American citizen. [volume] (Canton, Miss.) 1864-1890, 1867-09-28
'UR NATIONAL DHBT--wHAT
SHALL BE DONE WITH TIP

Next to the grand question of tht
VI reservation Of the Constitution an(
he restoration OF the Union, the sub
, pcl Of our national debt, and the Cd
, ,rcssiye taxation which ii involves
now attracting the greatest share
# public attention. When the wal
losea the nation found itself with al
lctual recognized debt olnear tire,
housard millions of dollars, and s
'ontingent debt which could not bG
.stimated, but which il was probable
Whould reach many hundreds OF mil
ions more. This was a gloomy, con
ditlan Of things for taxpayer tland
and for our laboring pg citi1;on
Such debt, it was cride%1ilee 70 a
he paid, and therefore G3-fai 7arord
af the country was nga3es and noes
gagged for gcuStim report of IL
The interest on thi# stoo4fr6us debt
created The neccssl ' u Or system Of
tayatieG which rcA Is into every
rnoAhole Of The repui ic, and which
is fell in every article we buy, either
of food or raimcnt. At the same
tine the expenses ofthc Government
have been largely increased to keep
rg:andiug army over the Southern
people and prevent the restoration Of
their States to the Union. This un.
necessary expense i. estimated at
10000 goo per aunum, and this ex,
peuu!sGIe is worse than 50 much
money cast into the sea. For 50 far
from lu.3g any good the objects upon
which it i, expended tend tC keep ac,
tive the emnitics of TIE war, aud to
create fresh e,.asrerat,1a, thus wild.
cning tie breatG'bctveen the people |
when the policy Of wisdom aud states
mauship would he to bring about a
,horough reconciliation before those .
trclingshaye time to harden and crys-
talizc INTO enduring hate.
Themo5t recent suggestions ii re.
gard to en- tDaacal system, are,
first, tina, the issues OF the Govern
mont shall be substituted for those Of
the national banks; second, that the
5.20 bonds, Of which there is about
$1,000, OOe,O0 fhall be redeemed as
they fall due, Will legal tenders;
Hud third. that the UntaZcd bonds
Shai. he made liable to taxation.
These are the important changes hut
they are meeting with vast amount
Of public favor and we believe viii /
ultimately Ne ador."a'
Inc reason" LOT these changes ~
"ul nuancia' system are easily under.
'.ood.
FIRST. Ite substitution OF the
Government iS rs for those Of the
National bauhS, The circulation Of
these banks is based upon Govern |
ment touGs which are deposited with
Government as security for the re
dcnution Of the circulation. Upon
these bonds, tie Government pays
the Ie9al rates OF interest to the
bankers who own them. This inter
est amounts TO about $4,000, 900 per
aunum, which is a draft to that eH-
tent upon Che repurccs Of the c0un-
try, and of course swells the ySume
OF taxation Ike Hubtic you'll have
more confidence III the greenbacks
than IN the notes Of these banks, and
= ,hey we're substituted FOR them this
amoutn of interest woald be stopped.
Second, The payment of the COS
a. they fall due, in greenbacks. Tue
adoption of this measure would very
rapidly reduce the Government liza
hllities in the shape Of intereSt-hear (
ing bonds aud soon relieve the
Treasury OF the payment Of two
hundred millions Of dollars Of inter
est per annum. Thus by q single
enactment the people would he re.
liered Of the payment OF al amonnt