The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1868-12-16

Tic lillLiCli@C oA4tA4 III D-sOl D sDO- gOOO. |
The Secretary of the Treasury shows |
that on the lst day of November, 1867, |
this amount had been reduced To ST.
l9l ,50I 400, but at the same time his |
report exhibits an increa Sc during the
past year of $35, ,625, I02, for the debt |
IN the first day of November last is |
stated to have been s., ,527, ,l29, ,552. It
is estimated by the Secretary that the
returns for the past month will add to
our liabilities the further SUM OF elev-
en- millions, making a total increase
during thirteen months OF fOrty-siX
and half millions
RYILs RESULTING FROM TIE NATIONAL BEBT.
In my message to Congress of De-
cember 4th, 1865, it was suggested
that the policy should be devised,
which, without being oppressive to
the people, would ut once begin to eff
feet a reduction Ofthe debt,and il per-
sisted in, discharge it fully within a
definite number of years, The Sec
retary of the Treasury fOrcibly recon-
men g legislation of this character,
aun Justly urges that the longer 1t Is
deferred the more difficult must be-
come its accomplishments. We sho'd
follow the wise precedent established
in 1889 and 1916, and without further
delay make provision for the pay
uent ofour obligations at as early
period as may be practicable, The
fruits of their labOrs should be enjoy
ed by our citizens, rather than be used
| to build up and sustain mOneyed
mOpOpolie5 in our own and other
| lands. Our foreign debt Is already
computed by the Secretary of the
| Treasury at $3.50, 1000. Citizens of
| foreign countries receive interest up
n a larger portion of our securities,
| and American tax payers are made to
! contribute large sums for their sup
! DOrt. The idea that such debt Is to
! become permanent, should be at all
| times discarded, as taxation Is too
heavy to be borne, and the payment
once in every sixteen years ar the
present rate of interest, of an amount
equal to The riginal sum. This vast
debt. if permitted to become perma-
nent and increasing, must eventually
be gathered into the hands of few,
| and enable them to exert a dangerous
and controlling power in the affairs of
the Oyernment. The borrowers
wOuldbpcOme servants to the lenders;
the lenders masters of the people
We nOW pride ourselves upon having
given freedom to four millions of the
cOlored race. It will then be our
shame that forty millions of people,
bv their own liberation of usuTpatiOn
and prniigacy, have suffered them
selves to become enSlaVed and mere
" exchanged from slave owners tC
new taskmasters in the shape OF bond
holders and tax gatherers. Besides
perma ent debts pertain TO monarchI
cal governments, and tending to mon
opolies. perpetuities and class leglsla
ton. are totally irrecOncilahle witt
institutions TnfrO6nHnH lnff
our Republican system, they wOulC
: gradually but surely sap its fOunda
! tions and eventually subvert our gov
: ernmental fabric and erect upon 1t
2 ruins a moneyed ariStOcracy. 1t i
our sacred duty to transmit unim
+, paired to our pOstarity the blessing
, oflibeIty which were bequeathed T.
: US, by the founders of the Republic
p and by our example teach those VIII,
3 are to follow us carefully to avoid tn
/ dangers which thre ten a free and IN
e dependent people.
. INTEREST PAYMENTs-rHE PRESIDENTS TIIH
DRY OF REDUCING TIE DEBT.
Various plans have been propose
+ for the payment of the public debt
! | However they may have varied as t
the time and mode in which it shout
=. be redeemed, there seems to be a gen
! eral concurrence as to the prophet
q and business of reduction in the pres
ent rate of interest. The Secretary {
o the Treasury in his report recon
E mends five per cent. Congress, IN
q bill passed prior to adjournment o
! the 9th of July last, agreed upon tou
) and four and a half per cent, Will
a by many three per cent. has been hel
: to be an amply sufficient return fC
| q rrnnnral nv
! ion as to the exorhitancY of the eXis
~ ing rate of interest has led to an ii
II quiry in the public mind respectin
n the consideration which the Cover
# ment has actually received for 1
q bonds, and the conclusion Is becon
/ ing prevalent that the amount WhiC
r 1t obtained was, in real money, thrt
p or four hundred per cent. less than IL
Il obligations which it issued in return
It cannot be denied that we are pa.
-e ing an eXtravagant per centaEe for II
ST use of the money borrowed, WhiC
X was paper currency, greatly dGpreC
l ated below the value of coin. In
"a fact Is made apparent when we co
e, slider that bondholders receive fro
:, the Treasury, upon each dollar the
/. own in Government securities, six, y
Of cent In gold, which is nearly or qui
a. equal to nine per cent. in currenc
he that the bonds are then converted in
N capital for the National banks, upC
j. which those institutions issue the
n circulation, bearing six per cent.
I'd terest, and they are exempt from ia
lir alton by the Government and I
O. states, and thereby enhanced two P
ls cent in the hands of the holders.
u thus have an aggregate OF Sevente
al per cent, which may be received up
H. each dollar by the owners Of Cover
BIT ment securities. A system that p;
Is. duces such results is justly regard
,e- as faVOring a few at the expense
he the many, and has led to the turth
is inquiry whether our bOndhoiderS,
re view OF the large profits which tn
'or have enjoyed, would themselves
81, aVerse to a settlement of our inue
of ness upon a plan which would yit
he them q fair remaL era tiOn and at [
ar same time be just TO the taxpayers
l. the nation. Our national credit She
g. be Sacrcely abserVed, but in maxi
of provision for our creditors we ShoU
mt not forget what is due toTthe mas
20. of the peopla. 1t. may be assam
ill that the holders of our securities ha
en- already received upon their bond
es- larger amount than their original
vestment, measured by gold ST.
udrQ. Upon lIli5 SIdLSulSAG VI 1dCtS
would become just and equitable II
&C. the six per cent interest now paid
'ur the Government should be applied
Gu the reduction of the principal in sci
lty annual iustallmentS, which in siYte
OF years and eight months would hq
'nI date the entire national debt. Six I
ed, ceni in gold would, at present ra
leu be equal to nine per cent in curren
I'VE and equivalent to the payment
The daht Gne and n half times ina fir
lhI ton less than seventeen years.
IL THE RESULTS OF Tins THEORY
he This, in connection with all
,ed Eother advantages derived from tn
biz investment, would afford to the p
led lie creditors, fair and liberal comp
ty- sation for the. use of their capital a
cal with this they should be satisi
the The lessons Of thepast admonlsh
ant lender that it is not wen to be OF