The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-07-08

tins Ihe DOndhOlusTa eACnhHEeu the notes
Of the government drawing no interest for
the bonds of the government drawing per
cent. gold interest. upon an agreement that,
at the end Of FIVE years, the government
might pay the principal Of the bonds with
non interest bearing notes. In the mean
| time, holders Of the bonds were to pay no
state, county, or municipal taxes. The sol.
diers offered up their lives q sacrifice for
the country when it WAS in peril. leave
you to determine to whom you will extend
Jour iberality. To pay the bonds in lawful
money will be equitable and just to the hold.
ers; for they have received their interest in
gold, according 10 contract, and the lawful
money of to-day is Of greater value than
was the lawful money paid for the bonds.
| hear my republican friends again say,
"Why bother ourselves about the payment
Of the debt, when the Chicago platform de.
cares that the payment Of the debt should
be extended over fair period for redemp.
tom How will this work According
to Gen. Butler, republican authority,
we are paying at this day, and at this
hour, either by the remission Of taxes or
otherwise, in the currency Of the country,
from to II per cent. on the public debt
ouppJ5o buc NuOlG uCDt w Db SOuNcEkCu
into Understanding bonds, and We wait
nine years for reasonable period to Olapse
before wo commence the redemption Of the
bonds. The result will be that we will have
paid within small fraction Of $4,000, 000,.
600 in interest, and the principal will re.
main just as large as it now Is. If, how.
ever, we should conclude to wait eighteen
years before VIC commence the work Of re.
demption, the debt will have to be paid
twice over in interest, and the principal will
still hang like milestone around the necks
of the people. Buffers estimate is, that the
per cent. gold interest il equal to per
| cent in currency; and that the remission of
taxes is equal to from to 3per cent. The
estimated difference between gold and cur.
| rency is little too large; but have no
| doubt that the remission Of taxes will make
the whole amount equal to II per cent.
Ny republican friend, however, still insists
that, in eighteen or twenty years, the coun.
try will be so rich that the debt can easily
| be paid. If the producing and tax paying
class continue to pay annually to the con-
suming and non.taX- paying class S275,OC0,
600, without any equivalent, ! apprehend
that the privileged class will then be great
deal richer than now, and thstthe tax paying
class will be much poorer. Our ability to
pay the debt, rs long as we continue such a
policy, instead Of Strengthening will weaken.
Our own observation proves this. We oil
know that the people had much greater diff.
Guilty in paying their taxes this year than
they had last year, and it is not at all diff.
cult to forsee that the burden will be still
harder TO bear next year.
There is another reason for the pressure
now felt by the people, which must continue
as long as our present financial policy pre-.
walls. Two billion two hundred million
dollars of the capital of the country is ca
tirely withdrawn from the ordinary channels
of trade and industry, and will 80 continue
as long as the Investment in government
bonds is more productive than trade and
commerce. When the government pays in
terest equal to II per cent money is toe
costly 10 be used proftably in agriculture
or commerce. Hence, sll the pursuits OIL
industry in which men can engage are en-
barrassed crippled, almost destroyed, by
our present form Of public debt. Not only
D.. do We find this enormous amount Of capital
I lying dormant, but the annual interest
q thereon is also withdrawn from the avenue!
/ | Of ordinary business, RnC sunk in the SAINT
y financial dead sea.
There is no question in my mind but de
q. lay upon this question of paying the deb
>, will be fatal to the people. The inevitable
y effect will be to divide the people into elias
n ses. The rich will, every year. becom'
a richer and the poor poorer. The small
r farmer will gradually become reduced il
| 80 l., .
. sell out to and become the tenant of thu
n large capitalist The wellto.do mechani,
will follow rapidly the same downward
coursr. None but the great capitalists, witt
can live on the interest Of their bonds o
T. the dividends Of their bank stock, can com
q pete successfully with government, in the
e use OF money, that pays interest equal to /
: per cent.
Under the radical policy, we are to return
/ to Il specie bRsis without any dminution o
/ the public debt. The lowest estimate of an
nual revenue necessary to pay the interes
on the public debt, and defray the expenses
, Of the government under the radical policy
q amounts to $3.50 100000. The highest es
e innate Of gold in the country is $2j0,OOO
600. How you are to pay such enormous
. taxes with such 4 small circulating medium
is to me incomprehensible. We now have @
circulating medium of $7OO,O0O,OOO; and
the people can barely get enough money tc
pay their taxes. Return TO q specie basis
with this debt hanging over them and there
! will be barely enough money for the credit
ors Of the government, and none for the
people. Could we pay off $5OOOO0OO0 o.
, the debt now, and abandon the policy oil
| s.,N IL
we would release from bondage that much
capital, which would necessarily 20 into cir
culHtion in the regular channels Of business
Trade would revive. Industry would receive
its Just reward Want, which now haunts
the door of many a poor laborer, would be
driven away. AS we would pay off, each
year, say 5000, 100000 of the debt, that
amount would be added to the swelling tide
of prosperity, and the waste places would
begin to blossom as the rose. Taxation
would gradually release its grasp from the
people, and the cheerful song of the men Of
toll would again be waited upon the breeze
Happiness, contentment, and peace would
reign in the hearts of the people.
1t is claimed by some that we propose to
initiate the currency and destroy its value.
My estimates for reducing, and finally pay.
ing off, the debt, are based upon the pres.
ent volume of currency. would remark,
however, that, SO long as the necessities of
the country require the use of a legalten.
der papermoney, q sufficient amount ought
to be supplied to answer the wants Oft the PEG.
pie. | would not issue greeubacks merely
for the purpose Of redeemng the interest.
bearing notes. But whenever experience
demonstrates that more currency is necess-
AIRY, the amount should be supplied by the
government; and every dollar that can be
supplied for that purpose ought to be ap.
| Piled 10 the reclamation of tho bODds Tho