The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1867-09-26
cussed, for mono are SO stupid as not

Ii this vast body OF currency is to
be redeemed, then the debt is not
paid, but has only changed its form.
If it is not to be redeemed, then it'd
will not be worth the paper upon
which it is printed, and reputation
and commercial ruin will be the re-
suit. The present value of green
backs is chiefly due to the understand
ingthat they are to beredeemcd, and a
bodyof currency that isnot.o be REDEEM
ed, and will die in the hands Of tho
last holder. cannot be sustained by
making it q legal tender or any 9th
.er legislative contrivance. Not ono
dollar Of the bonded debt will fall
due before fourteen years, and it will
then become due at different periods,
running down to 1904. Can any good
reason be given for paying it off so
long,in ADVANCE The coantry has not
yet recovered from the war. Trade
and commerce stilllanguish through
out the land. Nine States are dis
organized and desolate, and can
scarce pay anything for yeas to come.
The rebellious South caused the debt
to be created, but whatever is paid
in the next six years must come al
most entirely from the North. Why
not wait at least until the South pay
part? Why not wait until the coun-
try has recovered from theshock and
waste Of war? Has not this genera
ton put down the rebellion and done
its part, and may it not justly leave
the payment of part of the debt
the next? This generation has to
discharge q large, State, county and.
municipal Indebtedness growing out
Of the war, and within the next ten
years will have to pay not less than
$500, 100000 for pensions and boun-
ties, besides extraordinary expenses
for Indian wars and other causes.
In ten years appropriation will have
increased ten millions, and our taxa
BILE property doubled in value. In
ten years a tax twice in amount can
be borne easier than the tax Of to-
day y t
Within ten years the Southern
States will be reconstructed and in
the enjoyment.of comparative pros
perity. Within ten years, and per-
haps within five, the increase Of pop
ulation. wealth and capital viii ena-
BILE: the Government to sell at par
bonds bearings much lower rate Of
interest than the present, and thus
consolidate and reduce the debt.
Should the Government and itself
at any time in possession Of coin or
currency that can be applied to the
reduction of the debt, it should, of
course, be promptly applied; but any
attempt to pay the bonded debt in
advance by heavy taxation, or byin-
fiating the currency, will be unneces.
sary, unwise and injurious.
| would pay the interest promptly,
according to the contract. 1 would
pay off our currency obligations and
other debts as they mature, ard see
to it that che public debt should un-
der no circumstances be increased.
| would reduce the taxation TO the
lowest point that would defray the
expenses of the Government, ecor O.
mically administered, and pay the in
terest and maturing obligations, and
leave the principal Of the bonded
fdebt To be discharged IL. oAlsue nutl
better times.
Who ever before heard Of a nation,
while still exhausted from war, and
with wounds unhealed. attempting to
pay off the wardebt? Foreign nations
may admire our ambition in this re-
spect,. but would despise our discre-
ton. The national taxes can be re-
dnced by the adoption of the policy
propose, and by the honest and
faithful collection of the internal
1 revenue.
In fifteen years, and possibly in
/ five, the difference in value between
gold and greenbacks will have ceased
to exist, by q gradual return to specie
payment, and the question of the
mode Of payment ofthe bonds, wheth.
cr in gold or greenbacks, will have
become unimportant, Specie pay
ments can be reached without con
tracing the currency, by waiting q
reasonable time, until successful re-
construction and the growth of wealth
and business have brought the coun
try up to the existing volume of cur
rency without a financial convulsion
The decline of gold from 200 TO 4(
brought a corresponding reduction
in the price OF, property, attended
with great loss and arrangement .o1
business. Another imitation of the
currency would be attended with
another ascent and descent Of prices
and with immense disaster to the ma
ton. What the country needs is re
pose and stability in our financial
policy, and without these trade and
prosperity must languish. When
our debt was contracted, the men
who now clamor for its immediate
payment denounced bonds and green
backs as alike worthless, and dissua
ded the people from lending their
money to carry on the war; and ms
opinion is, they mean no betterto thu
country now than they did then
Now, as then, their effort is TO de-
stroy the public credit.
The proposition to pay the public
debt in advance is unnecessary, i'm
practicable and destructive, and would
result in benefit to none, unless, il
would be the gold gamblers, and they
would ultimately be "hoisted by theil