have been recently eXllOite
L on the floors OF Congress. Vino now talk
J. of the Constitution with respect Who
'h not now made IL laughing stock III the pa
q pers and speeches. of the violent revolt
n tionary party, if he shall be SO hardy as
9; claim that, being again at peace, the swa
ia Of civil over military law should be imme
III diAtely resumed, ii We desire to malntal
- our liberties Inc CONSTITUTION IL pl1ye
IN out we hear on every hand and every e
re fort to advocate the just ascenlancy of tn
"a civil law only furnishes fresh food Tor rid
1t Guile.
e. mo party as yet and possibly 40 part
III for some years, will openly lrolst the bal
ia -er of Reputation. But majority OF thos
OF who shaped the legislation OF this last Cor
gress must know, unless they deceive then
- selvs, or are too ignorant to appreciate the
4! own act, that we are drifting in that dire
ls ton, and that it is by their votes that W
~ have been swung ont into the downwar
stream. Doubtless some of them woul
~ hel or affect to feel Mortified if t.
" y day branded as repudiatlonlsts, just as l
-, the infancy of the free sol agitation it We
~ considered a bitter SANDER if the Free
w. soiler' should be styled an 'Abolitionlst
VI There are steps in everything, and the teri
y of reproach to-day will be worn as feath'
20 in the cap some years from now, unless tt
81 true Conservative wisdom OF the countl
~ ~ can be awakened, and rapidly, from its a
81 phyxiating dream that our national debt