The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1868-12-15


md nNE Ease csne eE s becoming
rfe alssa tuat fhe snsoapf shlch 4 -.
iala wAs .A rs4a saunsy llfre or fur
hrI pff cent iaa 81 TIE ubl3es-
es sasct 8 issssl Is return "a
caHa ie drHle3 thas 81 aft paytasaa
,1s4arAeant ~ oeatare 81 ihs ~ =
tie naatg beTeaea. wheh vas paper
oartH4 greatly dePfoe Alai lsc.qw ths
talst q n TaA Fast IS made ap-
parftt waep we CONSIDER tbat banihald-
sfs receive lrm be- Treasury upal
taxb 81 llaF fhey oNu ID government
cgrises 50 frg eeut ia gold. ubscb i
nfa5iy 81 quite oqeA % Eine per cont
81 earreuey ta4i lLe bonds $40 tEth
converted into espisl o. ihs national
baaks upon nhieh those Institutions
Issue iAeas ssrou8anon bsAnng Al par
ceat i8laretts Ahd they are exempt
from taaatl9u - tAe gustEumaui add
states aU3 thereby 5bbaEeed tNo per
cent m tht hanasof holders W. ibas
base ha aggregate 81 seventeen Per
cent wh.rh mas - received - each
dollar II TIE owners - government -
cnHl.oe A system that produces such
rssG,ts is justly regarded IS fay0Hng
'ew VI TIE expense y The many. aud
has led ~ the inquiry whether our
baadhalders, 10 yls~ of the large profits
which they have enjoyed, would them
SELVES be avcfsc 10 a settlement u our
Indebtedness upon q plan which would
yield them faiT remuneration. aud al
The same time be just 10 the taxpayers
II The nation. Our national credit
should L. sacredly observed, but IN
making provision for our creditors, We
should not forgot what is due b the
masses q the people II mAy be gs-
sungd that The holders Of our securi-
tee have already received upon their
bonds q larger amount than their or
lgtna Investment, measured by a gold
standard Upon this statement, 81
facts, il would seem but Just and equit.
able that the slE per cent now paid rs
tho government should 10 applied TO
the reduction u the principal Ia semi.
annual miscellaneous, which IN sixteen
years and eight months would liquida;e
the entire national debt Six per cent
in gold would at present rates bg equal
- nine per cent lncurrency, and equiv
alent % The payment Of The debt one
aud a half times IN q fraction less than
seventeen years This, in connection
with ~ the other advantages derived
FROM tlieir investment, would afford 10
the pebble creditors fair and Liberal
compensation ior The use Of their CAPT
tai, aud with this they should BIO salts.
fed The lessons OF the past admonish
the lender that It IS not well to be over
anxious 10 ezacting from the borrower
rigid compliance with the letter Of the
bond If provision be made for the
payment ~ the Indebtedness 81 the
government III the manner suggested,
our nation viii rapidly recover It's WOO
tod prosperity Its interests require
that some measure should be taken to
relieve the large amount Of capital in
vested ia the securities Of the govern
mont 1t is not now merely unpro-
dnctve, but IN taxation annually con-
samos one hundred and fifty millions
used by orr cnierpriang people ii ad
ding 10 the wealth 81 the nation Our
commerce, Which at one time success
fully riyalled all d the great MARITIME
powers, has rapidly diminished, and
our industrial interests are ia de-
pressed and ianguiShing condition ri
Tho DEVELOPMENT OF our inerhnustible
resources Is checked and the fertile
fields % the South are becoming waste
for want Of means to TN them. With
the release If capital, new life would
b. infused into the parslyzed energies
Of our people, and activity aud yigor
impaired u every branch Of industry
Our people need encouragement in
their efforts 20 recover from the effects
OF the rebellion, aud Of ijudcious leg,
islation, and 1t should be the aim Of the
government 10 stimulate them by a
prospect, o. an early release from the
burdens which impede their prosperity
II We cannot take the burdens from
their shoulders, we should al least man
ifest willingness to help bear them.
rne PAdFio RAILROAD.
The companies constructing the rail
way from Omaha to Sacramento have
been most energcticaly engaged ia
prosecuting he work, and il IS believed
that tho hto will bc completed before
the end Of the next fiscal year The six
per cent bonds issued to these compa-
MES amounted on the 5th inst, to S4i,
1877 900. and additional work perform
Cd 10 the extent o. $3 200 600 The
Secretary 81 the Interior, 10 August
last, invited my attention to the report
81 a government director Of the Union
Pacific Railroad Company, who had
been specially instructed 10 examine the
location, construction and equipments
Of tins road ! submitted FOR the opiu-
ION q the Attorney General certain
questions in regard % the authority 81
tie executive which arose upon this re-
port and those which had from time
10 illue bcea presented by the Commits
slonefe appo.aicl to inspect each sue.
ce@aye section ~ the work. After con
siicrinp the law u the case he affirmed
the right Of the executive, 40 order. II
necessary, thorough revision of the
entire road Commissioners were APP
pointed 10 examine this and other lines,
and have recently submitted state
mgut X their Investigators, % which
the report Il the Secretary Il the Int
nor furnishes specific Information.
TnE AAMg AAD Irs fxTEAsfs.