The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1867-11-06
FUNDING THE PUBLIC DEBT.

II has become q maxim in political
philosophy that those nations that GOV.
ern tho least, are most prosperous and
c~ontented. The people are never more
happy, and attached to their institutions, |
than when the burthens of government,
IN She shape Of taxation, are least oppres.
tsive and exacting. Economy in the ad.
ministration of public affairs, is as requi.
site, as in the management of the prop.
erty Of the citizen ; and where unwonted
ex~travagance is encouraged and wiukcd
st. on the part Of our public servants, it
must sooner or later bring distress and
ruin upon the country, just as it will in
ahs management Of individual affairs
There is a pretense, on the part Of the
Republican leaders, that they intend,
eventually, to pay the public debt; and
they are industrious in circulating the
charge, thatif the Democracy obtain pow.
'er, they will repudiate that debt. This
allegation is based wholly upon the fact,
that the Democracy declared before the
people, in the late canvass in Ohio, that
fthat party should be elevated to power
In the councils of the nation, that as fast
as the Bonds became due, they will favor
the policy of taking them up and issuing
Greenbacks in their stead and thus stop
the accruing interest; and by SO doing,
pay the National Debt in from sixteen
to twenty years. The Republican lead.
ers say this would be reputation, and
our currency would become so plethoric,
that it would be worthless. This would
DE a strange system of reputation. This
policy will make it possible to pay the
National Debt as it becomes due. They
tell US Greenbacks would become value.
less by such a system! Let US see.-
There are about $3.50, O00, 900 Of the
fve-tweuty and other Bonds due in
1868. We are informed that Mr.. Nc.
Culloch, Secretary of the Treasury, in.
'stead Of taking these bonds up, and issu
ing therefor ~greenbacks, is now engaged
in issuing Bonds at six per cent, run.
running twenty years!l By this system,
the country will have paid over one thous.
and millions of interest on these Bonds
by the time they again become due and,
according to the Republican theory, we
will yet owe eight hundred and fifty mil.
Hons in gold on the principal ; there be-.
ing only about three hundred millions Of
gold in the country for all purposes, to
meet this sum !! Whereas, il Greenbacks
were issued, the debt would be- wiped out
in sixteen years, by saving the interest
alone. Now, if eight hundred millions
in Treasury notes or Greenbacks, were
issued, We would have, including our Ma.
tioual Banks, about eleven hundred mil.
lions Of a circulating medium, which
would be a little more than ~thirty-one
dollars per head for each inhabitant ia
the United States, estimating our popu.
lation at thirty-fve millions. Would
that be too much? The business Of the
country could consume, without embar-
rassment, fifty dollars per head for each.
. citizen. If that inflated the currency
b too much, let the Government take one
BALI of it's revenues in Greenbacks, and
cancel them, and thus gradually get rid
Of the surplus! But we are further told,
that Mr.. McCullcch intends not only to
take up and reissue all the Eve twenty
md other Bonds, as they become due,
b but that he is actually engaged in retir.
ing, in large amounts, the illegal ten
ders" q, and is issuing Bonds for them
also, running twenty years, at six pei
cent. And we are gravoly Informed thai
be Intends to bring the country back tt