Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1867-07-23
The National Famnnces.


it. have an absorbing n.eres, in the public
mind. The revenues OF the Government,
for iSCs were over tiyc hundred and twenty
millions Of collars, nearly X fold more than
they were any one wear previous to the to-
nusuration OF The Republican sdmnlstra-
ton lhc fact Of itself Is the best demon
s.ration Of the revolution or change which !
has taken place 10 the Government. Pres
vo1x to 1861, the enormous Grain upon the
resources Of the country which took place
IN 1866, would OF itself cause revolution in
consequence of the extravaganza and cor
ruptsn which it would have implied. bu,
now the people seem TO submit 20 tie inns
position Of the enormous burdens Of Re-
publican administration a. . matter Of ne
cessity. Judge levitt, Of Ohio, in recent
speech upon the public finances, most ably
portays the troubles Of the country from
that source, and suggests remedies which
arc worthy OF consideration. We commend
what he says upon the subject to the
careful attention Of the people lie
aays:
ourrational debt. according 10 the estl-
mat. If the Secretary Of the Treasury, and
of,ee chairman Of the Finance Committee
of tac United states Hon. John Sherman
- Abon. three thousand million dollars. OF
thi. enormous debt two thousand tao hun
arsd millions Of dollars are now an interest
bpar.ng debt; the remaining eight hundred
millions being in the form OF unsdJpsted ac-
counts and treasury notes. These eight
landrcd millions il - proposed o. fund, TO
out into the shape Of bonds, making thereby
the ea;.r, national debt AN interest bearing
debt.
The Secretary Of the Treasury urges this
pohcy-the chairman Of the Finance CONS
mit,-c, SENATOR Sherman says II must be
done. and that now ~ the time TO do it,
IN. legislation Of Congress tends TO that
end | ieel authorized to say, therefore,
that 1t IL the policy Of the party IN power to
have the entire dcbt Of the government rep.
resented by interest bearing bonds.
The bonds already issued by the Govern
mcnt, Us well a. those TO be issued IN tins
process of conversion and funding, are
exempt from all State, county, township
and local taxation.
The intcrest on the greater amount oi
the bonds which have been issued, Is paya-
bic IN con- and that on the bonds now be-
ing issucl, or tina, are proposed to be is
sued. Is aud viii be payable IN com Also,
AMI will be used for the purpose Of retiring
all the outstanding bonds the interest upon
which Is pay able IN currency.
repeat, then, my countrymen. that 1t 10
the policy of the Repubhcsn party TO cons
vert the entire national debt into an inier>
est bearing debt, to make that interest pays
able IN com, and TO exempt the entire
amount from oil Safe and local taxation.
d, not desire 10 do any man OF any par>
~ injustice, and If | have erred IN the state
n.ent Of the ease, or IN any abatement OF tho
policy of tie party having IN charge the pol>
icy OF the Government, | will thank any
one who will furnish me with the evidence
of my error.
Now, my countrymen, what will be the
result oi such a policy? AZ the loves.
proposed rate Of interest. YOU are Al once
charged wuh one hundred and eighty
Millions, annually, IN coin. to pay
the intercs, GA this debt. You relieve
hy such policy the inmcnso sum OF 81.
uv0. 600 from all the burdens Of STATE, conn>
~, township, and municipal taxation.
la lSGO the entire value OF the property of
the STATES not participating IN the late re
hei,im. and 10, destroyed by the ravagos
uf war. was ten thousand seven hundred
aua sixteen millions. II was II Tax On thus
property that our state governments, our
county, ctty aud town organizations were
supported But Il the pelicy OF the party
"a power be approved bv the people. nearly
one -iAird of tie entire tsiahl. property OF
hose Northern States is relieved from AL
TAXATION aud from all the burdens Of the
government In a word. then, you assume
tho payment of one hundred and eighty
millions OF dollar. annually IL con, a m
forest upon these three thousand millions
Of bonds, ffem oil taxation.
alu not ia the habit. my friends, OF
questioning the motives vi men. prefer,
aiWays, If It eau be done, TO ii nd motives
consistent with honor aud entire iairnes he
tween man and mau, for whatever may he
done or proposed but can not account
f,r the policy of the Republican party IN
The management Of our national debt. mas
tional iinane :, and ~ 'tem OF taxation.
upon any rnncple consistent with the best
int,rcs,~ Of tho country. aud with far deals
ine With the ntSScs 81 Tie people.
Rut at, an."er,d ths, ,he debt exists,
aud an asked ii | AIN n favor of its It
puda 1en.
rrply TIA | know that the debt exists,
api th4t am not IN favor OF repudiaune
It. HE people % this eouutry are not
and ,iust resrr viii be prepared ioi such
d,shonof hai c,aun taet such measures
should be adapt, n The manner will relieve
The people 10 he greatest possible extent,
the process which. under the mots favor
able circumstances, will he exhausting, IN
far ka nd int. nj
this great debt.
Ii is not my province to indicate what
these measures should be. and in speaking
of them, | speak for my sell only.
Without regard TO the thei,s. robberiss
and general plundering o fesrlessly depicts
ell by my friend. Colonel Plat q gentleman
aow high in favor with the Republican
party. } and which constitutes part of the
great aggregate amount. | charge that the
debt in form and in terms, is unnecessarily
buri,nsoms.
We, with a funded debt OF two thousand
TIVE hundred mlions, are paying ar annual
interest II one hundred and thirty mine
millions. Great Britain, with . funded
debt OF four thousand millions, is psyiOg an
annual interest Of only one hundred an
thirty>two millions. being seven millions
less than We are paying on debt Of . little
over bsifss large. Weafe paying higher
rate of interest than any other nation nos
occupying rcspec able standing. We ere
paving. as nation, . higher rate Of intes>
est than any states OF the Union, and high
Or than that even authorized by most o.
the States, ~ between their individual citi
zens. No only this, but State aud individ-
uAi obi cations are all liable TO taxation for
State and local purposes; but, notwitn>
standing this exorbitant rate of interest
paid by the National Government, and paid
in coin, the entire debt 10 exempt from the
burdens imposed upon the debts Of the
States and individuals.
But, Il is said, such are the terms Of the
bonds. and they cannot be changed without
violating the pligh,ed faith of the Governs
ment. aud i,npairing the obligations of its
contracts.
Avn opposed TO violating the faith OF the
Government, or OF casting any doubt upon
its contracts but the Government has re-
served the rightat stated periods to pay of
those bonds,or TO substitute others for hem
would, therefore, give notice to the hold
ers that, In accordance with the terms AMI
conditions Of the bonds, we would nav them
in the very kind Of currency we have recei