The Montana post. [volume] (Virginia City, Montana Territory [i.e. Mont.]) 1864-1869, 1868-04-25
THE GOVERNMENT DEBT.

THE GOVERNMENT DEBT.
Next to reconstruction the question of
Finance is the most important issue be-
fore the country. The debt of the coun-
try is immense, although less in pro-
portion to the population and wealth of
the country than that of many Euro
pean governments. On the disposition
of it there are many opinions, varying
from honest payment to dishonest re-
pudiation. A question in which all are
interested; on which we do not wish to
be misunderstood. and that must be
soon decided for good or evil. We" take
this occasion TO reiterate the views
heretofore expressed. -.. ID
The debt has been mainly incurred in
the preservation of the Union, attempts
ed to be overthrown by force of arms.
The object was worthy the expenditure
and successfully attained. The govern
menJ had not means to prosecute the
war except by borrowing the money,
and borrowed il as was provided in the
Constitution. That money was loaned
to it by loyal citizens and friendly aliens,
when the government was in danger
and distress. The faith of the nation is
pledged for the redemption of it's obli-
cations, and every prompting of man
hood, honesty and patriotism urges the
most sacred compliance with the terms
of contract by this great and solvent
government. Any scheme that will inn
mediately or ultimately result in a
violation of the government faith, is as
carefully to be avoided as it's dismem-
berment. The plan of greenback re-
denption. if immediate, violates the
contract, in the act authorizing the
$50, 7-30 and 10-40 bonds that they will
n5s be redeemed before the expiration
of five, seven, or ten years. Ifit is not
contemplated to redeem them until they
have natured, there is still an indisput.
able violation otthe act authorizing the
issue of the 5.20's and 1905. Itprovides
that "the total amount of United
States notes issued shall never exceed
$45b, 100000 Nearly that amount is now
issued. 1t would require the issue of
81, 200 100000 more in currency to re-
deem the 5-20s alone. Again, the
contract on the face of the bonds is for
the payment of so many dollars. A
bark or government note is not dol
lar; simply promise to pay one. We
have never been able to see how the
giving of one deprecated promise to
pay" for another promise to pay" by
the same party can be legitimately
construed to be final liquidation of a
debt Let twenty, or twelve hundred
millions more greenbacks be thrown on
the market, and financiers will hedge
themselves in time, but the masses
viii be caught with currency depre-
ciaed to worthlessness, and universal
bankruptcy could only be avoided by
Universal Reputation.
The government has extinguished one
tinth of the debt since the war ended
ahd local governments have paid double
that sum The country could perhaps
tear this stress and extinguis the
entire debt in twenty years. The demand
il however strong, and the arguments
brcible for relief from the excessive
taxation, to permit the country to recu.
paate from the effects of the war. Th,
opposition to issue a new series of bond
! for the funding of the old ones, bearing
0 lower rate of inte rest, and having
long period TO run, is the best presented
| covers all the difficulties in the case and
it IS to be desired that, the Impeachment
ended, it will receive the earliest an,
4 favorable attention of Congress. Thes
| new bonds would ut once go at, or abov
, pay Holders could, at their option con
!, vet their maturing 5-29's for the new
! isjue or have them redeemed at tn
! governments pleasure in the proceed
. Of their new issue. 1t would at one
r msasurably restore the impaired credit
gite impetus to trade, save many mil
= lions annually in interest, and forestal
y tie desperate attempts that will other
9 wise be made in the coming campaig
8 70 deceive the people by specious falla
cies into a course that would cover tn
nation with disgrace. .dishonor and ruiz
{ DR.. A. Platchley. NJ E., who prepare
49, ,>owtsrv, Of II De- n-o~rno,a rauoy