The democrat. [volume] (Weston, W. Va.) 1868-1874, 1868-12-21

usurpation and profigacy, have sufferc
themselves 10 become cnslavcd, an
merely exchanged the slave owners in
new ,asSmasters in the shape of bond
holders and taxgathercrs. Besides, per
maucpt debts pertain to moaarchial gov
ernmsrts, and tending to moropolics, per
petuies and class legislation, are total.
irrccorcilable with the free institutions
introduced into our republican system
They would gradually, but surely, sal
It's foundations, eventually sutvert ou
governmental fabric, and cree. upon it
ruins monied aris,ocraty, It. is our 81
cred DUTY to transmit uuimpaircl TO ou
posterity the blessings Of liberty w!icl
were b,qucathcd to US by the founders Q
the republic, and by our example to teach
those who are to follow us. carefully i'
avoid the dangers which threaten free
and Independent people.
HOW TO PAY TIE DIET.
/ Various plans have been proposed fol
the payment Of the puh!ic debt. How
ever they may have varied as to tho tine
and mode Ia which 1t should be redeemed
there seems 10 be general concurrence
as to The propncty and business Of L re-
duc'ion in the present rate OF interest
The Secretary OF the Treasury, in his re-
port, recommends hive per ee"t' Con-
grcss, in bill passed prior to It's ADJOURN
ment, on tine .iih OF July last agreed
upon four and icur and a halt Ter cent
while BY many three per ce"t. hns been
held to be m amply s"ihclcnt re'ufh toi
the investment. General impress ons as
to the c1orbltpncy Of tho existing rate OF
in,cres. base led 10 an inquiry III the pub
lie mind respecting the consideration Of
which has actually received for its bonds,
and the conclusion is becoming prevalent
that the nmcun. which it obtained was, in
real money, three and four hundred per
cent. less than the obligation which IS is
sued III return. 1t cannot he denied that
We are paving IN cxtravagant per cent
for the use OF money borrowed, which
was PAPER currency greatly below the
value OF gold. This fact is made appar-
cnt when we consider that the bondhold-
crs receive from, the Treasury upon each
bond they own, IN government securities,
six per cent, IN gold which is nearly or
quite equal to "ine per cent. IN currency;
that the bonds are to be converted INTO
capital for the national banks, aron
which these Institutions ISSUE their c''eu.
la'ion bearing SIX per cent. interest. anu
that they arc exempt from taxation by
the Government aud state, and thereby
enhanced two per cent. III the ha"ds "'
The DondnolderS. we thus have IN as-
.regsie Of seventeen per cent, which
may be received upon each dollar by the
owners OF government securities. a sys-
ten t'lat produces such results is justly
fcgardcdas iav"rI,s u few ut the eXPenS"
"t the many ana ias leu 10 'he fn'tr r
inquiry whether "ur hondho!ders, IN view
OF ;he large pfohis which they have en-
j"ycd. would themselves be avcrse TO D
settlement OF our i'lIebtednt SIS hy apsail
which would yield them lar remunera-
ton. and' a, thc same time be Just 10 inc
taxpayers OF the nation. Cur national
cred't shoa!d he sacrcdly Observed; bn'
III making provision Tor our creditors We
should not forget what is cue 10 Inc mass
es OF The perr't. 1t may be ass"n'%'
t'"t thc Eoluers OF our >secur'trs nave NJ
reaay received upon 'aeir C"aIS larger
"'nou"' ,'n'' ''e'' '!s '"' ",'s'1.'"''
measured ny a so'a S'"hc"'u' op"n
'hlS statement ,t t"e's ]. "ou'u seem JuS'
anu cqI',a"'s :, '"a' 'ne s'A per een'; i"'er'
est :,"so ~ '"G s".'''"s'"' s"'u" oe'f
H''eu 10 'hc fcute',Oh o' '.e ae.' III St'''''
'nnu"l '":'n'''''n's; "n'eh; III SM't."
years anu c'se. mouths 1, ~eala i,: nq"'ua'e
.H' e'',''' "1'.'''" ,, WV. 'A ~ -"s
III s"'" Wo",'' 1T p'esen' rates u sIH"'
10 n''e pr e'"' !" .u'.e"'s; "a 'I"" ,
aient 10 Tue payment VI 'ne ucn' ""c anu
\ "a'' ''"'es !" . ''"t''"" ie<s wa" seven :,
tcea years' l"'S' III connection WIN al
;hc o;hcr auvah'afeS derived from 'hr!r
Investment woa'a a%"Fu 10 'he P"D"e
creditors tar ana liberal compensation
Tor tue use OF their capital: and win TIL,
they should be sat'|h I'd; he lessons OF
the past "0monistl the lender that 1t IS
not well To pc owe: hnHlous III .xactIng
from the borrower r'eId compliance with
tic letter of the Loid.
PROVIDE rOE PAYMENT AND rEoSrEElTy