Clarksville chronicle. (Clarksville, Tenn.) 186?-1872, 1868-12-18

which was deposited for safe keepin
with the several States, on conditio
that II should he returned when n
quired by the public wants. In 1S4s
the year after the termination of al
expensive war with Mexico, we foun
ourselves involved In n debt of s6l
O0O,000 and this was the amouil
owed by the Government IN 1860, Jus
prior to the outbreak of the rebellion
In the spring of 1881 oul civil wa
commenced. Each year of its con
tinuance made an enorlsous addition
to the debt, and when, in the sprirr
of 1855, the nation successfully emerg
ed from the conflict. the obligation
of the Government had reached tn,
immense sum of S2,S7S. 992, ,90s Th,
Secretary of the Treasury shows tha
on the first day Of November, 1867
this amount had been reduced to SO
49l, ,50l, ,453, but ut the same time hi!
report exhibited an increase durin,
the past year of S35, ,825, 102. The deb
on the first day of November last |,
stated to have been 81, 527, 129, $50. II
is estimated by the Secretary that the
returns for the past month will add Il
our liabilities the further sum of ST..
600, 900, making total increase dur.
ing three months Of forty-six and O
half millions.
In my message to Congress, of De-
cember 4, 1865, It was suggested that
q policy be devised, which, without
being oppressive to the people, would
at once begin to effect q reduction ol
the debt, and If pursued, would dis
charge 1t fully within definite period
of years. The Secretary of the Treas
ury forcibly recommends legislation
Of this character, and justly urges
that the longer 1t IL deferred the more
difficult must become its accomplish
ment. We should follow the wise
precedent established In 1889 to 1916,
and without further delay, make pro-
vision for the payment of our Obliga-
tions at as early period as may be
practicable. The fruits of their labors
should he enjoyed by our citizens,
rather than used to build up and sus-
tain moneyed monopolies in our own
and other lands.
Our foreign debt is already comput-
ed by the Secretary of the Treasury ut
$3.50, ,000,0 900. Citizens offoreign coun-
tries receive interest upon large por-
tiop Of our securities, and American
tax payers are made to contribute
large sums for their support. The idea
that such debt Is to become perma-
nent should be discarded as involving
taxation too heavy to be borne, and
a payment once in every sixteen
years, at the present rate of interest,
of an amount equal to the original
sum. This vast debt, If permitted to
become permanent in increasing,
must eventually be gathered into the
hands of few, and enable them to
exert dangerous and controlling
power In the affairs of the Govern
ment.
The borrowers would become SER
wants to the lenders, and the lenders
the masters of the people. We now
pride ourselves upon having given
freedom to four millions of the color
ed race. Yet, 1t will be our shame
that forty millions of people, by their
own tolerance of usurpation and prof
ligacy, have suffered themselves to
L~~...~s s-.-i~--i, -.I ----..-is- ~
change the slave owners for new task
masters in the shape of bond-holders
and tax-gatherers. Besides, perma
nent debt pertains to monarchial gov
ernments. Monopolies, perpetuities
and class legislation are totally irrec-
oncilable with free institutions. In
tioduced into our republican system,
they would gradually, but surely, sap
its foundation, eventually subvert our
governmental fabric and erect upon
its ruins money aristocracy.
1t is our sacred duty to transmit un-
to our posterity the blessings
of the liberty which was bequeathed
to us by the founders of the republic,
and by our example to teach those
who are to follow us carefully to avoid
the dangers which threaten free and
independent people.
Various plans have been proposed
for the payment Of the public debt
However, they have varied as to the
time and mode in which it should be
there seems to I've a general
consciousness as to the propriety and
business of reduction In the present
rate of interest. The Secretary of the
Treasury, in his report, recommends
fivo per cent. Congress, in bill
passed prior toits adjournment OF the
27th Of August, agreed upon four and
II half per cent, while by many three
per cent. has been held 10 he an am
ply sufficient return for the invest
ment.
The general impression as to the
exorbitance Of the existing rate Of in
tercst has led to an inquiry In the
public mind respecting the considera-
ton which the Government has ac-
tually received for its bonds and the
IL becoming prevalent that
the amount which IL obtained was in
real money three or four hundred per
cent. less than the obligation which
is paid In return. II can not be de-
MED that we are paying an extrava-
giant per centage for the money bor-
rowcd, which was paper currency
greatly deprecated below the value OF
coin.
This fact IL made apparent when
we consider that bond-holders receive
from the Treasury upon each dollar
they owe upon government securities
six per cent. In gold, which Is quite OF
nearly equal to nine per cent. in cur
rency; that the bonds are then con-
vertedinto capital for National Banks
upon which these institutions issue
their circulation bearing six per cent.
interest; that they are exempt from
taxation by the Government and
States, and thereby enhanced two per
cent. In the hands of the holders.
We thus have an aggregate Of sew
enteen per cent. which may he re-
ceived upon each dollar by theowners
Of government securities. An asylum
that produces such results is justly re-
garded as favoring few at the ex.
pense Of the many, and has led to the
further inquiry whether our bond
holders, in view OF the large profits
which they have enjoyed, would
themselves be averse to settlement
Of our Indebtedness on plan which
xun,.il x-i.all fbara N fair ram lIuaFat ti0i