The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1867-09-19

business Of the country need not be
discussed, for none are so stupid as
not to understand it.
If this vast body Of currency is to
be redeemed, then the debt is not
paid, but has, only changed its form.
If it is not to be redeemed, then it
will not be worth the paper upon
which it is printed, and reputation
and commercial ruin will be the re-
suit, The present value of green
backs is chiefly due to the under
standing that they are to be redeem
cd, and a body of currency that is
not to be redeemed, and will die
in the hands of the last holder, can
not be sustained by making it legal
tender or by any other legislative con-
trivance. Not one dollar of the
bonded debt will fall due before four
teen years, and, it will then become
due at different periods running down
to 1904. Can any good reason be
given for paying it off so long in adj
vance? Theicountry has not yet re-
covered from the war Trade and
commerce still languish through
out the land. Nine States
are q disorganized and desc
ldlCa anu Cdu SCdICC pay any ing W
years to come. Z The rebellious South
whatever is paid in the next five or
six years must come almost entirely
from the North. Why not wait at
least till 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 pay
ment Of part of the debt to the next?
This generation has to discharge a
large State, County and municipal in
debtedness, growing out of the war,
and within the next ten years will
have to pay not less than 300, 600, 900
for'pensions and bounties, besides ex-
traordinary expenses for Indian wars
and other causes. In ten years our
population will have increased ten
millions, and Our taxable property
nearly double in value. In ten years
a tax twice in amount can. be borne
easier than.the tax of to-day.
Within ten years the Southern
States will be reconstructed and in
Unemployment of comparative prosper
ity,, Within ten years and perhaps
within Eve, the increase of Population,
wealth and capital will enable the
government to sell at par bonds bear
ing a much lower rate ofinterest than
the present, and thus consolidate and
reduce the debt. 49,. =.
Should the Government find itself
at any time IN possession of 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 ad-
vance by heavy taxation, or by inflat-
ing the currency, will be unnecessary,
unwise and injurious. ta 81.
Iwouid pay the interest promptly.
according to the contract. | would
pay off our currency obligations and
other debts as they mature, and see
to it that the public debt should un-
der no circumstances be increased. |
would reduce the rate of taxation to
the lowest point that would defray
the expenses of the Government,
economically administered, and pay
the interest and maturing obligations,
and leave the principal of the bonded
debt to be discharged in other and
better times
Who ever before heard Of nation
while still exhausted from war, and
with wounds unhealed, attempting to
pay off the war debt II Foreign gna4
tions1 may admire our ambition @ in
this respect, but would despise our
discretion. The national taxes can
be reduced by the adoption of the
policy | propose, and by the honest
and faithful collection of the Internal
revenue. Ill 20 9Hsa. eai .e 19ml0t :
In fifteen years, and possibly IN
five, the difference in value between
gold and greenbacks will have ceased
to exist, by a gradual return to specie
payment, and the question sof1 the
mode Of payment of the bonds,
whether In gold or green bac ks will
have become unimporta Mt Specie
payments can be reachedsSwith out
contracting the currency, by waiting
a reasonable time, until successfuhFe-A
construction and the growth of wealth
and business has brought the country
up to the existing volume of curfen-
cy without a financial eonvulsion. ser
The decline2of gold from 200 to 40
brought a corresponding reduction in
the price of property, attended with
great loss and arrangement of bust
ness. Another Initiation of the cur
rency would be attended with another
ascent and descent of prices, and with
immense disasters to the. nation.
What the country needs Is repose and
stability in our financial policy. and
without these trade and prosperity
must languish. When our debt was
contracted, the men who now clamor
for its immediate payment denounced
bonds and greenbacks as alike worth
less, and 7dissuaded the people from