The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-12-10

hat the longer 1t is deferred the more
linicult must become its nccomp ,ltsh.
meut. We should follow the wise ,pre.
oedentS established in 1889 and 1916 and
without further delay make provk lions
for the payment OF our obligatio rs al
as early a period as may be practtc Gbte.
Tho fruits OF their labors should b Q ell
loved by our citizens rather than used
to build up and sustain monted mo mop
olioS in our own and other lands. Our
foreign debt is already computed 10y the
Secretary oTthe Treasury at eight hum
dred and fifty millions. Cltize MS of
foreign countries receive interest upon
a large portion of our securities, and
American tax payers are made to con-
tribute large sums for their support.
Tho idea that such debt Is to become
permanent should DO at all times dis
carded rs Involving, taxation TOO heavy
to be borne, and payment once in every
sixteen years at the present rate OF in
terest of an amount equal TO the origi-
nal sum of this vast debt, II permitted
to become permanent and increasing,
hands Of few and enable them to ex-
ert u dangerous and controlling power
in the affairs OF the Government. The
borrowers would become servants to
the lenders; The lenders the masters of
the people. We now pride ourselves on
having given freedom to four millions
OF the colored race; it will then be our
shame that forty millions OF men by
their own liberation OF usurpation and
prUtligacy have suffered themselves TO
become ensInved and merely exchanged
slave owners for new task masters in
the shape OF bondholders ard tax gath
erers. Besides permanent debts pertain
to mOnarchial governments, and tend
10 mOnopolies. Perpetuities and class
legislation are totally irreConcllable
with FREQ institutions Introduced
into our Republican system they would
gradually but surely sap its founda-
lions, eventually snbvert our govern
mental fabric, and erect upon lis ruins
u moneyed arislOcTAcy. 1t is our Sa-
cred duty to transmit unimpaired TO
our postetity the blessings OF liberty,
which we're beQueathed to US by the
founders OF the Republic, and by our
example teach those who are to follow
US carefully 10 avoid the dangers
which threaten n free and independent
people. Various plans have been
proposed for tho payment OF the
public debt. However they may
have varied ms to the time and mode
i'll which it should DO redeemed, there
seems TO be general concurrence as 10
the proPriety and business of u reduc-
ton in the present rate OF Interest.
The Secretary OF Treasury in his report
recommends 1--WE per cent. Congress in
n bill passed prior to adjournment on
the 27th OF July last agreed upon four
and four and "a half per cent, while by
many three per cent. has been held 10
be an amply sufficient return for the
vestmenl. The general impression ms to
the eXUrbitancy of tho existing rnte Oi
| interest has led to an inquiry in
publlc mind respecting the considern-
| ton which The Government haa actual
ly received for its bonds, and the con.
Clusion is becoming prevalent that the
amount which it obtained was In real
money three and four hundred per
cent. loss then tho obligation which II
issued in return. IL cannot be de-
MED that We are paying an e8trava.
giant per cenlngo for the use of tho
money borrowed, which was paper cur.
rency greatly deprecated below the
value of coin. This fac: is made nppar-
ent when we consider that bond hold
e-s receive from the Treasury upon
each bond they own in Government Sc
curitles six per cent. in gold, which is
nearly or quite equal TO nine per cent.
in GurrpDCy; that the bonds are then
converted into capital for the national
hanks unon which those iugtlIutiuus
issue their circulation bearing six per
cent. interest ard which are exempt
from tuKHIIn by the Government aud
the sinIe aud thereby enhanced two per
cent in the hands of the holders. WpIhus
have an aggregate OF seventeen per cent
which may be received upon each dol
lar by the holders of Government Sc
curities. A system that produces such
results is justly regarded as favOring IL
Iew ct the expense of the many, and
has led To the further icquirY, whether
our bondholders, in view OF the large
profits which they have enjoyed, wopld
themselves be aYerse to n settlement of
our indebted ness on plan which would
yield them fair remuneration ard at
the same time De just to the tax payers
of tho nation. Our national credit
should be sucredly observed, but in
making provision Tor our creditors we
should not forget what is due to the
masses of the people, It may be as.
Sumed that the holders ofour securities
have already received upon their bonds
a larger amount than their orig inHl in
vestmeat, measured by n gold standard.
Upon this statement of facts, il would
seem just and equitable that The six
per cent. interest paid b. the Govern.
lnent should be applied tOthe reduction
of tho principal III semi-unnunl install
ments, which, in sixteen years aud
eight months, would liquldaie the en-
tire national debt. Six per cent. in gold
would nj present rates be equal to nine
per cent. in currency, and equivRlentto
the payment of the debt one and half
times III fraction less than seventeen
years. This, in connection with all tho
other advantages derived from their
investment, would afford to the pub
lie creditors fair and liberal COM
pensHiion for the use OF their
capital, and with this they should be
satisfied. The lessons Of the past
should admonish the lender that II
is not well to be over anxious in ex-
NO 49,. Frr Il
pliance with the letter OF the bond. 1t
provision be made for the payment of
the Indebtedness of The Government in
the manner suggested, Onr nation will
rnpldly resume its wonied prosperity.
Its interests require that some measures
should be taken to relense the large
amount of capital invested In the geuu.
rites OF the Government. 1t ID now not
merely uupTOductiYe. but in taxation
annually Consumes ono hundred and
fifty millions or dollars, which would
otherwise be used by our enterprising
people i'll adding to The wealth OF the
nation. Our commerce, which ut one
time successfully riYalled that OF the
great naTaiime powers has rapidly di-
unfinished, and our industrial interests
are in n depressed and lanEuid. GOndi-
ton. The developement OF our mex
hau7lible resources Is checked, and tho
fertile fields of the South are becoming
waste for want OF means TO Till them
With tho release of capital, new life
would be infused Into the parnlyzsd
energies of our people. and activity and
vigor impaired TO every branch of in
dustry. Our people need encourage.
ment in their Efforts to recover from
tho effects OF The rebellion, and of inju-
dicious legisiatiOnI aud 1t should be the
nim ofthe Government to stimulate
them by the prospect oTRn early rolease
from the burdens which impede their
II we cannot take tho bur-
dens from their shoulders, we should
at leaet manifesta Willingness I o help TO