Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-11-05


gold per annum il interest, or one
dollar in currency for every man,
woman aud child In the country. Sup
pose the Secretary Of the Treasury,
instead Of reducing the non.interesi
bearing debt 100000 month and
adding that amount 10 the interest bear
ing debt, should appropriate that amount
to reduce the volume of currency or to
redemption of other public indebted
ness, would we not be saved S24O,OOO
in gold, or near 100000 in greenbacks'
annual interest which commences aecru'
ing every month"; In these two ways we
are paying or promising about thirty
millions per annum-as much as It cost
to support the Government in jackson s
day. To change the present non-inter-
est bearing debt amounting to eight
hundred millions into interest bearing,
will further increase the necessity for
augmenting the taxes $iS,0OO,OOO IN
gold per year, while it will take that
amount from the capital which pays
taxes, and add it, in the aristoeratic
interest, to that which does not Tax
payers, who own one-half the property OF
the country, now pay all the taxes, while
to the non.tax payers it is proposed to
give more capital, and increase the bur
den Of that part of the people who pay
taxes. We say that such policy as this
will sooner or later utterly destroy the
confidence of the people in Government
securities, by rendering it impossible to
pay without taxation too heavy to be
borne. That nation is insolvent whose
people cannot pay their taxes and pros
per. An insolvent government, like an
insolvent bank, may have false credit,
which will sooner or later go to nothing.
To the proposition of our correspond
ent that the amount Of currency issued
is the criterion of value, we reply, that
will depend more on the Indebtedness
and ultimate solvency Of the bank or
Government which issues it, where facts
are not concealed. He fears an appre'
citation of gold. We confess we are not
much alarmed on this subject. Other
products of labor will be equally apt to
20 up with this. We do not think twill
hurt anybody much, except the bond
holders and bankers. If we reduce our
whole debt to a nom interest bearing
debt, and promise to pay in gold when
we do pay, and then go to work and pay
as fast as we can, stopping all the waste
and leaks and stealage, we shall be in a
way to pay the public debt, and not till
then. And when creditors see that fact,
and that the greenbacks are good for all
purposes, we believe the credit of the
Government will be sufficiently sus-
tanned, specie payments may be at once
resumed, and with good government the
country begin to prosper and produce a
surplus for all purposes. Nottill then will
the credit of the Government be suitably
sustained. And we think an excellent
beginning would be to down with the
National Banks and save $24,000,000
year by the simple process of the Gov
eminent doing its own banking. That
will give a better currency at once, for
greenbacks are legal tender, and no
man is compelled to take bluebacks
unless he chooses. Let us save that
1914, 900, 900 by all means. Administer
the Government economically, as in the
olden times, and this saving alone will
support it. Turn economical, and quit
stealing and supporting favorites, and
the national debt viii be paid without
difficulty.