Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1867-10-24

A"N1' Sah any BOOu FeNsOn Oe glV-
en- for paying 1t of so lar In ad.
vance? The country has not vet
recovered from the war. Trade and
commerce still languish throughout
the land Nine States are disorgan.
lied and desolate, and can scarce
pay anything for years to come. -
The rebellious South caused the
debt to be created, but whatever is
paid in the next five wears must
come entirely from the North
Why not wait at least until the
South can pay part? Why not
wait until the country has recovered
from the shock and waste of war ?
Has not this generation put down
the rebellion and done its part, and
may it not justly leave the payment
of part of the debt to the next p
This generation has to discharge Il
large State, county and municipal
Indebtedness growing out Of the
war, and within the next ten years
will have to pay not less than S400,-
100000 for pensions and bounties,
besides extraordinary expenses for
Indian wars and other causes. In
ten years our population will have
increased ten millions, and our tax
able property will have doubled IN
value. In ten years tax twice in
amount can he borne easier than the
tax of to day.
Within ten years the Southern
States will have been reconstructed
and in the enjoyment of compare
tive prosperity, Within ten years,
and perhaps within FIVE, the increase
Of population, wealth and capital
will enable the government to sell
bonds bearing a much lower rate
Of interest than at present, and thus
and reduce the debt.
Should the Government at any
time find itself in coin or currency
that can be applied to the reduction
Of the debt, it should Of course be
promptly applied; but any attempt
to pay the bonded debt in advance
by heavy taxation or initiating the
will be unnecessary, un-
wise and injurious.
I would lay the interest prompt,
ly, according to the contract, I
would pay off our currency obliga-
lions and other debts as they ma
.ure, and see to it that the public
lebt should under no circumstances
De increased.
l would reduce the rate of taxa
ion to the lowest point that would
lefray the expenses Of the Govern
nent, economically administered,
md pay the interest and maturing
Obligations, and leave the principal
If the bonded debtto be discharged
n other and better times.
Who ever heard before of a ma
ion while still exhausted from war
nd with wounds unhealed, attempt
ng to pay off the war debt? For
ign nations may admire our ambi-
ion in this respect, but would de-
pise our discretion. The national
axes cali be reduced by the adop-
ion of the policy I propose, and by
he honest and faithful collection Of
he internal revenue.
In fifteen years, and possibly in
We, the difference in value between
old and greenbacks will have ceas-
d to exist, by gradual return of
pecie payment, and the question Of
he mode of payment Of the bonds,
fhether in gold or in greenbacks,
5ill have become unimportant.--
specie payment can be reached with
int contracting the currency, by
rafting a reasonable time until sue
essful reconstruction and the
rowth of wealth and business has
rought the nation up to the existing
0lume of currency without fnan-
al convulsion.
The decline Of gold from 200 to
D brought u corresponding reduc-
on in the price of property, az
nded with great loss and derange-
ent of business. Another infa-
on of the currency would be at
nded with another ascent and de-
.ent of prices, and with immense
sasters to the nation. What the
,untry needs is repose and stabili-
+ in our financial policy, and with.
ut these trade and prosperity must
ngulsh. When our debt was con-
acted, the men who now clamor
II its immediate payment denounc-
bonds and greenbacks as alike
ortllless, and dissuaded the people
ON lending their money to carry
/ the war; and my opinion is,
ey mean no better to the country
ow than they did then. Now, as
en-, their effort is to destroy the
lblic credit.
The proposition to pay the pub.
, debt in advance, is unnecessary,
practicable and destructive; and
ould result in benefit to none,
less it would be to the gold
mblers, and they would Ultimate
be 'hoisted by their own Petard,'
they were at the close of the
IT.
The national debt can be paid
thout expressing the country, not
"hot-house" experiments, spas
odic efforts, or violation of the
blic faith, but by She solid growth
the country in population, wealth
d prosperity, under the admins