Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1868-12-16

break of the rebellion. In the spring Of
| 1861 our civil war commenced each year
of Its continuance made an enormous addi-
ton to the debt, and when in the spring OF
1865, the nation Successfully emerged from
the conflict. the obligations of the Govern
ment had reached the immense sum of 50,
| S13, 992, 909. The Secretary of the Treas
ury shows that on the lst day of Novem her
| 1867, this amount had been reduced to So.
49l 5O4, 450, but at the same time his re-
port exhibits an increase during the past
year of S35, 625, l02, for the debt on the
| fir1t day of November last is stated to have
been $2,527. l29, 552 1t is estimated by
the Secretary that the returns for the past
month will add to our liabilities the further
sum of eleven millions, making a total in
crease during thirteen months of forty six
and a halt millions.
In my message TO Congress of December
4th, 1865, it was suggested that a policy
should be devised. which without, being
oppressive to the people, would at once be
gin u effect reduction of the debt, and II
persisted in. discharge it fully within def
| inte number of years The Secretary OF
the Treasury forcibly recommen Is legislation
of this character, AMI Justly urges that the
longer it Is deferred the more difficult must
become its accomplishment We shonl!
follow the wise precedent established in
1889 and 1916, and without further delay
make provision tor the payment of our obi
i CATIONS at as early period As may be prac-
! tlcabe. The fruits of their iab0rs should
be enjoyed by our citizens, rather than he
used TO build up and sustain moneyed mo-
nopoes in our own and other lands. Our
! foreign d d'bt is already computed by he
! Secretary of the Treasury at $3.50. 900 600.
| Citizens ot foreign countries receive inter
est upon "A large portion OF our securities.
and American tax payers are made to con.
tribute large sums for their support The
| idea that such debt i to become perma
neut, should be at all tunes discarded. as
taxation Is to heavy to be borne, and the
| payment once IN every sixteen wears at the
| present rate oi interest. of an amount equal
TO the original sum. Thi, VA t debt. if per
mitted to become p .rm lnent aud increa~ ing
must eventually DE gathered into the hand
ot few, aud enable them 70 exert a dan
| gerOuS and controlling power IN the affairs
of the GJvernment The borrowers would
| become servants to the lenders, the lenders
| masters OF the people. We now pride our
selves upon having given freedom to four
millions of the coored race. 1t will then
be our shame that forty millions of people
| by their own liberation of usurpation and
prOfilgacy, have suffered themselves to be-
come enslaved and merely exchanged from
! slave owners to new taskmaSters in the
! shape of bondhol1ers and taxgatherers.
| Besides, permanent debts pertain to mon
archcal governments, and tending to mo
nopoieS. perpetuties anu class legisla ion
are totally irreconcilab.e with free institu
| tions. introduced into our Republican sys
| tenn, hey would gradually but surely sap
| its foundations and eventually subvert onr
! governmental fabric and erect upon its ruins
4 moneyed aristocracy. lt Is our sacred du
| ty to transmit unmpaired to oar posteritv
the blessings of liberty which were bedueath
| ed to US by the founders of the Republic and
| by oar example teach VINO are TO follow Us
! carefully to avoid the dangers which threat
en- free and independent people.
Various plans have been proposed for the
| payment OF the public debt. However they
may have varied as to the time and mode in
which it should be redeemed, there seems
| to be a general concurrence as to the propri-
ETY. and business OF reduction in the pres
ent rate of interest. The Secretary of the
! Treasury, in his report, recommends five
per cent. Congress, in bill passel prior to
adjournment on the 9th of July last, a
4 greed upon four and four and half per
| cent, while by many three per cent. has
been held to be an amply sufficient return
for the Investment. The general impression
as to the exorbtancy of the existing rate
of interest has led to an inquiry in the pub
| lie mind respecting the consideration which
the Government has actually received for its
| bonds, and the conclusion is becoming prev
! alent that the amount which 1t obtained was,
in real money, three or four hundred per
| cent less than the obligations which it Is
sued in return. 1t cannot be denied that
we are paying IN exrravagant per centage
J f,r bs - ha -,
was paper currency, greatly de hreciaTet he
| low the value of coin. This fact Is made
apparent when we consider that bondhold
ers receive from the Treasury, upon each
dollar they own in Government securities,
six per cent in gold, which is n .ary, or
qute. eqnal to nine per cent IN currency.
| That the bonds are then converte into cap
! itai for the National banks upon which
/ those institutions issue their crcu lar ION,
/ bearing six pes cent. in ere>t. ani that they
are exempt from taxation by the Govern
ment and the States. and thereby enhanced
iw1 per cent. in II hand, Of the holders
! We thus have an aggregate of sever teen per
! cent. which may he received upon each dol
| lar by the owners of Government securities.
| \ system that produces such results Is just
| ly regarded as tavoring few at the expense
| Of the many, and has led 10 the further in
ouiry whether our boniholderS, in view OF
the large profits which they have enjoyed,
would themselves be averse to a Setilemea,
of oar Indebtedness upon a plan which would
! yield them fair remuneration. and at the
same time be just 10 the taxpayers Of the
nation. Our national credit should be sa-
credly observed, but IN making provision for
| our creditors we should not forget what i
! due tn the masses of the people l. may be
assumed that the holiers of our >ecuritie,
have already received upon their bonis a
| larger amount than their original invest
ment, measured by gold stan Hard Upon
| this statement of facts il would become just
and equitable that six per cent interest now
paid by the Government >hiuid he applied
| to the reduction of the principal in semi
/ annual inStalments which in sixteen year,
and eight months woud liquidare the entire
national debt Six per cent in gold would
at present rates be equal to nine per cent.
| in currency, and equivalent to the payment
| of the debt one and half times in frac
| ton less than seventeen years.
This in connection with all the other ad
vautageS 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 satisfied.