The union Democrat., 1868-06-20
From the State Register,l
The National Debt-rhe Na,tou.i k....S
and the National Honor

i'' u-soAssiuu VIII excite more and more in
qalry, until the whole subject is thoroughly
understood by the people. Appealing to the
nnanciai condition OF the country, and in.
voiving the property of the poor and rich
relatively aiike, this topic is one of the most
important that enters into the consideration
OF matters OF dollars and cents. We are not
surprised that the subject is awakening nub.
| lie regard.
The almost incalculable amount of ;n5eht.
ednesss contracted by the government. neces.
sarily is a matter OF bewilderment. We have
been accustomed to regard national debts as
national blessings, but why is not SO easily
explained. distinguished fnancier man
aged to make this discovery, and as far as
he personally was connected with the ma
tlonal debt, II proved to him blessing. But
In what sense 1t could be considered a ma.
tlonal blessing has not yet been discovered.
Great Britain for a time had national debt
larger than that of any known government.
1t remained tor the United States to secure
the championship in this regard, and the ma.
tlonal debt OF this country is little less, if not
a little more than that of any other country.
The idea of its being a national blessing was.
probably, borrowed from the other side of
the water, where it is asserted that the debt
OF Great Britain is the bond of union which
prevents that government from falling to
pieces. The national debt of the United
States seems not to have had like effect here.
Notwithstanding its volume and pressure we
have no Union under the constitution. 1t is
safe, therefore, to conclude, that what NAV
be BOND OF union in one country, has no
such salutary conserving power in another.
The national debt of the United States is
admitted to be IN round numbers 81, Coo, ,000,.
UUO, beside millions unliquidated 1t is Ger.
talnly large enoug h in all conscience to make
blessing OF large dimensions, if blessing, it
Is, OF can be made. The interest upon this
enormous debt, if reckoned in legal currency.
amounts to the annual sum of nearly one
hundred and seventy millions of dollars. and
if paid in gold an hundred and twenty mil
| lions of dollars. We deal in round numbers
for considering so much money, a million or
two dollars cuts no important figure. This
being our debt, though the payment of it at
an early period, If ever, is questionable, still
its interests can be managed, and some toler
ably skilled statlSts have even declared that
In time the principal mi ght be paid. One
must have strong faith in the financial re.
sources OF this country to pay such debt.
Mr.. Ihaddeus Stevens jots down the whole
debt, bonded and unliquidated at between
four and five thousand millions of dollars.
OF this twenty-five hundred million of dollars
bears interest payable in gold, Nearly one
huIfireesziiiiions are in greenbacks paving
no interest.
Upon this state of things it is desirable to
ascertain whether it would be just to the
bondholders and of sound policy to the coun.
try to pay this bonded debt now bearing in.
terest payable in gold, with the legal cur.
rency of the land. The very first considera.
ton would seem to be, would such a course
violate the national good faith? If so, there
Is an end to the discussion ; for national
honor should be preserved, even at the risk
of national bankruptcy. In this inquiry acts
OF congress show no promise to pay ve.twen.
ty bonds in gold, either principal or interest.
One class of bonds only, the ten forty bonds.
have the national assurance to be redeemed
both principal and interest in gold. All the
rest are payable in the legal money of the
country, and the law says the legal tender
note is the currency of the country. 1t was
not SO in the innocent days of Andrew Jack.
son, but those are past and this en- passant
There being then no promise there can be
no breach OF good faith, and certainly no dis.
honor in paying the fve.twenty bonds in
greenbacks.
1t adds nothing to the claim of the bond.
holders to be paid in gold, that they bought
them ct about forty cents on tie dollar; gold
having been at a premium of between two
and three hundred per cent. In other words
greenbacks could be bought for gold at about
sixty cents discount.
So far then, SO good. But right here the
inquiry will naturally arise as to the Justice
of paying these bonds in gold, either princi.
pal or interest, when the government pays
the Union soldier his pension or bounty mon.
ey for the arm, or leg, or the eye he has lost
IN the service ; or the mother of the slain son
or the widow for her husband killed in battle
with legal tender.
The question of good faith being disposed
of, the question of sound policy recurs. No
country should have two distinct species of
currency. That which is good enough for
the brave soldier who perilled his life and
lost his limb in its service, ought to be good
enough for the bond holder who invested forty
cents to buy bond for which he claims one
dollar in gold. The question of policy is the
one difficult Of solution. 1t is an embarras-
sing problem. 1t would seem preferable to
risk the dangers of initiation, than to bank.
| rupt the nation.
Sudden imitation of the currency might in
volve panic and monetary disaster; to pay
these bonds in gold would certainly insure
both. Eminent statesmen and able fnan.
ciers insist that the bonds can be paid in
| greenbacks in such manner as to prevent Sc
rious disaster, and unhappy disturbances of
values and prices.
| HOUSEHOLD HINTs.-Wood ashes, wet with
water, will stop the crack Of stove, and
prevent the smoke from escaping. Stir Po-