The Ottawa free trader., 1868-12-12
OTTAWA FREE TRADER: SATURDAY DECEMBER 12 1868.

a. nay be practicable. The fruits OF their labor
should be enjoyed BY sitizsns, rather than used
70 build up and sustain monopsliss in our own
and other landa Our foreign debt is already
>650 O00 600 Citizens Of foreign ceuntriesr
intsrsst upon large portion Of oar securities,
and American taxpayers are made to contribute
large sums for their support. The idea that such
. debt 10 - become permanent should At all times
b discarded, q involving too much to be borne,
and payment, once in every IL years, At tho pres
snt rate of interest, of an amount equal to the
original sum. This vast sun, if permitted to BE-
come permanent and increasing must eventually
be gathered into the hands of few, and enable
them TO exert dangerous and controlling pow
or in the affairs Of the government The borrow
ere would become the servants of the lenders; ;
the lenders be masters of the people. We now
pride ourselves upon having given freedom to
four millions of the colored race It will then 30
our shame that forty millions Of people, by their
owl tolsratisn of usurpatisn and pro6igacy, have
suffered themselves to become enslsvsa, and
merely exchanged slave-owners for new task-
masters in the shaps of bsndhslders sad tax-gsth-
srers. Besides, permanent debts pertain TO mon
archical governments, and tend to monopolies
Perpetuitiss and class legislation are Totally ir
rscoasilabls with free institutions. Introduced
into eur republican system, they would grsdu-
ally, bat surely, cap its foundation, eventually
subvert our govsnmeatal fabric, and erect upon
its ruins . monsysl aristscsaey. 1t il our sas.
red duty to transmit, animpairsd, to our poster
ity the blsssings Of liberty which were bequsath.
ID T. us BY the founders Of the republic, and, BY
our example, teach those who are to follsw ~.
carefully to avoid the dangers which threaten .
free and indspsndent people.
ment of the public debt. However they may
have varisd - to tho time aad msds in which it
shsuld b redeemed, there seems TO be general
concurrence - TO the propriety and justice Of .
reduction in the present rate Of interest. Tho
secretary Of the treasury, in his report, recon-
mends per cent; congress, in bill passed pri-
or to its adjournment on the 27th Of July last
agreed upon 1 aud ~ per cent while, BY many,
3 per cent has been held TO b A amply sufici-
ent return fer the investment The general i'm
pressisn - to the sxorbitAasy Of the existing
rate Of interest has led TO a inquiry in the pub
lie mind respecting the consideration which the
government has actually received for its bends,
and the conclusion 10 becoming prevalent that
the amount which it obtained was in real money
800 Or 400 per cent. lsss thaa the obligations
which it issued in return. 1t cannot be denied
thst We are paying IN sxxAvsgsnt percentage
for The ass Of tie money borrowed, which was
paper currency, greatly dspreciAsed below The
value Of csin. This fact 10 made apparent
when We consider that bondholders receive from
the treasury upon each dellsr they own in gov
srumsnt bonds per cent. in gold, which 10 near
ly or quite eqsAl to 8 per cent. in currency !;
that tho bonds are then converted into capital
for the national banks, upon which those insti-
tutioas issue their circulation, bearing 8 per
osat interest; and that they are exempt from
taxstiou BY the government and the stasss, aud
thereby enhanced Per cent. in the hands Of the
holder. We thus have IN aggregate Of II per
'osnt., which may be realized upon each dollar
BY the owners Of gsvernnsat securities. Asys.
ton that produces sash results 10 Justly regard
ed - favoriag . few, at the expense Of many,
and he's led 70 further inquiry, whether our
bsadhslders, In view Of the large profits which
T. . settlement Of oar Indebtedness upon plan
which would yield them . fair enumeration,
and, ct the sane time, bs just TO the tAxpaysrs
Of Tie nation. Oar national credit should bs -
credly observed; bat in making provision for
our creditors, ~ sho1ld not forget what is due
TO the maases Of the people. It may be assumed
that ths holders of our securities have already
received upsn their bonds . larger amount
than their original investment. measured 5y .
geld staadaId. Upon this statement of fsets,
it would sssn but inst and equitable that the 8
should be applied to the reduction Of the princi.
pal, in semi-snaual instalemnts, which, in ak
teen ysars and eight months, would liquidate
the entire national debt. Six per cent in gold
would, at present rates, be equal to per cent
in currency, and equivalent to the paynel. Of
debt one and . half times in fraction less than
seventeen years. THIS, in connection with all
the other advantages derived from their invest
meAt, would afford to the public creditors fair
and liberal compensation for the use Of their cap.
irsl; and with this they should bs satisfied
The lessons of the past sdmsnish the lender that
it 10 not we'll 10 bs over anxious in exacting from
the borrower rigid compliance with the letter of
the bond.
II provision be made for the payment Of the
Indebtedness Of tho government in the manner
suggested, our nation will rapidly recover its
wontsd prosperity. Its interests require that
some measure should be taken to release the
Largo amount Of capital invested in the securities
of the government, it 10 not now merely unpro-
ductive, but in taxation annually consumes
$3.50, ,0OO, ,O0O, which would otherwise be used by
our snterprising people in adding to tho wealth
Of tho nation.
Our commerce, which, at one time, successful
ly rivslled that of the great ma ritne powers,
has rapidly diminished and our industrial in.
terssts ara in depressed and languishing con-
dition. The development of q h ins1haustible
resources 10 checked, and the fertile fields of the
south are becoming waste, for want Of means to
till them. With the release of capital, new life
would be infused into the paralyzsd energies of
our people, and activity and vigor impaired to
every branch of industry. Our people need en-
in their efforts to recover from the
effects of the rebellion and of injudicious legsla-
lation, and it should be the aim of the govern.
ment to stimulate them. by the prospect Of an
early release from the burdens which impede
their prosperity. If We csnaot take the burdens
from their shoulders, We should at least manifest
A xillinunaaa Ia helm 10 hear than