Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1867-02-14
How are we TO UnderstG nd
the NOrtL-.V

This country is now debtor to what
Elijah Pogram would call the decrepit.
bankrupt, efiete despotisms of Europe, moi
much. If any less than a round Billion OF
Dollars. We owe them very largely on
National Securities. on loans to States and
Railroads; on Railroad Stock, &C., &c.
Not dollar less than Fifty Millions pei
annum are required to pay the interest ON
our aggregate foreign debt without at all
reducing the principal In ether words:
If we seii -Four Hundred Millions worth
per annum, and buy Three Hundred and
Fifty Millions worth, we leave no balance
on the right side of the ledger, but barely
square the account. OF course, when VIC
buy more than we sell, our debt is fearfully
augmented.
While we were fighting for the life OF
the Nation. we borrowed at ruinoGs rates
and ran in debt wherever we could. That
could not be helped; at all events, it can
not now be helped. But, the moment
peace returned, we should have stopped
borrowing and begun to pay of.
And vet in the year 1855 we increased
our Foreign Debt not much if any less
than Two Hundred Millions of dollars.
That i, TO say: we bought metals, fabrics,
wares. notions. gewgaws and frippcrics,
to the value of One Hundred and Fifty
Millions more than our exported produce
and specie would pay for, and we sent
abroad and sold Two Hundred Millions
worth of promises to pay-mainly six per
cent. bonds of our Federal Government
to balance the account British three per
cents sell in the money markets of the
continent fully fifteen per cent. higher
than our six per cents: in other words. the
promise of the British Government to pay
hree dollars per annum is held of far more
value than the promise of our Government
to pay sir dollars per annum. And we
virtually say to mankind: The estimate
is correct: Take our National promises
to pay at seventy-fve cents on the dollar.
and hand over your gewgaws by the ship
load
Men and bretheren. how long can this
go on? How long will Europe give eveu
such prices for our obligations when we
value them so lightly? We can compre-
bend the Pennsylvania infistienists They
mean: '-Give us good stiff Tariff, and we
can pay as we go, IN spite OF balloon prices.
They are sadly mistaken: for imitation
makeSour whole frontier leaky as a sieve,
and fills the country with foreign goods in
spite of a high tariff. Put the duties up
to- high-water mark, and unlimited issues
of irredeemable paper will tide over it.
But when the North West votes almost
solid for Initiation and against Protection
what are we to understand? Does she
suppose that we can 90 on piling up for.
eign debts forever? II, in state of peace
with general health and plenty, we are to
add Two Hundred Millions per annum ia
The principal of our debt, where are we
to stop? How shall we even Seem TO care
for solvency, If, in a state OF profound
peace, we go on adding to our already
gigantic Foreign Debt in this fashion:
And if Congress flinches from and throw:
down every barrier It has chosen to SCI
up against Perpetual Suspension, how car
the world regard such votes but as procla
nations that we never mean TO pay what
we Owen. Y. Tribune.