Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1868-12-18

administration. After Its redemption, a
large fund remained in the treasury, which
! was deposited for safe keeping with the
several States, on condition that it should
be returned when required by the public
wants. In 1849-the year after the ter.
mination of an expensive war with Mexi-
cove found ourselves involved IN debt
of $4,000, 900; and this was the amount
owed by the Government in 1860, just
prior to the outbreak of the rebellion. In
the spring of 1861, our civil war com
menced Each year Of its continuance
made an enormous addition to the debt;
and when, in the spring of 1865, the nation
successfully emerged from the conflict, the
obligations of the Government had
reached the immense sum OF so S73,992,.
909 The Secretary OF the Treasury
shows that on the first Of November, 1867,
thisamount had been reduced to 2,491 )
504, 450; but, at the same time, his report
exhibits an increase during the past year
OF, $35,625, ,102; for the debt on the first
day of November last is stated to have
been 1927 ,129, ,552 1t is estimated by
the Secretary that the returns for the past
month will add TO our liabilities the fur
ther sum of $1i 600, ,000-making total
l1CT6dSc, 0UIIuS lnOl4SAS2 Va pfO3
100000.
In my message to Congress of Dec. 4,
1865, it was suggested that policy should
be devised which, without being oppres,
sive to the people, would at once begin to
/ effect reduction of the debt, and, if per-
sisted in, discharge it fully within def
mite number of years The Secretary of
the Treasury forcibly recommends legisla-
ton of this character, and justly urges
that, the longer it is delayed, the more
difficult must become its establishment.
| We should follow the wise precedents es-
tablished in 1889 and 1916, and without
1 further delay, make provision for the pay
ment of our obligations at as early Pc
riod as NAV be practicable. The fruits of
their labor should be enjoyed by citizens,
rather than used to build up and sustain
monSpolies in our own and other lands.
Our foreign debt Is already computed by
the Secretary of the Treasury at $3.50, ,000,-
4 900. Citizens of foreign countries receive
interest upon large portion of our secu-
rites, and American taxpayers are made
to contribute large sums for their support.
| The idea that such debt is to become
permanent should at all times be dis
caraed, as involving load to heavy to be
borne, and payment, once IN every sixteen
years, at the present rate Of interest, of
an amount equal to the original sum.
4 This vast sum, if permitted to become
permanent and increasing must eventually
be gathered into the hands of few, and
enable them to exert dangerous and
controlling power in the affairs of the
Government. The borrowers would be-
come the servants of the lendersj the
lenders be masters OF the people. We
Il
freedom to four millions of the colored
race. It will then be our shame that forty
millions of people, by their own tolera-
tion OF usurpation and profigacy, have
suffered themselves TO become enslaved,
land merely exchanged slave owners for
I'now task masters in the shape Of bond
holders and tax-gatherers Besides, per-
manent debts pertain to monarchical
governments, and tend to monopolies.
Perpetuities and class legislation are total
lily irreconcilable with free institutions.
Introduced into our Republican system,
they would gradually, but surely, sap its
foundations, eventually subvert Jour gov
ernmental fabric, and erect upon its ruins
msneyed aristocracy. It Is our sacred
Eduty to transmit, unimpaired, to our
Eposterity the blessings OF liberty which
were bequeathed to US by the founders of
the Republic, and, by our example, teach
those who are to follow us carefully to
avoid the dangers which threaten free
and independent people. ~g~s1z ev
Various plans have been proposed. for
the payment. of the public debt. How
ever theymay have varied as to the tine
and mode in which it should be redeemed,
there seems to be general concurrence as
to the propriety and justice of reduction
in the present rate of interest. The Sec
retary of the Treasury, in his report, re-
commends. 5 per cent; Congress, in a bill
passed prior to its adjournment on the 9th
of July last, agreed upon and AZ per
cent; while, by many, per cent. has
been held to be an ample sufficient return
for the Investment The general irnpres.
sion as to the exorbitancy of the existing
rate of the interest has led to an inquiry
in the public mind respecting the consid-
Grafton which the Government has actual
ly received for its bonds, and the conclu-
sion is becoming prevalent that the
amount which it obtained was in real
money 800 or 400 per cent, less than the
obligations which it issued in return. Il
cannot be denied that we are paying an
extravagant percentage for the use of the
! money borrowed, which was paper cur
I
! of coin. This fact is made apparent
: when we consider that bond holders
receive from the Treasury upon
| each dollar they own in Government
bonds per cent. in gold, which is nearly
or quite equal to 8 per cent. in currency
that the bonds are then converted into
J capital for the national banks, upon
which those institutions issue their circula
tion, bearing 6per) cent. interest and
that they are exempt from taxation by
J Government and the States, and thereby
enhanced per cent. in the hands of the
lolder. We thus have an aggregate of II
per cent, which may be realized upon
each dollar by the owners of Government
securities. A system that produces such
results is justly regarded as favoringa few
J at the expense of the many, and has led to
the further inquiry, whether our bond
, holders, in view of the large profits which
they have enjoyed, would themselves be
averse to settlement of our indebtedness
upon a plan which would yield them a
fair remuneration, and, at the same time
be Just to the taxpayers of the nation
Our national credit should be sacredly
observed; but, in making provision foI
our creditors, we should not forget what
is due 10 the masses of fthepeople. It may
J be assumed that the holders of our securi
ties have already received upon their
bonds larger amount than their original
If investment, measured by gold standard
!, Upon this statement of facts, it would
. seem but Just and equitable that the
per cent interest now paid by the
Government should be applied to the re-
!, dnction nf tha rrincinal in sanni animal