The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1868-12-17

monied monopOllcS in our own aud
other lands. Our foreign debt is al.
ready computed by the Secretary Of
the Treasury at eight hundred and
ffty millions. Citizens receive inter.
est on largo portion Of our securi.
ties, and American tax-paD ers are
made to contribute large sums for
their support. The idea that such a
debt ii to become permanent should
at all times be discarded Ms involving
taxation too heavy TO be borne by
tho people, and the payment, once
in every sixteen years, at the prescott
rate Of interest, of an amount equal
to the original sum. This vast debt
if permitted to become permanent and
increasing, must eventually be gath.
cred iuto the hands of few, and on
able them to exert dangerous aud
controlling power In the affairs Of the
government. The borrowers will be-
come the servants Of the lenders F;
the lenders the masters of the people
We now pride ourselves on having
freedom for four millions of the col.
ored race. 1t will then be our shame
that forty millions of people, by their
own toleration Of usurpatiou and
proaigacy, have suffered themselves 10
be enslaycd nd,morely changed slave
owners for new task masters in the
shape of bondholders and tax gath
erors. Besides permanent debt
pertains to monArchcal governments, +,
tendiug.,to monopolies, Porpetuitios
and class legislation are totally ire.
concilablc with free institutions. In.
troduccd into our republican system
they would gradually but surely sap
its foundations, eventually subvort
our governmental fabric, and erect
upon its ruins moniod aristocraey.
1t is our sacred duty to transmit un-
impaired to our posterity the bless-
ings of liberty, which were boqueth-
cd to us by the founders of the Re.
public, aud by our example teach
those who arc to follow us, carefully
to avoid the dangers which threaten
a free aud independent people. Va
-ious plans have been proposed for
tho payment Of the public debt
However they may havo varied to
the time and mode in which it should
be redeemed, thero seems to be u
general concurrence as TO tho propre-
ty and justnoss Of a reduction in tho
present rate of interest. The Sccre-
tary Of the Treasury in his report
recommends Eve per cent. Con-
gress in its bill passed prior to the
adjournment on the 9th of July
last, agreed upon four and four and
= half per cent. while, bymany, three
per ceut. is held to be amply cuff
cicnt return for the Investment.
Tho general impression as to the
exorbitancy of the existing rate of
interest has led to an inquiry by the
public mind, respecting tho consider
alton which the Government has ac-
tually received for its bonds, aud the
conclusion is becoming prevalent that
the amount which it obtained was in
real money, three or four hundred
per cent. less than the obligations
which it issued in return. 1t cam
not be denied that we are paying an
eItravagant per centage for the use
of the money borrowed, which was
paper currency greatly deprecated
below, the value Of coin. This fact
is made apparent, when we consider
that bondholders reseivo from the
Treasury upon each dollar they own
in Government Securities, siK per
cent. in gold, which is nearly or quite
equalto the nine per cent. in curren-
ey; that the bonds are then convert
cd into capital for the National
Banks, upon which these institutions
issue their circulation bearing six
per cent. interest, and that they are
exempt from taxation by the Govern
ment and the States, and thereby en-
hanced two per cent. in the hands Of
the holder. We have thus an aggre-
gate of seventeen per cent. which
may be received upon each dollar by
the owner Of Government securities.
A system that produces such results,
is justly regarded as favoring few
at the expense of the many, and has
led to the further inquiry whether
our bondholders, in view of the large
profits which they have enjoyed,
would themselves be averse to a set.
Element of our indebtedness upon i
plan which would yield them fair
remuneration, and at the same tim'
DO just to the taxpayers of the ma
tion. Our national credit should be
sacredly observed, but in making
provision for our creditors, we shou,C
not forget what is due to the masse
of the people. 1t may be assumed
that the holders Of our sseurite
have already received upon thei
bonds larger amount than thei
original investments, measured by
gold standard.
Upon this statement Of facts j
, would seem just and equitable cha
the six per cent. interest now pal
! by the government should be apple
to the reduction Of the principal /
semi-alnual installmcnts, which i
sixteen years and eight month
would liquidate the entire nationa
: debt. Six per cent. in gold would a
present rates be equal to nine pc
cent. in currency, and equivalent I
the payment ofthe debt one and aha
T. times in a frac ton less than seven
d teen years. This, in connection wit
d all the other advantages derived frol
o their investments, would afford to Ii
o public creditors a fair aud liber;
# compensation for the use Of the
n capital, and with this they should b
Q satisfied. The lessons Of the pa
y admonish the lender that it is NJ
!, wall IA ha ovar anxioua in aXactin