Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1867-08-08
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The National Dcpt - ....
orss- Es.r"rr. sHo
best re X q
w,i knosn aud intelligent fnancier
.ses Tie following proposition tor the
,.,,preat Il the -bt, in naturalization -
\ ~ Nasa,ille E.ion aad Lisgdt.t
rhe deb, ii tse Dated States il now IN
racsa numb q, thres thousand millions q
aoN4rs. Iae inte,oat on which Is aSoat
two hundred millions OF dollars per annun.
~ snenl bflf milton N doUlrs trrig
~ IL gear ryu'.a eyery dollar of ,ais
.Hefmau. Sun = laid by taxation, All III
ts'3, %. tassd. Hos iong csa eny nation
s.aad the awiul Dad % ts industry
/, here 70 remedy for such an esi
think ihtrc j., aud bsieye that even this
large debt can be made national blessing,
and can be made to reconstruct the country,
restore 1t to prosperity and happiness How
can so desirable result be brUush, about:
The Government has reserved the right To
pay it's bond, after five years feon the time
thy were issued, aud they were bought
Nth, not only the knowledge # ills fact,
but also Of the fac. that the notes issued by
the Government Commonly called green.
backs were a legal tender, Il can not there's
tore be considered a. violation Of contract,
or a want Of good faith for the Goyeinmept
70 pay OF these bonds with greenbacks -
Let the q nernmvnt do this say oy issuing
one thousand million dollars III greonbacks
during the year 1868. aud pas that amount
oi bonds, aud ~ 1909 paw another thousand
million dollars, aud then dur the year
1870 pay the remainder sn the same way -
In the meantime let tue taxatiOa be liked
- as to yield one hundred million d uol>
lars per apnum, aud this money set aside
acredly 10 the exclusive purpose 81 cancel
ng 4 banning one hundred million Of
iollar- Annually of greeubacks. Thus 10
thirty years the whole deot viii be wip d
sul by tax Of lnst half Of villa, is now
pa 4 for tho interest," and At the end at
hirty years the country uW he IRE. 81 dtjf,
, whereas, under the present -yslei., at the
end Of tnitty year. the debt will still be-
unpaid, and We rd hare l,a,d, IN thu time,
uctee tie amount Of the dc Il ~ iaterest alone
What will be the elect Of Throwing tins
amount Of paper money on the county =
Most b0n.fc'dt. The immense amount al
capital nov locked M. doing no good, ex-
cept making the rich bondhoder richer and
he poor tax payer poorer, would be invest
ed IN manufactures, IN railroads. III agricul
tnre, in stock raising, aud in hundreds o
ways. giving life aud employment t. thou
sands Of people Who are now disheartened
distressed and needy. The vacant land
now growing up in weeds wond bloom in
tountlful crops. The hundred millions o.
dollars needed for the sinking Of tina
smount Of grecnbacks would be paid with
gu, oeing felt, and the national debt there.
oy turned TO national blessing indeed
New energy new life and hope would l.,
infused into the country The incubus o.
sprivilesed and moneyed atistocracy woulC
he hani>hed from our country, we would b'
rid OF the odieus and oppressive system o
banking. now fastened Oh the country an,
eating It's vi,as up daily Who can calcu.
ate the development, and Improvements; o
the country under the proposed chacge, -
The owners of national banks, aud perhaps
others, may rai.e hue aud cry against tn,
policy OF issuing so much money, and raise
The sens.less olamor Of IAN mil tied paper
currency" These are all sounds without
any meaning. suppose the currency is in
Hated, aud dozen factories and hall d, I'm
railroads, and i hundred farms, and "A d Get
r'sl mime, are thereby built AID sc. 90 NJ
ND ihousaf IS Of people employed at go1d
wages, and home market created f1s cv
ely comm itity. Ia any one ifjlred sup
po-e. under TIE 'itfiatcd currency reign
he tax col eetois came found for the hun
lred uilhons annually. aud every man ha,
pocket 'uli q money, any hpds II luca
~ Lug Ever, Aan ailo paysa dllar Of
ul.s Tax then fees ttit he IS ~ ts,r ratin4
-cpaintry, he e. that each Y,ai max
: .Ic u !. ~. aud whi.o hc i working tc
u. .at