Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1867-12-12

country, Gis circulation and negotiable
credits), of more than 5 600. 900, 900. Such
an enormous and immediate increase ofour
active wealth, accompanied by all its in
vigorating influences upon every industrial
pursuit, would cause the country to rise at
once from its depression, and commence q
new career of prosperity and progress.
With regard to redemption of the prin-
pal q the public debt, Mr.. Walker says:
81 am opposed to any consideral pay
ments, at present, in extinguishment ofthe
principal of our public debt. Not because
regard public debt as blessing. Far
Otherwise. But, when the debt is incurred,
the great question is, by what system, and
at what rate of payment, will the public
interest be best promoted. To decrease
the principal of our public debt by present
annual payments of $50, ,00O, 900 TO $780,
100000, is TO increase, to that extent, the
present burden of taxation, which is grind
ing out the substance of our people, and
immensely reiarding the progress of our
wealth. That il is vastly injurious now,
will not be denied, nor will posterity thank
us for il. We have seen that at the rate
of progress from 1850 to 1860, our wealth
in 1901 would be Sl65, 1858, ,4S2,lI6. Now
suppose that we should, at that date, by
this oppressive process, have exiinguished
our whole national debt of 81, sec, O0O, 900.
According to every principle or political
economy, such process, so oppressive to
our industry, and retarding, so much the
progress OF our wealth, would have dimin-
ished the aggregate, In 1901, at least ten
per cent. 1t would be much greater, but
even at ten per cent, the diminution in 1901
would he S46,556, ,3Sf.2ll. Now, deduct
| from this the whole debt then extinguished
and the difference would exhibit loss of
national wealth, in 1901, exceeding Sl4,
COG, 600, ,O00. as The result of such oppressive
taxation. Now, to pay six per cent interest
annually, end reduce the principal of such
a debt as ours more than S50O,OOO,O0O in
thirty two years, is more than England or
any country has ever been able TO accom-
pllsh III the same time. TO do this wonld
require an annual payment exclusive Of
the INTEREST," of over Sl6,O00,0O0 a year.
But our payments ought 10 commence with
much smaller sum-say, beginning with
only 81 ,OOO. .OCO, and 20 on increasing at
the Iste of : 100000 Il year, making the
second payment g., ,000, 900. the third So
600 ,OOO and the last So, ,COO,c0O in 1900
end, beside meeting the annual interest, we
should have paid $500, 600, ,0O0 of the prin-
cipal of the public debt in 1900. Thus.
we would pay annually, in proportion To
our constantly increasing means. for we
must reflect that according To the census,
we could pay S29, 100000 as easily, in pro
portion TO our wealth, in 1900, US we could
s ,O0O.O0 in 1850.
In reference 10 the expansion Of the
present currency and the effect of an add
tional flood of irredeemable paper upon
business, he says:
Those, generally, who oppose con-
tiOn, or resumption, favor what they call
expansion, and many of them would pay
off our whols Five Twenty Loan in green
backs Now, this with our present green
backs and the convertible seven-thirtics
would make total grecnback currency of
nearly ttCO billions of dollars, and, with
the National Bank currency, redeemable
in grcenbacks. nearly twenty three hundred
millions of currency, mere naked promises
Of payment, fundablo in none of the stocks
of the government. Now, our present cur
rency bank and legal tenders, is worth in
gold nearly 500, 100000. Would the ex-
psnded currency be wnrih. LAT much:
! thipk its fist value would be much less,
and that 1t would 90 on constantly dmin-
iShing in value until il would, in no brief
period, share the fate OF French assignats
and Continental money. There would be
a nominal but no real available expansion
of the currency, for the increased amount
would purchase less than the former, but
far more valuable, circulation. Such a
system would, in fact, be depreciation only
"a vast addition TO the volume of the cul-
rency, but dimunition of its aggregate
value. Such a currency would not be worth
| at the start twenty cents on the dollar in
gold. The first result would be TO increase
the expenses of the government and OF
living nearly four fold, with no correspond
ing increase of wages or o. revenue. The
expenses of the government, paid in this
deprecated paper, would swell 10 nearly
two billions year; and the excess of our
annual expenditures over receipts would
exceed billion dollars a year, swelling
yearly, with the necessary demand for
a further initiation until the whole mass
would become worthless, and Nlyc the
government and people without money or
credit. The initiation Of an irredeemable
paper currency necessarily leads to depre-
citation, and can eLd only in Reputation
and bankruptcy. How can it be otherwise:
How can we contract when there are no
bonds i'm which the currency can be funded,
or bonds the value of which has not been
destroyed by the action of the government:
And, if contraction is grievous. when our
currency is $500,000,000 or $500, ,O0O, 900,
how infinitely more oppressive will con-
traction become. when the currency is in
creased 10 81 ,OO0, ,OO0, 900 or g., 100000, 600.
But, let us see what the effect of this de-
80. hn
National Bank notes and legal tenders
amount 10 near 500, 0,000.O00, now worth
about $500, ,0O0. 900 in gold 10 those who
hold them. The gold value of this money,
at twenty cents on the dollar in gold
would be only Sl4O,00O,OO0, thus aDnihila-
laiing at blow values to the extent oil
$500, ,000,000 This reduction of values is
in the money, the only money held by
the people of the United States. This
would reduce hundreds of thousands to
want and bankruptcy. Ii would cOnvulse
and demoralze the whole country, and
cause the pillars of the government TO rock
upon their base. But, the annihilatiOn oi
values would not be confined TO the money
of the people, but would extend to our
81, 1000, 100000 Of bonds, worth now to the
holders 81 400 100000 in gold. But by
the depreciation process these bonds, Oh
their substitute in currency, would hot ex-
I ceed twenty cents on the dollar in gold, or
800, 900. Here is loss OF I,OOO,-
100000, which, added to the loss on cur
rency, annihilates values 10 the extent oil
81 1850. 100000 in gold, or IFS equivalent.
RecoIlect that the values thus annihilated
constitute the active capital, the money,
aud negotiable credits of the people.
Why, the revulsion would be fearful, and
the burning lava of a nations wrath would
roll over the authors of tho dread catas-
trophe. q
Mr.. Walker asks US TO remember that
initiation would result in reputation, not
in our bonds only, but of the money Of
the people, the notes of the National
banks, and the deposits In them and in the