The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1867-09-27

and waste of WARP Has not this
generation put down the rebellion
and done its part, and may it not
justly leave the payment OF part of
the debt to the next? This genera
tion has 20 discharge a large State,
county and municipal Indebtedness
growing opt of the war, and within
the next ten years will have to pay
not less than 100000 for pen
sions and bounties, besides extraor-
dinary expenses for Indian wars and
other causes. In ten years our pop
ulation will have increased ten mil
lions, and our taxable property near
iy double IN value. In ten years a
tax twice in amount can be borne ca
sier than the tax of to-day.
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 will ena-
ble the Government to sell at par
bonds bearing much lower rate OF
interest than the present, and thus
consolidate and reduce the debt
Should the Government find itself
at any time in possession of eOin 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 taxatlon, or by
initiating the currency, will be unnec-
essary, unwise and INJURIOUS.
II I would pay the interest promptly,
according to the contract. would
pay off our currency obligations and
other debts as they mature, and see
10 it that the public debt should un-
der no circumstances be increased.
/ would reduce the rate of taxation
to the lowest point that would deIray
the expenses of the Government, Geo.
nomically administered, and pay the
interest ard maturing obligations.
and leave the principal of the bonded
debt to be discharged in other and
better times.
Who ever before heard of q nation
while still exhausted from war, and
with wounds unhealed, attempting to
pay off the war debt2 Foreign ma
tions may admire our ambition in
this respect, but would despise our
indiscretion. The national taxes can
be reduced by the adoption of the
policy / propose, and by the honest
and faithful collection of the internal
revenue
In fifteen years, and possibly in
five, the difference in value between
gold and grcenbacks will have ceas
ed to exist, by gradual return to
specie payment. and the question OF
the mode of payment Of the bonds
whether in gold or greenbacks, will
have become unimportant. Specie
payments can be reached without
contracting the currency, by waiting
a reasonable time, unit, successful re.
construction and the growth of wealth
and business has brought the country
up to the existing volume of curren'
cy without financial convulsion.
The decline of gold from 200 to 4C
brought corresponding reduction
in the price OF property, attended
with great loss and arrangement OF
business. Another imitation of the
currency would be attended by an,
other assent and descent of prices,
ard with immense disasters to the ma.
ton. What the country needs IS re-
pose and stability in OUR financial pol
icy, and without these trade and
prosperity mnst languish. When our
debt was contracted, the men who
now clamor for its Immediate pay
ment denounced bonds and green
backs as alike worthless, and dissuad-
ed the people from lending their
money from carrying on the war ;
and my opinion is, they mean no bet
ter to the country now than they did
then. Now, as then, their effort is TO
destroy. 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, un-
less it would be the gold gamblers,
aud they would ultimately be "hoist-
ed by their own petard," as they
were at the close of the war.
The national debt can be paid with
out expressing the country, not by
"hot house experiments, spssmodic
efforts, or violation of the public
faith, but By the solid growth of the
country in population, wealth and
prosperity, under the administration
of stable financial policy.
o. P. MORTON.