The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1868-12-23

use Of the money borrowed, which was pa
per currency, greatly deprecated beloy
the value OF coin. This fact is made anna
rent whom we consider that boIidhoIders re
ceive from the Treasury upon each dolla
they own in Government securities six ne
cent in gold, which is nearly or quite equa
to nine per cent. in currency That tn
bonds are then converted into capital 70
the national banks, upon which those in
stitutions issue their circulation, bearin!
six per cent. interest, and that they are ex
empt from taxation by the Government
and the States, and thereby enhanced two
per cent. in the hands of the holders. W.
thus have an aggregate Of seventeen pc,
cent, which may be received upon eacl
dollar by the owners of Government securi
ties, A system that produces such results
is Justly regarded as favoring few at the
expense of the many, and has led to the
| further inquiry whether our bondhciders
in view of the large profits which they have
enjoyed, would themselves be averse to a
settlement Of our indebtedness upon q
plan which would yield them fair.rem
neration, and that same time be just to the
taxpayers Of the nation. Our national
credit should be sacredIy observed but in
making provision for our creditors we
should net forget what is due to the mas.
ses of the people. 1t may be assumed that
the holders of our securities, have already
received upon their bonds a larger amount
than their original investment, measured
bva gold standard. Upon this statement
of facts it would seem but just and equita-
BILE that the six per cont, interest now paid
by the Government should be applied to
to the reduction ofrthe principal in semi
annual instailments, which in sixteen years
and eight months would liquidate the entire
national debt. Six per cent. in gold would
at present rites be equal to nine per cent.
in currency, and equivalent to the payment
of the debt one and half time in frac-
ton less than seventeen years. This, in
connection with all the other advanta.
ges. derived from their investment, would
afford to the public creditors fair and
liberal compensation for the use of their
capital, and with this they should be salts
fed The lessons of the past admonish
the lender that it is not well to be over
anxious in exacting from the borrower
rigid compliance with the letter of the
bond. If provision be made for the pay
ment Of the Indebtedness of the Govern
ment in the manner suggested, our nation
will rapidly recover its wonted prosperity
Its interests require that some measure
should be taken to release the large amount
of capital invested in the securities of the
Government. 1t is not now merely I'M
productive, but in taxation annually con
sumes one hundred and fifty millions of
dollars, which would otherwise be used BY
our enterprising people in adding to the
wealth of the nation. Our commerce,
which at one time successfully rivaIled that
Of the great maritime powers, has rapidly
diminished, and our industrial interests are
in a depressed and languishing condition.
The development of our inexhaustible re-
sources il checked, and the fertile fields of
the South are becoming waste for want of
means to till them. With the release of
capital, new life would be infused into the
pars.lyzed energies Of our people, and actrv-
ity and yigor impaired to every branch OF
industry. Our people. need encouragement
10 their efforts to recover from the effects
of the rebellion and of ipjud;cious legisla-
ton, land it should be the aim of the Gov
ernment to stimulate them by the prospect
of an early release from the burdens which
impede their prosperity. If we cannot
take the burdens from their shoulders, we
should at; least manifest willingness to
help to bear them. In referring to the
of the circulating medium,
shall merely reiterate substantially that
portion of my last annual message which
relates to that subject. bas astDass d =,