The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1867-07-23

luuldbtOus 4
reply that | know that the debt exists,
md that am notin favor Of repudiating Sc
t. The people Of this country are not, wi
ind trust never will be, prepared for pc
such dishonor; but | claim that such th
should be adoptedas will relieve Ter
the people to thegreatest possible extent, sc
in the process which, under the most ia nj
yorable circumstances, will be exhausting, Il
in providing for the principal and inter n
est Of this great debt. g
lis not my province to indicate what s s
these MEASURES should be,and in speaking !
of them speak for myself only. o
Without regard to the thefts, robbe- t
ries and general plundering SO fearlessly J
depicted by my friend, Col. Piatt, "a gen
tleman now high in favor with the Re-
publican party,) and which constitute
part of the great aggregate amount,
charge that the debt, in form and in terms,
lis unnecessarily burdensome.
We, with funded debt of two thOus-
and. two hundred millions, are paying an
annual interest of one hundred and thir-
ty-nine millions. Great Britain. with a;
j funded debt of four thousand millions,ls
1 paving an annual interest Of only one
ssTsh rAsAhs ard thEtH lGss s 4E1 p15oPss 9seg
a debt little over half as large. We are
u paying a higher rate of interest than any
4 other nation now occupying respectable
standing. We are paying, as Nation, a
higher rate of interest than any State OF
the Union, and higher than that even au-
thorized by most of the States,a between
3 their individual citizens. Not only this,
r but State and individual obligations are
liable to taxation for State and local. pur-
poses; but, notwithstanding this lexorbi-
a tant rate Of interest paid by the National
e Government, and-paid in coin, the entire
S Idebt is exempt from the burdens imposed
: upon the debts of the States and OF indi-
: lviduals.
But, it is said, such are the terms Of
. the bonds. and they cannot be charged
r without violating the plighted faith of the
il government, and impairing the obliga-
y ti)ns of its contracts.
lam opposed to violating the faith of
= 1.-The government or;of casting any doubts
!. Eupon its contracts; but the government
70 has reserved the right at stated periods to
:. pay off these bonds, or to substitute 9TH
" ers for them. I would, therefore, give
notice to the holders that, in accordance
l.Iwith the. terms and conditions of the
o. bonds, we would pay them in the very
:. kind Of currency we received from then
in payment of the bonds, or substitute fol
bonds more reasonable and just il
n. their terms and conditions, and from tht
oetdate at which the government can exercise
Esuch option, until the entire debt shoulc
4. be sextinguished, the interest on the bond
" lshould be reduced to rate bearing SOM
N. reasonable ratio to that paid By other gov
: ernments, and not in excess of that pai'
ee by any Of our States or their indiyidua
,is citizens, and this great debt be made t
:. bear its share Of taxation, as other prop
:. Eerty is made to bear It's share Of taxation
ht Do you see in such course, my country
n. men, any violation Of the faith Of th
II government? 81 ssz a
ro- There is no reason, my friends, VII
ofl the Government Of the United State
nal should be paying higher rate Of intel
est than that paid BY other respectabl
,es governments, nor is there any reason
,ce Iinstice in exempting the money investe
ust IN government penis lfou It's ies.'ima
do share of the local taxation, as it IS no
to charged upon other property.
re. The very fact that this goyernmel
IN gives such advantages, is injurious TO i
nv credit, and is calculated to impress Il
mo- world with the conviction that we ha'
doubts either as to our ultimate ability
pay, or as to the stability Of the COVER
= ment itself. s
= If we should succeed in reducing Il
ns' rate of interest to the same that is pa
'u by Great Britain, we should have to p'
= on that accounttless than one hundr
" and twenty williens annually, instead
ay $50, ,Oo0, 900, If the present policy is a
'J hered to. And when We. succeed In brin
pe ing this entire debt'upon the tax dup
.so cate, we shall have increased the duplica
Cn ~ to an amount nearly equal to the or
~ fourth of the entire valuation of t
'ey property of the whole Union in 1St
~ -, and thus reduce the per centage, and
poi. amount of tax to be paid blythe citize
va W. generally, upon their property, for
sess State aud local purposes.
.ya. Thus far l have spoken of the poll
= sais Of funding the national ,debtas being
'n' fixed policy Of tho Governments as it is
ahs ths the Republican party.
@ We have now a.paper circulation, whl'
l9a' by force of law, answers all the purpol
~, in Of money, consisting of the issues of I
nile National Banks, and of the notes of I
5oa 5.,i Government, amounting in all, it is sa
win to about 81 ,O00, 100000 The propo
ef- II tionis to retire all the notes Of the g,
ernment by the sale Of bonds, or by 6
the ing bonds in exchange for the notes, q
west to pay off that portion of our debt n
once unadjusted, as it may be liquidated
snlty bonds, either by their sale, and apply
in- the proceeds to the payment, or by
such exchange Of bonds for debit until
Ou,- Government shall have no debt but. 4
nty. represented by bonds.
In For paper. circulation We shall Il
OF be dependent entirely upon the Natio
late Banks, which may be increased as the
ava siness of the country requires an incre
lun- of the circulation. Whatever may h
oy q been our opinions as to the propriety
gov, paper circulation previous 20 the "
or while the country was enjoying profou
the peace, and was out of debtsand but ligh
owed taxed. we cannot overlook the fact t