The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1868-12-15

reduced to S2,49l, ,50L450; but, at the ,
same time, his report exhibits an increase
during the past year Of $35, ,625, ,l0l, for {
the debt on the LIST day of November last
is stated to have been S2,527, ,l29,552. 1t
is estimated by the Secretary that the re-
turns for the past month will add to our
liabilities the further sum of eleven mil
lions, making a total increase during
thirteen months OF forty-six and half
millions.
NO MoNIED ARISTOCRACT.
In my message to Congress of Decem-
ber 1, 1865, it was suggested that the
policy should be devised which, without
being oppressive to the people, would at
once begin to affect y reduction Of the ,
deht,and persisted in,discharge it fully, !
within definite number of years. The
Secretary Of the Treasury forcihly re-
commends legislation of this character,
and justly urges that the longer it is de-
ferred the more difficult must become its
accomplishment We should follow the
wise precedent established in 1889 and
1916, and without further delay make
provisions for the payment Of our obi
cations at as early period rs may be
practicable. The fruits of their labors
should be enjoyed by our citizens rather
than used to build up and sustain money
monopolies in our own and other lands.
Our foreign debt is already computed by
the Secretary of the Treasury at eight
hundred and fifty millions. Citizens of
foreign countries receive interest upon a
large portion of our securities and Amer
lean taxpayers are made to contribute
| large sums for their support. The idea
that such debt is to become permanent
should be at all times discarded as in
Yolving taxation too heavy to be borne,
and the payment once i'll every sixteen
years, at the present rate Of intcrest,of an
amount equal to the original sum. This
vast debt, if permitted to become pcrma-
nent and increasing, must eventually be
gathered into the hands of few, and
enable them : to exert a dangerous ana
controlling power in the affairs OF the
| Government The borrowers would be-
come servants to the lenders the lenders
the masters Of the people. We now
pride ourselves upon having given free
dom to four millions Of the colored race.
1t would then be our shame that forty
millions Of our people, by their own toll
Grafton of usurpation aud profiigacy,
have suffered themselves to become en-
shaved, and merely exchanged the slave
owners for new task masters in the shape
of bondholders and ax-gatherers. Be
sides permanent debts pertain to monar-
chial governments, and tending to mo-
nopolies, perpetuities and class legisla-
ton are totally ir, econciable with the
free institutions introduced into our re-
publican system. They would gradually,
but surely, sap its foundations, eventu-
ally subvert our governmental fabric and
erect upon its ruins amonied aristocracy.
1t is our sacred duty to transmit unlm-
tpaired to our posterity the blessings OF
liberty which were bequeathed to us by
. the founders of the Republic, ,and by our
example to teach those who are to fol-
low US, carefully to avoid the dangers
which threaten a free and independent
, people.
HOW TO PAY THE DEBT.
Various plans have been proposed for
the payment of the public debt How
ever they may have varied as to the time
and mode in which it should be redeem
!, ed, there seems to be general concur
: renee as to the propriety and business OF
a reduction in the present rate of interest
The Secretary of the Treasury, in his re-
port, recommends five per cent. Con
gress,. in a bill passed prior to adjourn
S ment, on the 9th of July last, agreed
e upon four and four and half per cent.
: while by many three per cent has beer
: held to be an amply sufficient return fol
/ the investment. General impressions as
. to the exorbitancy of the existing rate o.
S interest have led to an inquiry into thu
: public mind respecting the consideration
: which the Government has actually re
: ceivcd for its bonds, and the conclusion
. is becoming prevalent that the amoun
. which it obtained was, in real money
+ three and four hundred per cent. les
Y than the obligation which is issued i'll re
Y turn 1t cannot be denied that we ar
V paying an extravagant per cent for tn
i, use of the money borrowed, which wa
S paper currency greatly deprecated be
j. low the value of coin. This fact is mad
e apparent when we consider that tn
n bondholders receive from the Ireasur,
l. upon each bond they own, iii Govern
It ment securities, six per cent. in gold
d which is nearly or quite equal to nine pc
t, cent. in currency; that the bonds are tt
c be converted into capital for the Nationa
/ Banks, upon which these institutions is
S sue their circulation bearing six pc
it cent. interest, and that they are exemp
IS from taxation by the Government ant
It State, and thereby enhanced two pc
Il cent. in the hands of the holders. w
IS thus have an aggregate of seventeen pc
: cent. which may be received upon eacl
e dollar by the owners of Government Sc
! eurities. A system that produces sucl
II results is justly regarded as favoring
3, few at the expense of many, and has let
i to the further inquiry whether our bond
} holders, in view of the large profits whic
IS they have enjoyed, would themselves b
e averse to settlement of our indebted
r, ness by plan which would yield them
: fair remuneration, and, at the same tim
J, be Just to the taxpayers of the nation
s Our national credit should be sacredl
e observed; but in making provision 70
s. our credisors, we should not forget wha
o is due to the masses of the people.
o may be assumed that the holders of on
r securities have already received upo
their bonds alarger amount than thel
original investment, measured by gol
N standard. Upon this statement of fact
;n II it would seem just and equitable that tn
u six per cent. interest paid by the Govern
n II ment should be applied to the reductio
~ ~ of the principal in semi annual instal
,s -, ments, which, in sixteen years, and eigh
- - months would liquidate the entire na
= tional debt, Six per cent. in gold would
- ;, at present rates, be equal to nine per cent