Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1868-12-17

izens rather than used To build up'and sus-
tain moneyed menopolies in our'own aud
other lands Our foreign debt is already
computed by the Secretary of the Treasu>
nv a, $S5O,OOO,0OO. Citizens Of foreign
countries receievc interest upon a large
portion of our sscufiies, and American
tsxspayers are made 10 contribute large
sums of money for their support. The
idea that such debt Is TO become permas
nent. should be at all times discarded as
involving taxation too heavy to be borne,
and payment once in every sixteen years,
1T the prest nj rate of interest, OF an amt
equal 10 the original amount. This vast
debt, If permitted to become permanent
and increasing, must eventually be gaih>
cred into the hands Of few. and enable
them to exert dangerous and controlling
power in the affairs Of the Government
The borrowers would Lecome servants 20
the lenders; the lenders the masters Of the
people. We now pIidc ourselves OF hav>
/ ing given freedom TO four millions of the
colored race. Ii will then be our shame
that forty millions of the people, by their
own federation Of usurpatlOn and profliga~
cy, have suffered themselves 10 become
enslaved and merely exchanged NaVe~
owners for new TASK masters m The shape
Of bond,Lolders and tax gathers Besides,
permanent debts pertain To monarchlcal
governments, and tending 10 monopolies,
perpetuitics, and class legislation, are to>
tally irreconcilable with Tree institutions
Introduced into our republican system,
they would gradually but surely sap IFS
foundations, eventually sIbyert our eovS
ernmcntal fabric, and erect upon IFS ruins
A msneyed aristocracy. II is our duty to
transmit, unimpaired, 10 our posterity the
blessings of liberty, which were bequealh n
to us by the founders az the fSpubiic, Eud'
by cur example teach those who are to
follow us TO carefully avoid the dangers
fiat threaten free and independent peo>
pie.
PAYMENT OK TIKI PUBLIC DEBT.
yariou. plans have been proposed for
the payment Of the public debt. However
! they may have varied rs 10 the time and
mode iu which il sho.ld be redeemed,
fhere seems 70 be q general concurrence as
10 the propricty and business OF reduce
ton of the present rate of interest. The
Secretary of The Treasury in his report
recommends five per cent. Congress In
bill passed prior 10 adjournment on ,he
9th of Jolly. last, agreed upon and i.2
per cent. while by many 3 per cent. "
held To bc amply sufficient return Tor the
investment. The general impression as TO
the exhorbitancy of the existing rate OF in>
terest has led to an inquiry into The pubic
mind respecting the consideration whlch
the government has sctually received Tor
! its bonds. and the conclusion is becoming
prevalent that the amount which II obs
iaincd, in real money, VAS three or Tour
hundred per centum less than the o0iiga>
| TORS which they issued IN return. III caH
not be denied that we rfc paying an eN>
irav sgant rate of inte-es, tor The use oil the
meney borrowed, which was paper cur
reIcy greatly deprecated below the vair
re of coin This fact is made apparent
when we consider that The bondho.ders
receive from the Treasury upon each dos
lar they own in government securities I"
per ccnlum in gold, which is nearly or
quite equal To 8 per cenium In currency;
that the bends are then converted into cap>
iial for The National Bauks-upon which
those institutions issue their circulation
bearing six per ccnlum interest, and that
lflfey afe exempt from Xaiion 10y the gov>
crnmcnt and tho States, and thereby en>
Lanced two per cenium in the ha,lds of
the holders We thus have an aggregate
of seventeen per cent. which snay be re-
csiyed upon each dollar by the owners oil
government securities. A system that
produces sGch results is justly regarded as
fayoring a few xt the expense of the many,
and has led 10 the further inquiry whether
our boudlfolders, in view of the large
profits which they have enjoyed. would
themselves be aversc 10 seiilement~t our
Indebtedness upon a plan wA~h would
Weld them u fair remuneratfoA, and at The
same time be Just 70 ,hc taxpayers OF the
nation. Our national credit should be
sacrediy observed: but in making provis>
ions for cur creditors we should not forget
what is dee to the masses of the people
IL may be assumed that the holders of our
securities have already received upon their
irouds larger amount than thcir original
investment, Rcasurcd by gold standard.
Cpon this statement of facts, il would
seem Just and equitable that the six per
+ cent ;niersi, now paid by the government,
should he applied to the reduction of the
principal in semi annual Instruments,
which. in sixteen years and eight months,
would leuidale The entire national debt.
six per cent. in gold would. at present
rates. he equal To nine per cent. in curren-
cy, and equivalent 10 the payment of the
debt one and half times in q fraction less
+ than seventeen years. This, in connec-
iion with all The other advantages derived
from their investment. would afford TO the
public creditors a fair and liberal compen-
sailor for the use eftheir capital, and with
, isiis they s.aosld be satisfied. The lessons
of the past admonish The lender that it is
net we'll 10 be over anxious in exactng
from the borrower rigid compliance with
the letter OF the bond. If provision be
! made for the payment OF the Indebtedness
Of the government in the manner suggested
. our nation will rapidly recover It's wonted
r prosperity. Its interests rSYuire that some
measure should ue taken 10 release The
Ia. ge amount Of capital invested in the se'
[ curities Of the government. Ii Is mol
, merely unproductivp, but in taxation an
, nually consumes one hundred and fifty
/ millions oil dollars. which would otherwise
3 I've used by our enterpfising people In adj
| ding To the wealth of The nation.
I Our commerce, which at one time suc'
D cessfully rivaled that of the great maritime
J., powers, has rapidly diminished, and ouI
7 industrial interests are in depressed ant
. lauguishing condition. The development
, Of our inexhausiible resources is checked
: and the fertile fields of the South are be-
: coming waste for want Of means 10 i'll
s them With tie release of capital. new
c ife would he infused into the paralyzed
: energies of our people. and activity and
vigor impaired to every branch of industry
2 Our people need encouragement in iheii
c Efforts to recover from the effects OF ths
c rebellion, and of ipjudicious legislation
{ ard IL should be the aim of the govern
mcnt TO stimulate them by the prospect n
D an carly release from the burdens which
: impede their prosperity If we canno
b take the burdens from their shoulders, VT
S should IL least manifest willingness Il
a bear them
TIE CURRENCY.
I In referring to the condition OF the cir
: culatiug medium, shall merely rcitera'x
Y substantially that portion of my last an
!. niial message which relates to that subject
5 The proportion which the currency of any
county should bear to the whole value o
I the Annual produce circulated by s mean!
{ is question upon which political econo
G mists have not agreed, nor can it be con-
Y tfOlled by legislation, but must be lett Il