The Plymouth weekly Democrat. (Plymouth, Ind.) 1860-1869, 1867-08-08

How to pay the national debt is prob
lem that is beginning to attract considera
bic attention. A proposition made by ;
correspondent CT the Cincinnati Enquire,
that the debt be paid at once in legal ten
der notes, alias grcenbacks, seems to meet
with some favor both in Republican and
Democratic circles. 1t is urged in behalf
Of this measure that it would at once re-
lieye the people from the heavy burdens
of taxation to which they are now subject,
make money plenty and thus restore the
financial prosperity of the country. On
the other hand it is objected that to dc
this. would be an act Of bad faith toward
the bondholders, who relied on the prom
Use of the Government to pay the interest
and the principal of at least a portion OF
the bonds in gold We can not see the
force of this objection. Previous to the
issue of legal tenders thousands of
citizens entered into contracts to pay cer-
tain debts in gold, nevertheless, their cred
itors have been compelled BY the decision
of the courts to accept greenbacks at par
in payment of these cold debts. If green
backs are good enough for common citi-
zens, we think they are good enough for
the bondholders. Ii it was right to pay
gold debts between citizens in greenbacks,
it must also be right for government to
paw its debts in the same kind of curren-
CIV We are not in favor Of one kind of
currency for the rich bondholders and a
different and inferior currency for the
common people. Many of the bonds are
not yet due, and it is questionable whether
the holders of them could be compelled tc
take their pay now, but the interest a
least, could be paid in greenbacks.
The greatest objection that we see tC
paying off the whole Of the national deb
at once in greenbacks is the fact that the
country does not require anything like 81
large an amount of currency as would b
required to pay the debt. The proposition
to pay off the debt in this way would in
crease the volume Of the currency abou
five fold and prices of everything would
20 UP in the same proportion. This, o.
course, could not last long and the result
would be to practically repudiate about
four-ftths Of the rational debt That il
will come to this, soon or later, is, we think
very probable The debt can never be
paid in coin, aud whether it would be bet
ter to adopt the plan of indirect repudia
ton, as proposed, and thus lift the noun
tain of debt from the shoulders Of the pco
pie, Or to struggle on awhile longer, pay
ing taxes to support the rich bondholder:
In their princely extravaganza, and at las
when completely exhausted adopt the plan
of direct reputation is a question thai
has more significance just now than the
half blind bondholdors are willing to ad
NIT The people are thinking, and the
more they think the less they are inclined
to contribute to the luxury and extrava
gance of favored class of men no better
than themselves. They can see no good
reason why the labor and necessaries Of
the poor should be heavily taxed, while
the Injuries and capital Of the rich arc
allowed to escape with IMMUNITY. These
matters must be adjusted on proper basis
or it will not be long before the people vii
take them In their own hands.