New-York tribune., 1867-05-15
OUR NATIONAL DEBE

~ Us FItor q Tie Tri5sno
SIR: have read in your paper the numerous sus-
cestions of modes TO return to specie payment ana
your replies thereto 1 know you to be q hard cur
rency man-in other words, the poor mans frieho-
md | have therefore considerable confidence iH
submitting my suggestions TO you; for whoonD,
YOU NAV agree with them OF not, / think lhey WIN
be found worth considering 49,,
We viii never rctum to specie so long as tn'i0 .
so much in the way So long as paper uon,'i S'"
be bought 60 or 40 cents cheaper than soiu uoi4'
we shall see the paper dollar and nothing po''o, %
nor viii the American people Cohe o opaaT p to ace
wait till this enormous 0oDt ID Pdl"' ' ~ -
the sight of gold. e o,,r ,,ro.o,t nanAr cnrrency
ond Inrds was necessity, no one can deny. Ihe
~afiop was struggling for dear life, we were ln the
midst of a mighty war, and we well know that there
ccssfnIIv through SO we who could not go to the
field contributed our share OF the undertakIhg D tho
last means in our power-by furnishing the where
withal to support our armies and for the moneys
thus advanced we took promises to pay 4niS
would be very. well. If there was any any ,,d one
OUselpes most probably two or three times over oo's
AZ present the debt stands thus The Government Of
the United states sum Ofneary SOOOOOVO 70 HI
@ oIG roS porton of the con
stutng the debtor. In consideration I0r TINS sum V
money the United States Government has gwen its
creditors bearing honds To pay the interest Oh
these bonds the entire population OF the country Is enoI
mOusly taxed in divers ways direct ana indirect year
after year. until thousands who before the war lived
comfortably can now with difficulty support existence
Tho direct taXatiOns under which they grOali
those assessed upon incomes, property &C, ana 9
the indirect eyGeDGn W naIGs e Internal Reyenue
tax upon manufactured articles, ana he lhciesd coS o
subsistence every department OF me- arising from 'uo
depreciation of paper currency A.. c.,i..r an,
But first let consider the nature OF the creditor ana
the nature OF the Debtor If the debt due to any III
SIyidual or to any foreign Government then II would
only be consistent and right TO & pay II %G e have anV
propertyby process Of law and one natoh can GOeIce
,ofar
bOndhOlders OrcrcdOrs unlesS natives Oh lOIegh
cOuntres partial elements constituting the CREDITOR since
the pcople of the United states constitute the United
States Government II is very much as II certain STOCK
money and then proceed to collect it from the corpora
tOn OF which they themselves are part OE 5T pStef
sti if the human frame should become ndebled
to Of its component Pars-say the hnFeTS ana tCe5
payment which would eventually undermine the whole
structure and involve the debtors themselves IN the gen
country and our debt We propose TO fleece our
solves, as whole !i9 order GhGng, , ,o0e 20 M'iao m
poor by continual income and other taxation tha none
hut the rich will he able to hold the bonds ana ihs M 9e
that hath and able to hold shall have added unto HIM
abundany, while he that hath not shall have taken rom
hun what he seemeth to have" "
If the principal Of immense debt was ever to be
paid be far bccrf we had no interest bearing
bonds all but only common debt repreSeied IN the
shape of National Currency TO be redeemed with specie
80 fast as possible by Just tNalion on l P3 Ph ro 40
roach OK the Government; III which case the entre
burden would be dStrDnted % among t & a W. as Ig o T
hquidated by said taxation. Bnt as the mater now
il for 20 years at least winch VIII amount 10 HeaI 1Ncc
the principal and the end, none but the nch VIII re-
words viii receive any favor among the fev but am
confident that twentynay, ten yeals-fTom now What
counted as true words. given in advance:
Now this. at least Is true IaNaiion implies tne s me
Is due. or such fax is 10 be raised Inc nature Ol
trelV and raise the debt OF the poor ina-tie
That these taxes fall altogether upon the shoulders OF the
cvaded In what way does the rich man feel taxation OF
this characterl The merchant for instance Is NOT actq
ally taxed cent his income. No matter how mach
business he does matter how much he makes every
cent he IS taxed he charges upon Ine cost S Ms goUq
buys is thus compelled to pay not only ms oWA income
buys Till now, hear the poor men, the consumers
begin to cry: "In the name of Conscience. stop tax
ing the Rich! for this double ourden-@r own ana that
of the rich man-we can no longer bear 49,, ,,.,,
Debt, and returning to hard cash, al once.
There tw0Ilans by which this can be accomplished
s creditors a. as an individual and have them deal with
each other in the usual way The matter OF coercion
by its people. when they The people the
personal rv,iShme,,t for debt, which the debtor
unable to pay is abolished sosed6 N 1hs co4l I
the properties of the debtor are turned over
and after that T he is free man Now let Uncle Sam SO
considered in the same way. He is insOlyent debtor
hispmbe Iandsand pay them IN sSe As we are treating
him as an Individual We will let him keep the household
furniture necessary to his sqbsstenee-hs capitol POST
Offices. CustomH and other Buildings for II we
should deprive him him Of Ss we Should % M hfye 5 ecb TO oqe m
old AS for the generality Of his lands they now sell at
zen shilngS per acre. We the creditors Will give
choice mineral lands to be disposed OF at auction
When he has thus laid before his people, his creditors
all hsavailable effects they can be politely rcquestedto to
step and take payment for Their bonds IN slices OF the
public domain After the lands are exhausted would
be willing have the remainder OF the debt paid by
sweeping pr0rata tax all the property In the country
Asa creditor permitted, in law TO discriminate among
his creditors SO the Government could discriminate IN
behalf OF its sodiersgivng the veteran soldiers who
have shed their blood for the maintenance Of
try preference But this plan has been before the
country for year it has been generally ignored, or
Second. propose the remission Of the entire debt
Lot us institute Benevolent Society, comprising credit
Ors OF Uncle SAM who shall make up their minds to pre-
sent him with the respective amounts Of loan We can
then start with clean hands and clean gold and
seyery poor man holds seine Of these bonds" What II
he does think can prove that the poor man will
man held % from $50 to sSo5 by giving It up entirely
thereby reducing the price Of everything he consumes TO
its real gOdyane e will make treble the interest Of the
bonds the reduction Of his expenses the first year As
an illustration: have bonds bearing interest sa0 a
from what they would have been had these bonds never
been called into existence by the accident OF war; have
chasing income Of $500 per annum by expenditure
OF ten times the amount you may believe that per
bring back Old cheap rate Of living for like
every American am fond OF money and do not wish 10
1itter it away uelessly There hundreds and thou
sands in the same position as myself who must view III
the same light.
thousands OF dollars In these Onds and who hasthee
FORE and steady income from the interest they
wealth AS general thing aside from what he owns or
did real estate before the he has made from
As the clouds lick up their burden Of waters from the
ocean let il return 10 the ocean, where 1t belOnga
the needy bo1dhoIders suffering from sweeping meas
Of REMISSION but study Of the matter will
Immediate gamers. II the price Of beef-steak
can be reduced from IS cents to 10 cents per