The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1868-12-17

I anu, u pcfslFlcu IN, VIII pay " Iul
Iy within defnitel number Of
/ years.
The Secretary Of the Treasury
iorcibly recommends Legislation ot
this character, and justly urges
that the longer it il deferred the
more difficult must become It's &C,
complishment. We should follow
the wise precedenis established in
1889 and 1916, and without fur
ther delay make provision for the
payment Of our obligations aL as
carly day as practicable. The
fruits of their labor should be en-.
! joycd by our citizens rather than
used TO build UP and sustain mo
ncpoies in our own and other
lands.
, Our foreign debt is already com
puted by the Secretary vt the
Treasury at eight hundred and if
ty millions. Citizens Of foreign
countries receive interest upon u
large portion Of our securities, and
American taxpayers are made 10
contribute largo SUMS for their
support. The idea that such debt
Is to become permanent should be
al all times discarded, as involving
taxation too heavy to tc borne,
and payment once in every lG
years at the present :aLe Of inter
est of an amount equal to the orig
inal sum. This vast debt, if per
mitted TO become permanent and
increasing, must eventually be
gathered iEtJ the hands OF few
and enable them TO exert dan.
gerOus and controlling power in
the affairs OF the Government. The
borrowers would become servants
to the lenders, and the lenders the
masters Of tho people. We now
pride ourselves upon having gwen
/ freedom 10 four millions Of the
colored race. 1t will then be our
shame that forty millions of people,
by their own liberation OF usurpa-
tion and profigacy, have suffered
themselves 10 become enslavcd
and merely exchange slave owners
for new task masters in the shape
of bOndholders and tax gg:bercrs
Besides permanent debts pertain to
monarcbical governments, and
tending to m0nopOlies, and pcrpet.
uating class Legislation, are totally
irreeOncilable with free institutions.
Introduced into our republican
system, they would gradually but
surely undermine its foundations,
eventually subvert our Govern.
mental fabric, and erect upon its
ruins monied aristOcracy. II is
our sacred duty>tO transmit unim.
paired to our posterity the bles.
sings Of liberty which wero be.
queathed to us by the founders of
the Republic; and by our example
teach those who are to follow us,
carefully to avoid tho dangers
which threaten free and iudepend.
ent people.
REDUCTION OF INTEREST.
Various plans have been propos
cd for the payment OF the public
debt. However they may have
varied as to the timo and mode in
which it should be redeemed, there
seems to be general concurrence
MS to the propriety ard business Ct
reduction in the present rate Of
interest.
The Secretary of the Treasury
in his report recommends five per
cent, Congress, in bill passed
prior TO Adjournment, on the 9th
of July last, agreed upon fcur and
four and half per cent, while, BY
many, three per cent. has been
held to be an amply sufficient re-
turn for the investment. The gen.
eraI impression as to the eXorbit-
arcy OF the existing rate Of interest
has led to an inquiry in the pub
lie mind respecting the considera-
tion which the Government has ac
tually received for its bonds, and
the conclusion is becoming preva-
lent that the amount which ii OBJ.
tanned was, in real money, three or
four hundred per cent. less than
the obligation which it issued in
return.
1t cannot be denied that we are
paying an cxtravagant percentage
for the use of the money bor-
rowed, which was paper culTen'
cy, greatly deprecated below the
value of coin. This fact is made
apparent when we consider that
bondholders receive from the Irca
sury upon each dollar they own in
Government securities six per cent.
in gold, which is nearly or qnito
equal to nine per cont. in currency,
that the bonds are then converted
into capital for the National Banks,
upon which those Institutions issue
their circulation bearing six per
cent. interest; ard that they are ex-
empt from taxation by the Govern
mont and the States, and, thereby
enhanced two per cent. in the
hands OF the holder, We thus
have an aggregate of seventeen
per cent, which may be received
upon each dollar by the owners of
Government securities. A system
that produces such results is justly
regarded as favoring few at tho
expense Of the many, and has led to
tho further inquiry whether our
bondholders, in view of the large
profits which they have enjoyed,
would themselves be aversc to set
tlement of our indebtedness upon a
plan which would yield them a
FUR remuneration, and at the same
timo be just to the taxpayers of tho
nation. Our national credit should