Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-08-14
TIE NATIONAL DEBT.


The amount Of money paid by the people
of the United States for interest on the pub
lie debt and expenses Of carrying on the
government, is so large, that il Is not gene
rally thought Of or even eomprehended.
II amOlnfs 10 nearly million Of dollars per
day for every tCOrkiRg Gay the gear round. And
this enormous sum is called for by hun
dreds of tax gatherers, whose salaries are
also paid by the people. Every mouthtul
of yictnals, every stitch Of clothing, every
hat. every pair ofshoes, used by every man,
woman and child Of every color, every
house that covers the head, and every coffin
that incloses the dead to-day, all, all is
taxed and this crushing load is borne by
the many for the benefit of the felC, When
the year expires, and the new year comes
in, the same grinding, paralyzing call is
heard-pdg again. Every day in every
year the million of dollars must be forth
coming. There is no stay law in the case /;
the tar must be paid; the bond holder must
have his interest the pery day Il Is due. If
you have been sick-if your crop has
failed--if you have been thrown out of
employment, none of these excuses will
do. You must toe the marx, or be sold out Of
house and home, without the benefit Of
redemption.
Let these bonds be paid off with green
backs, and these greenbacks gradually paid
by a light tax until there is only suf-
fcient amount left in circulation to meet
the demands of the country, and then let
the government keep that amount in eircu-
lation for the benefit Of the schOle country, and
We slide into specie payment imperceptibly,
and have currency better than gold or
silver, and which will be at par not only
all over our own country, but which will
pass currently in every civilized country on
the globe. The only credit the national
bank notes have now is given them by the
credit of the United States government,
and for this very credit The people are pay
ing a tax Of twenty millions of dollars
every year, which sum is put in the pock-
cts of the stockholders of these banks, in
addition to the other enormous profits they
make out of the taxes on the country. Let
the pe0ple-those whose toll and sweat pays
this taxation, reAect-let them call the at
tention of their servants in Congress to
these things, and demand the payAsPt Of
The national debt in way that will affor d
relief.
The following extract, from a New York
paper, contains some weighty truths on this
subject:
1--WE find that through the stupid legisla-
ton of Congress, the debt bearing coin in
terest has increased over four hundred and
thirty.six millions during the last year.
While the currency of the country is paper
while the people never see specie, every
thing is being done to hand over all the
gold to the bondholders, to foreign holders
Of the debt, and to the gold gamblers of
Wall street. The debt bearing coin interest
should be first reduced, and the whole of
our national finances should be based. as
soon as possible, upon the currency, the
lawful money of the country. There should
not be one standard for the bondholder and
another for the people. There should be,
in the first place, only one description of
currency-the legal tender; and upon this
uniform national money the credit and ope-
rations of the government should be based.
In this way gold would become more abund-
ant and cheaper. and we should return to
specie payments much sooner.
We notice that there is in the Treasury
over a hundred and two millions in gold
anu over 8tNSIt3 -bNO luIAAOhb Ah CuitchtJ
Reduce this gold to currency, and we have
nearly two hundred and twenty millions
lying idle in the hands Of Mr.. McCulloch.
Last year at this time there was nearly as
much. Taking the whole year through,
there has been probably on an average
little less Only thihk Of two hundred to
two hundred and twenty millions of dollars
lying unemployed all the time in the Trea-
suryl 1t is we'll known that if the Urea
ssry were empty to day, and the revenue
and finances properly managed, the money
coming in from day to day and month to
month would meet the current demands
upon the government. Indeed, with proper
management, there would soon be a surplus
again. The country is not only losing the
interest upon two hundred millions, but
such an enormous sum 10 the Treasury con-
tinually is great temptation to fraud, cor
ruption and extravaganza. The amount
in the hands of Mr.. McCulloch at present
is actually sufficient to buy up enough OF
fve-twenties to cut down the coin interest
we are paying to about twelve millions a
wear"