The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1867-09-26


backs to pay the debts that are due, and
that will be due next year, and to re-
deem the five hundred and fourteen
millions Of . five twenties
There are three ways:
First. By issuing new bonds and re-
dceming with the proceeds of their sale;
but this would only make new debt of
like amount, as the time has not come
of interest can be sold at par.
Second. By levying a tax more than
double that Of the present; but this the
country can not and will not bear Or,
Third. By issuing within the next
twelve months not less than six hundred
millions of greenbacks, and this opera
alton must be repeated from year to
year until after 1874.
What effect this would have upon the
value of the currency and the business
of the country need not be discussed,
for none are so stupid as not to under
stand it. .rla
If this vast body of currency is to be
redeemed, then the debt is not paid, but
has only changed its form. If it is not
t to be redeemed, then it will not be worth
! the paper upon which it is printed, and
reputation and comm ercial ruin will be
the result. The present value of green
backs is chiefly due to the understand
ing that they arc to be redeemed, and a
body of currency that is not to be redeem
ed will die in the hands Of the last holder,
can not be sustained by making it le-
gal tender or by any other legislative
continuance. Not one dollar of the
| bonded debt will fall due before four
teen years, and it will then become due
at different periods running down to
1904. Can any good reason be given
for paying it off so long in advance
The country has not yet recovered from
/ the war. Trade and commerce still
languish throughout the land. Nine
States are disorganized and desolate.
and can scarce pay anything for years
to come. Tie rebellious South caused
the debt to be created, but whatever is
! paid in the next five or six years must
came almost entirely from the North.
Why not wait at least until the South
can pay part? Why not wait until the
country has recovered from the shock
and waste of war? Has not this gener-
alton pllt down the rebellion and done
/ its part, and may it not justly leave the
payment of part of the debt to the next?
This generation has TO discharge a large
State, county and municipal indebted
ness growing out of the war, and within
the next ten years will have to pay not
| less than 100000 600 for pensions and
| bounties, besides extraordinary expenses
for Indian wars and other causes. In
ten years our population will have in
creased ten millions, and our taxable
| property nearly doubled in value. In
ten years tax twice in amount can be
borne easier than the tax of to day.
| Within ten years the Southern States
will be reconstructed and in the enjoy
ment of comparative prosperity. With
in ten years, and perhaps within five,
|
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 find itself at
any time in possession of coin or cur
rency that can he applied TO the reduc-
ton Of the debt, it should of course be
promptly applied; but any attempt to
pay tie bonded debt in advance by
heavy taxation, or by initiating the cur
rency, will be unnecessary, unwise, and
injurious.
/ would pay the interest promptly,
according to the contract. / would pay
off our currency obligations and other
the public debt should under no circum-
stances be increased.
| would reduce the rate OF taxation
to the lowest point that would defray
the expenses of the Government, eco
nomically administered, 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 war, and with
wounds unhealed, attempting to pay off
the war debit Foreign nations may
admire our ambition in this respect, but
would despise our discretion. The ma
tional taxes can be reduced by the adop-
ton OF the policy propose. and by the
honest and faithful collection Of the in
! ternal revenue.
In fifteen years, and possibly in five,
the difference in value between gold and
| or.o,,booIyS n,;!I hoyo cooSod RI ov;ct