Indiana American. [volume] (Brookville, Ind.) 1865-1872, 1867-09-27

land. ! Nine States are disorganized and
desolate, aud can scarce pay anything for
years to come. Therebellious South caus-
ed the debt to be created, but Whatever is
paid in the next Ave or, six years must
come almost entirely from the North.
Why not wait at least until the South can
pay par,2 Why not wait until the coun
try has recovered from the shock and
waste of war? Has not this generation
put down the rebellion and done its part,
aud may II not justly leave the payment
Of part Of the debt 10 the next2 This
generation has to discharge large State,
county and municipal indebtedness grow.
Jog out Of the war, aud within the next
ten ) ears will haye to pay not less than
si00 000, 900 for. pensions and boupties,
besides extraordinary expenses for Indian
wars and ether ,causes Iu ten years our
population viii have increased ten millions,
and our taSable property nearly doubled
in value. In ten years q tax twice 10
amount can be berue, easier ttan the tex
OF to-day.sysf .afe3 s 4a4a. -,t,.,-
Within ten years tho Southern States
viii DO reconstrueted apd Ia the enjoy
ment Of comparative prosperity. Within
tau, years, and perhaps within hye,-he
increase Of population, wealth and capital
will enable the government 70 sci. At par
bonds bcaringla much lower rate of inter
est than the present, aud thus consolidate
and reduce the debt, ...... .-...,
Should the Government fnd itself al
any time in possession of coin or currency
that can be applied to the reduction of the
debt. IL should of course be promptly APP
piled; but any attempt to pay the bonded
debt in advance by heavy taxation, or by
initiating the currency, will be unnecessa-
ry, unwjse, aud Injurious. ,..,
] would pay the interest promptly, ac.
cordipg to the coprect. ! would pay OF
our currency obligations and other debts
as they mature, aud see to il that the pub.
lie debt should under no circumstances be
Increased.
:. / would reduce the Fate Of taxation to
the lowest point that would defray the
expenses Of the Government, economically
administered, and pay the interest and
maturing obligations, aud leave tho prin.
Lcipal of the bonded debt to be discharged
ia other aud better times.
! :, Who ever before heard Of o nation while
still exhausted from war. and with wounds
ppbealed, attempting to pay of the wal
debt? Foreign nalions may admire our
ambition in this respect, but would despise
our discretion. The national taxes can
be reduced by the adoption Of the policy
propose, and by the honest and faithful
collection of the intcrnal revenue.
lu fifteen years, and possibly in FIVE,
the eldiffereuce in value between gold aud
greenbacks will have ceased to exist, by o
grad hl return TO specie payment, aud the
question of the mode of payment Of the
bonds. whether in gold or grcenbacks,
will have become unimportant. Specie
payments can be reached without con.
,ractug the currency, by waiting rea-
sonable time. until successful reconstruct
ton and the growth of wealth and business
has brought the country up 10 the exist.
ing volume of currency without a financial
convulsiOn.
The decline OF gold from 200 TO 40
brought corresponding reduction in the
price Of property, attended with great loss
and arrangement Of business. Another
imitation Of tho currency would be attend
cd with another ascent and descent Of
prices, and with immense disasters to the
nation. What the country needs is repose
aud stability In our financial policy, and
without these trade aud prosperity must
anguish. When our debt twas contracted
the men who now clamor for It's immedi-
ate payment denounced bonds and green
backs ps alike worthless, and dissuaded
the people from lending their money 10
carry on the war; and my opinion is, they
mean no better to the country now than
they did then. Now, as then. their effort
is 70 destroy the public credit.
The proposition to pay the public debt
10 advance, is unnecessary, impracticable
and destructive, and would result in benc-
Gt to none, Unless II would be the gold
gamblers, and they would ultimately be
''hoisted by their own Petard," as they
we're at the close Of the war.
The national debt can be paid without
oppressipgthe country, not by "hot house
experiments, spasmodic efforts, or violation
of the public faith, but BY the solid growth
Of the country in population, wealth aud
prosperity. under the administration OF q
stable financial policy.
= o. P. MoRroN.