Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-08-03
THE PUBLIC DEBT.
The Aggregate Of the Understanding
and NOn-interesf. bearing Debt.


Add this to the annual tribute which the
people have to pay without extinguishing
a dollar of the principal, the current ex-
penses of the general government, believed
to be not less than S300,000,000, and you
have the sum of $3.50 100000, annually
collected, chiefly from the business and
industrial classes Of the couHtry, without
abating one jot or title of the principal Of
the national debt
Then there is in addition, the uaregis.
tered, unliquidated aud floating debt,
springing from all manner of sources, but
daily gathering in volume, to which we
must also add the reckless and extravagant
appropriations for all manner of schemes
gotten up each session of Congress, and
there will be found at least a $1,000
600 more chargeable against the nation
This enormous aggregate of floating liza
bilities, it is true does not draw interest,
and is not, therefore, getting larger, yet it
is debt saddled upon the nation and must
be paid or repudiated.
The debts, too, of the States in their in
dividual capacity, is estimated to amount
to S400,000,000l The interest on this sum
must be met annually or semi-annually,
even generally at higher rates. This is
exclusive of debts owing by towns, cities
and counties, nearly all of which are more
or less involved, whose interest must also be
provided for in addition to the annual ex-
penses of local and State administrations.
HOW THE $2,5OOOOO,O00 DEBT IN GOLD
BOMBS WAS CREATED.
When the late civil war broke out, the
Government might be said to have been out
of debt, and its credit as good as gold. But
at the first collision of the North with the
South, that credit fell, and the banks
throughout the country suspended. Bust
ness of all kinds requiring money, declined
apace, and the capitalists seemed the only
class in the nation that did not know what
to do with themselves and their means.
The farmer still piled his pillow; the me-
chanic wrought with his tools; the soldier
shouldered his arms, but the man of money
alone appeared bewildered and alarmed
for his treasure and his income. Much
gold was shipped to Canada, more
to England, and still more was
locked up in Golfers and safes, ready for
shipment or transportation. Laboring
classes could not borrow it, business did
not need it, and thus yielding neither in
come nor interest, its owners stood ready
to embark in any profitable speculation, or
TO fly with it TO foreign lands. The gov
eminent soon wanted money and became
sole bidder, without competition for this
treasure. 1t offered high premiums BY
promising gold bonds, with interest pay
able in coin, semi-annually, for currency
already much below par and during sub
segment transactions Of the kind, fell more
than fifty per cent. Thus was the credit
Of the nation bartered off by issuing its gold
bonds for deprecated paper pr0mi2e8-dollar
for dollar. conspiracy of impious sons,
availing themselves of a sudden emergency
and Decessitous condition of their aged
father, to drive a sharp bargain for his sub
stance, seems honorable deal in compari-
son. What is worse, these bonds are
strangely regarded as too sacred to be seen
by the assessor, or touched by the collector
TO WHOM WERE THESE BONDS ISSUED?
These bonds as so many mortgages on
the nations energies and industry were
chiefly issued to banks, brokers and capt.
talists in retirement; and they are to-day
the principal holders. The banks then
having suspended received them for their
currency greatly deprecated and still fall
ing. In this way most of this debt was
created. And for such a consideration was
this enormous weight that brushes our en-
ergies heaped upon our shoulders. That |
portion of this debt now owned by foreign
ers was purchased by them with the same |
means or cost them in actual money only |
from forty to seventy cents in the nominal |
dollar. 1t IL therefore untrue that there |
- 10 l,,lt -,
those bonds, and only parties in interest and |
a hirling press cherish and propagate the |
falsehood and discrimination between these |
and other creditors Just az worthy.
THE PLAN TO PAY IT.
The following plan therefore is most re- |
spectfulIy submitted to candid, consid- |
crate and interested public, with the re-
mark that what is here announced consti- !
tutes only the outlines and leading features |
of a system that will speedily bring de-
liverance to the property, labor and indus
try of the country, tend TO restore the con- |
stitution and revive trade, agriculture and |
manufacturing now dead in ten States, and |
sustain and increase the business of ala !
reconstruction more efficient than that of |
President Johnson-more simple and direct |
than that of Congress, and more Just and |
practical than either. For it is the finan- |
cial domination and taxation of the general |
government, necessitated or excused by |
the eXigencies of war and its consequences |
that have subordinated and enslaved the |
States and the people, and centralized all |
power in Congress, regardless of the con- |
stitution or the rights of the States.
As already stated, the bonded debt of |
the United States is 8, 100000 The |
Interest on this sum is nearly $3.50, 600 !
annually. Now let Congress authorize the |
issue in legal tender currency to the bond !
holders S250,000,000 annually, besides an
amount sufficient to pay the interest, for |
the term Of ten years. In this way, in the |
brief period of one decade, this mountain |
load, bearing so heavily upon the nations |
energies and industrial interests will have |
melted away and disappeared forever; or |
if any portion of it remain at the end of
the period named, it will to that extent
form a healthy medium, quickening BUSH
ness and labor, and stimulating enterprise
and public and private Improvements !
throughout the length and breadth Of the
republic This currency will Of course
enjoy the same credit and command the
same confidence as the bonds, which II
will gradually displace. 1t will make this
vast debt, now only felt by its oppression,
active and available means or money, fur
nishing the people with an equable, uni
form and universal currency; stimulating
industry instead of depressing it maintain
ing thu old and opening new channels Of
trade and commerce; rebuilding the South,
now desolate and destitute of life and
energy, for the want of means to produce
and restore her great staples and by the
close of the period named more than doub-
ling the available wealth of nation that
will then number more than fifty millions
of souls