The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1868-12-10

Amcuntwithina period of twenty I
years, and the extinguishment of
the national debt filled the land with
rejoicing, and was one of the great
events of President Jackson's admin
istration. After its redemption,
large fund remained in the treasury,
which was deposited for safe keeping
with the several states, on condition
that 1t should be returned when re.
quired by the public wants. In 1S49,
the year after the termination Of an
expensive war with Mexico,--w
found ourselves involved in debt of
$64, 100000; and this was the amt |
owed by the 70, eminent In 1860 |
just prior TO the outbreak Of the re-
bellion. In the spring Of 1861, our
civil war commenced. Each year
of its continuance made an enormous
addition to the debt; and when, in
the spring of 1865, the nation sue.
cessfully emerged from the conflict,
the obligations of the government
had reached the immense cum of
s2,873,992,9o9. The secretary of
the treasury shows that on the LIST
day Of November, 1867, this amount
had been reduced to $2,491.5O4, 45O;
but, at the same time, his report ex-
hibits, an increase during the past
year Of $50, 625, !.SGSS; for the debt on
the ist day Of November last, is
stated to have been s2,327, 129, 552.-l
1t is est: mated by the secretary that
the returns for the past month will
add to our liabilities the further sum
OF Sl1 ,OOO, OOO,-making total in
crease, during thirteen months, OF
$40, 500, 900.
In my message to congress of Dec.
4, 1865, it was suggested that poll
cy should be devised which, withou
being oppression to the people, void
at once begin to effect a reduction of
the debt, and, ifpersisted in, dis
charge it fully within definite num-
Der of years. The secretary of the
treasury forcibly recommends legis
lation of this character, and justly
urges that, the longer it is delayed
the more difficult must become its &C
complishment. We should follow
the wise precedents established IL
1889 and 1916, and, without further
delay, make provision for the pay
ment Of our obligations at as early a
period as may be practicable. TIL,
frui of their labor should be enjoy I'd
| by citizens, rather IAN used to build
I up and sustain monopolies in our
own and other lands. Our foreign
debt is already computed by the sec
rotary of the treasury ats850, 10000
Citizens of foreign countries receive
interest upon large portion Of Cur
securities, and American tax payers
are made to contribute large sums
for their support. The idea tina,
| such debt is to become permanent
should at all times be discarded, a,
involving too heavy to be borne, and
payment, once in every Is years, a,
J the present rate Of interest, of au
amount equal to the original sum-
The vast sum, ifpermitted to become
permanent and increasing mus,
eventually be gathered into the
hands of CIV, and enable them tt
! exert dangerous and controlling
, power in the affairs of the govern
ment. The borrowers would be-
: come the servants Of the lenders
the lenders be masters OF the people
We now pride ourselves upon having
given freedom to four millions of The
: ,olored race. 1t will then be oul
f shame that forty millions of people
i by their own liberation OF usurpatiot
, and profigacy, have suffered them
selves to become enslaved, and mere
ly exchanged slave-owners for new
, task-masters in the shape OF bond
holders and tax gatherers. Beside
) permanent debts pertain to monarch
ial governments, and tend to monopc
, lies. Perpetuities and class legisl,.
, ton are totally irreconcilable witt
| free institutions. Introduced int,
our republican system, they woulc
} gradually, but surely, sapits founda
tons. eventually subvert our govern
mental fabric, and erect upon it,
ruins moaeyed aristocracy. 1t il
, our sacred duty to transmit, unim
) paired, to our posterity the blessings
, OF liberty which were bequeathed te
, US by the founders of the republic
and, by our example, teach those who
are to follow us carefully to avoid
the dangers which threaten free
and independent people.
I, Various plans have been proposed
for the payment of the puoli" 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 pro.
!, priety and justice of reduction in
the present rate of interest. The
secretary of the treasury, in his re-
port, recommends per cent; con-
gress, in bill passed prior to its
] adjournment on the 9th of July
last, agreed upon 4 and A per cent;
while, by many. 3 per cent. has been
held to be amply sufficient return
tor the investment. The general
impression as to the exhorbitancy OF
the existing rate of interest has led
TO an inquiry in the public mind re
speeding the consideration which the
!, government has actually received
for it's bonds. and the conclusion is
becoming prevalent that the amount
which it obtained was in real
money 800 or 400 per. cent. less than
the obligations which it issued in
return. 1t cannot be denied that we
are paying an extravagant percent.
aye for the use ofthe money borrow
VIII ch was paper currency, greatly
deprecated below the value of the
coiu. This fact is made apparent
when we consider that bondholders
receive from the treasury upon each
dollar they own in government bonds
6 per cent. in gold, which is nearl,
or quito 9per cent. in currency; that
the bonds are then converted into
capital for the national banks, upon
which those institutions issue their
circulation, bearing 6 per cent. inter-
est. and that they are exempt from
taxation by government and the
states, and thereby enhanced 2 per
cent. in the hands of the holder
We thus have an aggregate of II
per cent. which NAV ne reaIized