The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1867-03-21
1.r-.d.v Hvs, March Al, 1857.
! NIX WITH THE PRESIDENT.
MIR. johnson ON the Tendency to
Repudiate Our National
Debt.
From the New York citizen.l
WASHINGTON, March, 6.

AilQ uOW1 apdIt HUH Tic diICSSy Il
cal,n continued the President, "what IS the
main issue looming ND in the immediate fu-
ture I? What issue is clearly foreshadowed
to be the Aaron's rod which must swallow
nm an minor questions? It's the great f.
nanc;al issue. the issue of the national debt /; |
whether it shall be paid or repudiated p |
This issue has fbres extending into the |
pocket of every citizen for whenever a man |
has dollar, or can earn dollar, the gov
eminent is now compelled to go for its por-
ton of his substance, and with the vast
machinery under its control, the money is
fetched. There were four millions of slaves
in the southern states before the rebellion,
representing a capital of three or possibly
four billions of dollars; bat let us call it
three billions or three Thousand millions as
you may please. These slaves represented
that amount of property; men put their
savings into purchasing or raising them and
they represented as property whatever were
the surplus profits of their labor, after due
allowance for food, clothing, medicine, and
interest on the capital invested. On this
property in slaves, gradually grew up that
slave oGgarehy or aristocracy, against which
the leaders of the anti-slavery party so sue
cessfuily Numbered during the twelve years
proceeding the rebellion; and after the first
mad plunge into rebellion, the fate of that
aristocracy was sealed. 1t is now thing of
the past With its virtues-for it had virtues,
courage, and hospitality eminently-and
with its crimes of pride and lawless rsvolu-
ton, it has entered into history, and is a
thing of the past. But what do We now
find? The aristocracy based on three thous-
and million of property in slaves south of
Mason and Dixon's line, has disappeared
but an aristocracy based on over two thous-
and FIVE hundred millions of national securi-
ties has arisen in the northern states TO as
sumo the political control which the consoh-
dation of great financial with political inter
ests formerly gave to the slave oligarchy OF
the lately rebel states. The aristocracy
based on negro property disappears at the
southern end of the line, but only to reap
pear in an oligarchy of bonds and national
securities in the states which suppressed
the rebellion. We have all read history !;
and is it not certain that of all aristocracies,
that of mere wealth is the most odious, rapa-
cious, and tyrannical? Itgoes for the last dollar
such a vast machine this government
under its control that dollar will be fetched.
1t is an aristocracy that can see in the peo-
pie only prey for extortion. 1t has no
political or military relations with them, such
as the old feudal system created between
liege-lord and vassal; it has no intimate So
cial and domestic ties, and no such strong
bonds of selfinterest with the people as exist
ed of necessity between the extinct slavehold-
ers of our country and their slaves. To an
aristocracy existing on the annual interest of
national debt, the people are only of value
in proportion to their docility and power OF
patiently bleeding golden blood under the
tax-gatherer's thumb-screw. To the people
the national debt is thing of debt, to be
paid; but to the aristocracy of bonds and
national securities. it is a property of more
than two thousand FIVE hundred millions,
from which a revenue of one hundred and
eighty millions year is to be received into
their pockets. Sc we now find that an aris-
tocracy at the south, based on three thous
and millions of dollars in negroes-who were
a producing class-has disappeared and
their place in political control of the coun-
ty is assumed by an aristocracy based on
nearly three thousand millions of national
debt-a thing which is not producing any
thing but which goes on steadily every
wear, and must go on for all time until the
debt is paid, absorbing and taxing at the
rate of 6 or per cent. year for every hun
bred dollar bond that is represented in its
aggregation. Now, am not speaking of
this TO do anything but deprecate the fearful
issue which the madness of partisan hatred
and the blindness of our new national debt
arstocracy to their own true interests, Is fast
forcing upon the country. But Is 1t not
clear that the people, who have. to pay one
hundred aud eighty millions of dollars &
year to this consolidated moneyed oligarehy
must sooner or later commence asking -eacf
other How much was actually loaned to GU
government during the civil war by thes
bondholders, who now claim that we owe then
nearly three thousand millions of dollars?'-
You know what the popular answer must b.
i do not say the right answer: Less thai
half the amount they claim, for gold range
at an average of one hundred premium Will
this debt was being incurred Just think c
this annual tax of one hundred and eight
millions for payment OF interest on our M
tional debt! This government we have wit
its enormous machinery, is pretty heav
business in ITSELF costing more rcapitd to tn
which we always heretofore regarded as tn
most tax-devouring on earth. But over an
beyond the expenses of this governmel
proper, as it should stand in the scale
peace at abaut sixty millions year-v
have in the one hundred and eighty million
of interest paid yearly on our national deb
enough to support three such government
as this. with all their vast machinery al
disbursements! We have not only, und
the present system, one government of ii
people to support; but over and beyond thi
we have to raise by taxation from the peopl
sufficient to support three similar establis
ments every year!
All property is based upon, and can on
be sustained by law and it is for a retu
to law and the guide of fixed constitution
principles that my whole course has BET
contending, But so short sighted is this 6
istocracy of bonds and paper currency-tt
Plutocracy of the national debt-that my
forts in behalf of their true interests (whi
are certainly involved in the maintenance
law and the constitution) have been ever
where encountered, and almost everywhe
overwhelmed by the preponderating infuen
which they have acquired from the natur
force of capital and the agency of our natio
al banks. And what has been the course
that congress which has just ended, al
which this blind aristocracy of national de
sustained in overriding my efforts for !
turn to sound principles of internal COVER
ment? Look at the bill giving from 70
hundred and eighty to six hundred millio
of dollars nominally for back bounty, or
an equalization of bounties to the soldier
but really, as all intelligent men must
aware, to be parceled out as prey amol
the bounty sharks and claim agents, who a
the most reckless and clamorous adheren
of the dominant majority in congress. Tn,
look at appropriations amounting to anoth