The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1868-12-18


the payment of the public debt However
they may have varied as to the time and
mode in which it should be redeemed !,
there seems 10 bea general cencurrei-ce ss
to tho prorritty and ju-tne>s Of a reduction
of the present rate oil interest. The Sscre
tary u the Treasury in his report recon
n,ends 5 per cent. Congress, in bill
pa ssed prior to adjournment on he 2Ith OF
july last, agreed upon four AMI tour and a
half per cent, while by many three per
cent has teen held 10 be an amp J suiiIcicEt
return for the NV estmeut. lie genera
Impression a TO the exor0ltancy of h eN-
listing rate of interest has led 10 an inquiry
IN he pubic mind Respecting the coiisf.sr>
alton which the goyel nm ut has actually
received for It's bonds, aud the con, lu-ion
Is tccomlng prevalent that tie amount
Which 1t obtained was IN real money three
Ur four hundred per cent less thin the 90
igaiious winch 1t Issued IN return Ii can
not be denied that We are paying an extrav
agaHt per cent tor the use OF money ter
ionei, which was paper money greatly de
preGlated beios the value OF coin. Ills
fact IL made apparent when We cons der
that bonihoiders receive tIom the treasury
upon each dollar they oFn IN government
securities six per cent gold, which IS quite
equal TO nine per cent currency F.; that the
bonds are then converted mo capital for
the national banks, upon which those in
stitutloDs Issue their circulation hearing ak
Der ceut interest, and that they are exempt
from taxation BY government and The
States, and thereby enhanced two per CEN
in the hands Of the holder. We thus have
an aggregate of seventeen per ccut which
nav be realized upon each dollar by the
owner OF such securities. a system that
produces such results is justly regarded as
isvofing a few at the expense OF the many,
and has led to the further inquiry whether
our soDdhoidcra in view OF he large prof
its they have enjoyed. wol al themselves be
avar.e - q settlement Of our indeb, c1ness
upon plan which would yield them fair
ren,unel atom, and at the same time be just
to the taxpayers of the nation. Our ma
tipna credit should be most sacrediy 90
served, but In making provision for our
creditors We should not forget what Is due
to The masses OF the people. Ii nay be
assumed tha, the holders Of our securities
have already received upon thcr bonds
larger amount than their original invest
neBt, measured 10y gold STANDARD. Upon
this statement of facts II woali seem Gut
just and equitable that ;he six per cent IN
'erest no1 paid by the government should
be applied 10 the reductioa ut tke piinci
PAL, IN semi annual lnstslimcnts, which, m
sixteen years and eight months, would iia
uldatc the entire Bational debt. Six per
C nj IN gold would, at present rates lc
era t. pr cent III currency, and equiv
To tie payment OF the debt one ana ?
b II t mes IN +, C ION less than seventeen
years. This, In connection with all the
other advantages q r,yed ilom their III
vestment, soald afford To the p &c C "a
Ito 1 lr AID Ii raj conn ensatlDu toi the
U e or tnlr ia, n " I'll thi, they
should toe satl ID Il. The lessons OF The
past aIuIoulsh the lender that 1t h not wei
to be over anxious In * cJlng fom The
boiIoSer II. i'll compliance with the letter
OF Il Donu.
Ii provision be made for tie payment OF
the Indebtedness OF the government H. the
nauuer suggested, our nation VII rapidly
recover It's wOnied lrosI erlty. Is inter
ests lcq ,ire that some inca ura should be
taken TO reiSa,e he lar &c amount of Cagi
tai Invested IN The securities Of the govern
uent. 1t Is not now merely unprodGctIve,
but IN taxation pEGuaiiy CONSUMES $50
900, 90 which would otherwise be used ny
wealth vi the nation.
Oar commerce, which at one time sue.
ccs fully rIva'.ed that OF TIL great maritime
pOsers, has rapidly diminished, ana our
industrial Interests are III a depressed anu
lanSuishlnx conjl ton. The DEVELOPMENT
oi our Industrial resources checked and
the fertile ae.'iS oi the South are becoming
waste, for want OF mesns TO I'll them
With the release of capital, new life wslid
be lniused into the raraiy zed energies of
our people, aud ACTIVITY and yIyor iupart
cd to every hianch of lniH,try. Oar peo
pc ~, d encouragement In their effort. to
recover from the effects of the Iebl ION
and Of injudicl u gisiaIion, aud il ,huu Il
be the II ut the govern, NJ to stin u ate
t9e:n, 10y the pro>I t of mn early reiaa-e-
ment om ii bIruens which IMPEDE their
,ro perity. Ii We utuI OF take lie ouf,irUs
+ ON their shoulders, We ~ho,l At least
nla lfe-t Willingness 70 hep to bear tbs III
In !ef,rrng to the coniiti,n OF the clrcu
taiinX medium, l stall merely Ieite,.te
substantially that portion oil nay last ausu |
ms >nase Ahich reiaies IL that sat jac, 1be
proportion Nh:cl The currency II sus
cou.t.y s..Od.d bear tp the whole Va NC o.
| The animal prvdacc ciccala,ed by it, me.,,~,
~ fhtStfOH ufuu " ii'ti tEc io9tscoi Sttii
| vni,,s nafe not sSr.td i, nor eau 1t ie con
| nctci 10y legis,attou, tot rs,ast b. lett 20
TIE Irrevocab'e lass vb,en c.etsa acre res
n.te cosnHcfce and trade IA. c,:cu at
ns m.dia,n vii ever Hreei >ab'y !. " t.
t!,'se points y here 1t /, .c srea .,t dem,ni.
he i.a OF supliy sni dcnaud is ~ uau,r-
M ts inat ~h,ch reSu atcS ts,t tide, ui he
o,.aH, and Ihieed c,,,i.rry &c i4,e uie,.
h.r II, eo''s AMI 1os. tbrou. !.sitt ti:s con
Inerclai Aorid At tie -s,anhs ii ia
Te;-eiiIua the hanx DD,e c,rcu a,l,.n Of ,,,.
country swoHa eli to a"t s,lic!. ,,.pse tia
two htadred aiiir,n daii,r, nov The c.
ouj.;iua I: Da,ir.,s! b,.ik notes sat Il ,se
Anr-n ~ -. t.aier,, l. re&riy --y.t:
h.ai,ea mll.,,n. VI bdr 1t Is ursc.i rs
-o.',e tGa; tIf.s H Ulit st,I = ~. t,.ge,-et,
oll,cr> cateHa la.t ,itx: I'D d, 1,,.,., ga y
| A;t>',.ate --tcnta TO tie hest iu:cres.S O,
lie c1u1Fy. in ,ie& III ,he.c III, er, a,,,u
| iu,.s II IA! he sell 20 ascertajh ,ae rcs
| ,.ue Of oar pager issue, when ecu, p r. :,
Nj. n 4 m!e al.Ic VI convert. tie carrcn-y -.
ths lus. 'Oe, s-t us its, s,s.. :ipk ~ iS.:i Il
an silver caai.i be vuYc:.a-c. g, r..e ven
| a.1.ir,d a,iisinGs nj t.,.~r ft,,,cy Boz l.,
| c,.calA,iou. pt,.s,st.!s sos s..,re ,.1:a !.ail
ti.e at:aosat o. ,ae ii.t:cr .sps 81, IL, 81 b n