The national Republican., 1868-12-10

Dr nearly ~ much = was expended during the
s sssnsssss sss Ess sssSs% ,ss s.pss sss
These .isftiin9 isst. elsArlT tllusssa,. the
,sce,.,,y Of .sstsnsA psas 10 AZ sr.schs: q
srsted during 10 ~ fSs the pfesssvsties Of
the Nation vii. noble endured BY the people,
now that profound peace prevails. The re.
have, during the past three years, grsdusiIy
and the continuance Of useless
and extravsssnt expenditures will involve us
IL. .n q ss %sse soc onsrda nsT
and IN many respects obnoxious on aecount OF
their inquisitoIlal character. .One hundred
tary foros, q isfrs portlon Of which !. en-.
ployed iu he'execution Of laws both unneces-
sary and unconstitutiosslj one hundred and
shsy on he qpnSs ass sS .s1g "
taxEatherers impoxerishes the nation; and
public agents, plsesdby Congress beyond the
control q the Executive. divert from their
which they collect from tbs, people In the
name Of The Qoxernment. Judieious legisls.
ti9n Ard pfndsht eeonomy s,n alone remedy
exist, cannot fAiito diminlsh coincidence In the
public oounoilal And ye.ken the sstaehment
and s:Pssf, q ss Ps9Rss sSws ,as5 RSss
smsl bsnuae which il l. e.timsssd viii re-
main In the Treasury at the close Of the
present aseal year Will not be realized, and
additionsl million.ee added to debt which
~ shown, By the able and comprehensive
report OF the Secretary Of the TtessuIy, that
,hs receipt. dor the fscsl yesI ena,os June g,
lures for the same period were t3I7 $40 ,2si,
IDS. II 10 estimated that the receipts during
viii Be ssii ,soa SIS, and the ESQ.
lb2,470, showing small balance of o. 2i0, sos In
favor Of the doysrnmsnt. For the asssl yesr
ressipts viii smount to tsal, ,ooo, 900. and the
mated surpiu, Or N Soo,Ooo -. -
make Srisf refeTeeee fSp to our our puSio Indebted
ness, which has accumulated with such alarm
ing rapidity and assumed such colossal pro-
portions.
In 1850 when the Government commenced
operations under tho Federal Constitution, IL
was burdened with an indebtedness ofseventy-
I've millions Of dollars, created during the war
sss * 3 saa been
1872 war was declared against Great Britaio.
The three years. struggle that followed largely
increased the national obligations, and In 1sld
twenty-seven millions. Wise and economical
legislation, however, enabled the Government
to pay the entire amount within a period Of
national debt filled the land with rejoicing,
and was one Of the great events OF President
Jackson's administration. After Its redemp-
",
which was deposited for safe-keeping with tie
several States on condition that II should be re-
turned when required BY the public wants, In
sive war with Mexico, we found ourselves in.
this was the amount owed BY the Government
10 isoo, just prior to the outbreak Of the re-
commenced. Each year OF Its continuance
made an enormous addition to the debt, and
when, IN the spring Of 1855, the nation success.
fully emerged from the conflict the obligations
Of the Government had reached the Immense
| sum Of t2,sT3 ,9o2,o09. The Secretary OF the
Treasury shows that on the lst day OF Novem'
- tol ,t0t, ,+5oj but at the same time his report
| exhibits an Increase during the past year OF
81, 5,62s,lo2; for the debt on the lst day OF No
1t Is estimated by the Secretary that the re-
i turns for the past month will add to our liza
bilities the further sum Of eleven millions
Of forty six and half millions.
| In my message to Congress OF December l.
1895, It was suggested thst a policy should be
devised which Without being oppressive to
ducfion Of the debt, aud II persisted in, dis
charge Il fully within a dehnite number oi
years. The secretary of the Treasury forcibiy
| recommends legislation OF this character, and
justly urges that the longer 1t 10 deferred the
more dificult must become Its accomplish
ment. We should follow the wise preoedents
established In 1850 and 1916, and without fur
| ther delay make provision for the payment ol
our oblig stions at as early period as may bt
| prAetlcable. The fruits OF their Lahore should
build up and sustain moneyed monopoIies il
i our own and other lands. Our foreign debt |,
| already computed by the Secretary OF the
citizens OF foreign countries receive interes
| upon . large portion OF our securities, ant
American Taxpayers are made to oontribut,
such debt 10 to become perman ut should b,
at all times discarded, as involving taxation
too heavy to be borne, and payment once II
teres,, Of an amount equal 10 the origin Al sum
| This vast debt, II permitted to become perma
nent and Increasing, must eventually be gath
cred Into the hands OF few, and enable then
TO exert dangerous and controlling power II
the affairs OF the Government. The borrower
would become servants to the lenders, tn
lenders the masters Of the people We nov
| pride ourselves upon having given freedom :,
four millions Of the colored racej 1t will the
be our shame that forty millions OF people, b
their own federation 81 usurpstion and pronl
gnoy, have suffered themselves to become el
shaved, and merely exchanged slave.owners 70
new task masters In the shape OF bond-hoder
and taxgatherers Besides, perm snent debt
tending to monopolies, peTpetuities and elias
legislation, are totally ifreoonoilable with IRE
institutions. Introduced into our republiea
ifs foundations, eventually subyert our gov
Honeyed aristoersey. 1t Is our sacred duty t
blessings OF li6erty which were 6equeatked :
us by the founders of the Republic, and b
our example teach those who are to follow u
a free and Independent people. '''''1 '''''>
Various plans have been proposed for tn
payment OF the public debt. However the
which 1t should be redeemed, there seems /
be a general concurrence as to the prophet
and Ja.tnesa q reduction 10 the present rat
Si Interest The Secretary OF the Treasury
gress, In q bill passed prior to adJournmer
on the 2Ith OF July last, agreed upon four an
four and half per cent, while BY many thre
Client return for the Investment. The gener,
Impression as to the exotbitancy OF the exis
ies rate Of interest had led to an inquiry |
I which the Government has actually receive
for Its bonds, and the conclusion 10 becomin
prevalent that the amount which 1t obtaine
+ cent. less than the obligations which 1t Issue
In return. II cannot be denied that we Al
paying an extrayagaat percentage for the VI
{ reney. greatly deprecated below the value
. coin. This fact is made apparent when "
consider that bondholders receive from th
, Treasury upon each dollar they own in Go
! ernment securities, six per cent In goi
! which 10 nearly or quite equal TO nine pI
cent. 10 currency that the bonds are then co
yerted into capital for the national bank
eulation, bearing six per cent, Interests al
that they are exempt from taxation by Il
Government and the States, and thereby e
: hanced two per cent. In the hands oil Il
holders. We thus have an aggregate OF Sc
enteen per cent. which may be received upo
each dollar by the owners Of Government .
: curitieH. system that produces such resul
10 Justly regarded as fayoring few at the 9
pense OF tho many, and has led to the furth
inquiry whether our bondholders, In Wow
the large profits which they have enJoye
would themselves be averse to settlement
our Indebtedness upon plan which wou
yield them q fair remuneration, and at II