Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-11-05
GOVERNMENT CREDIT.

The communication OF BANK IeHer,
heretofore promised, appears on the first
page. 1t is impossible that the credit of
government should be permanently
good which deals partially with its citi
zens, depressing some for the benefit of
others, demoralizing the people and
thereby destroying its resources
Twenty four millions per annum for the
benefit of those interested in the Ma
tional Banks is so much from the pockets
of the people. Paying interest on 81
OO0,OO0,OO0 to bond holders, who pur-
chased the bonds for currency when gold
was worth in currency two and half
and more for one, and who pay no taxes,
state or national, increases the taxes Of
those who pay to double their fair share,
and supports at their expense those most
able to pay. Paying one.half the public
creditors in gold the principal, and also
the interest in gold at six per cent, is to
pay them in currency fifty per cent.
more interest than is due them if they
had purchased when currency was at
par with gold 1t is to pay them one
dollar principal for every thirty five
cents they ever expended in gold, be-
sides nine cents per annum for twenty
years, or the equal of twenty FIVE per
cent per annum and, besides releasing
them from taxation, pay their debt FIVE
times over in interest, or six times, ad-
ding the principal, and all this at the
expense of the laboring, producing and
moneyless classes of the community.
And at the same time to make green
backs legal tender to all but this privi-
legged class, who hold the bonds, is to
Cypress a part of the citizens to benefit
others--it is to build up shoddy arts.
tocracy to lord it over the poorer classes.
The credit Of government thus ad-
ministered cannot remain good, because,
however honest its intentions as to pay
ing debts, its policy dries up the re-
sources Of the country and saps its
wealth at the foundation.
We have debt ascertained of about
three thousand millions, two-thirds of
which is interest bearing besides at least
a thousand millions for just claims Of
private citizens, leaving ont all claims for
the loss Of slaves and the several States
owe, in their individual capacity, not
less than two thousand millions more,
making in all six thousand millions,
which we must pay or repudiate.
Now, the proposition Of our cores
pendent is to diminish the present
currency by the increase of the time
obligations, leaving the national bank
notes in circulation and con tinning their
aristocratic privileges. We have now a
debt of four hundred millions in gold,
equal to near six hundred millions in
currency, which bears no interest. And,
by his proposition to fund this, we shall
have added an Indebtedness Of twenty |
four millions per annum in gold, annu-
ally accumulating, when we cannot now
keep down the interest already accruiug,
even by the most onerous taxation ever
inflicted on people. How soon are we |
to pay off our debt at this rate Or
rather how are we ever TO pay it at all
1t msy suit the bondholders, bat how
does it suit the tax psyers2 Il may be
easy for the sixteen thousand officers and
employees Of the sixteen hundred ma.
tional banks, but how does it operate
with the people2 The proposition to
extend time is a proposition to fix an
Indebtedness which will require the
present heavy taxation to be perpeiuated
through all coming generations. The
debt with the interest, viii be too heavy
10 nay with economy; and, with the waste
of Radical mismanagement and profit
gacy, II viii shortly grow to proportions
which will wipe it out; not as the Con-
federste, but as the Continental cur
reucv vent out Is that what our cor
respondent thinks the way to sustain
credit?
suupose the fopr hundred millions Of
blue backs substituted By four hundred
millions Of ereenbackE That would not
initiate The currency, while i would save
the Government iFeuiy-four millions