The Plymouth weekly Democrat. (Plymouth, Ind.) 1860-1869, 1867-11-14
The Public Debt.

States"
Divested of its book keeping particulars
the French financial system simply con
templates the debt in the light of perpet
ua. public obligation, which imposes pon
the government the duty to pay stipulated
interest upon it-fve per cent-to the hol
ders OF It's evidences The principal OF
the debt may be considered as extinct OF
as inextinguishable-i France the former
view ls taken-for it only appears in the
form of promise by the government to
pay fifty annual francs Of annuity to each
original public creditor to the amount OF
thousand francs, or TO his representa-.
tive.
Under this system in france, each new
public obligation take- at once perma-
nent form. and becomes perpetual; cr-as
1t is there understooi-dics. is buried in
the great ledger of the public debt and
rises again in the form of ceaseless annu-
lty. The great feature Of the system is
that the burden which it imposes is never
to be lifted or reduced. 1t may increase
1t does increase each great war. each
change of dynasty increases it, but it can
not be diminished. The capital which
the installments Of the annuity represents
being considered extinct. the thing which
the government owes is the annuity. and
that 1t owes year after year, age after age,
century after century.
The rest is matter Of book keeping ::
very admirable, undoubtedly; for the
French are admistratively great people
from whom doubtless something might
be learned, even by our accomplished sec
retary of tie Treasury
But it is the great feature 10 which We
object-the perPauuy We live in
country favored with an extraordinary
supply of patriots and phianthropists In
deed, if any thing, it may be said that We
have rather more than We deserve Of both
these, in their place and proper proportion,
very ornamental articles
One Of the essential characteristics Of
the American style Of patriot and philan-
thropist is that he is entirely willing that
posterity should pay the debts which he
contracts. But this does not half express
ltj he looks upon the burdens which he
casts upon posterity as iavors, and nyents
theories to prove that future generations
will enjoy the work of paying that which
ifit should devolvc upon himself, he would
Justly consider intolerable
Now, in every correct moral point of
view, the man who would contract deot
upon the inducemcnt that the payment
is to involve upon others than himself is
scoundrel. Transmitted debt il transmit
ting .eryitude. To all appearances all of
tangible character which future genera
tions are 20 inherit from this is serfdom-
slavery to the tax collector. So far rs We
are concerned, We take shame to ourselves
for the frauds which our generation has
committed upon lis successors To every
right thinking man among them, we shall
appear like race of swinGlers and profit.
gates. We are compelled to lie now to
keep ourselves in countenance, and to pre-
tend that benefits have been purchased by
our squandered thousands of millions, Of
not one of which there is the shadow Of an t
appearance.
There is nothing SO false as the idea that |
We have any sssPis 10 transmit with our
enormous load of obligation. There is no
institutional gain to offset the almos, un-
meas asurable pecuniary and economical sac
riice. We are as near bankruptcy polit-
ically as we are financially and to all ap-
pearance the inherited political will sup
pement and Intensity the Inherited tinan
cial insolvency
For fifty years and more ih the United
States, 1t has been said and truly said, that
the public debt of Great Britain was mill
stone upon the necks of the laboriug mass
es OF tthat tax ridden country. BY process
substantially the same with that adopted /
in France, the public debt of Great Brit
ain has been perpetualzed. 1t is true
that there are occasional reductions; but |
the accretions outweigh the reductions,
and to every practical interest and purl ose |
the British debt is so much weight that
the people are destined to carry until it is |
thrown of by torcible revolution That
such revolution will ultimately take place !
the people of the United States have long
affirmed and believed and in that affir-
nation and belief have signitied their
oFi'iou VI the clldTacter OF tue uDnG3tlOn /
which attaches to debts in perfetuity.
In spite of the elegance of the French |
system, which our cotemporary seems -
willing to endorse, we confess we do not
see the excellence of its organic principle.
We have yet to be convinced that a public
debt is public blessing; aud shall con-
tinue skeptical Until that of the United
States or Of some other country has prov
ed itself to be so practically. Call it
renfes, anDuities, public credit, or by what
ever fancy name may be invented admit
that the public securities afford to the
wealthy very convenient means for invest
ment, and to the adventurous great facili-
ties for speculative profit. to those whose
labor is to know all that is paid, whether
interest or principal they are discouraging,
oppressive and demoralzing.
A Fort Wayne citizen returned to his
home one day last week and found a pair
l.. a,