The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1868-12-16

| Lie .iGccECtary. OF TIC Ircusury, III DIS
report, recommends five per Cent; Con-
gress, id Il. bill passed prior to adjourn
Inent t1le 2TtIlof July last. argued upon
four and four and u half per cent, while
by many three per cent. has been held to
|. be satsamply asuficicnt.sreturn for the in
vestment... The general Impression. as to
tho .exorbitaney @of the existing rate ot
interest has led insanlinquiry tosthe pub
lie mind respecting the considerations
which the Government has actually re-
EceTyedf for its bonds, and the conviction is
becoming prevalent. that tie amount
(which it Obtained Was in real money
three or four hundred per cent less than
the obligations -whicheit issued in return;
1t cannotbe denied hat we;are pay ayiRg.an
extravagant, per ~centage. for the use OF,
money borrowed-which. WINS paper cur
rency greatly deprecated beloM the value,
ofcoin. THIS 7factis:made apparent nt;yhen.
we, consider thtt b0ndholders- receivef from
! the Treasury upon each dollar theySown
! in Government securities six per cent, III
gold. which il nearly or quileeedual. to.
nine per- cent in1currencx. That the
bonds are then CONCERTED inies capital for
the national banks, npon which those in:
stitntions issue their circulation, sbearing
six Ptsf cent interest, and: that theyaF are
exeniptdrom taxation by the Government
and=the States, andthereby enhanced.two
! per cent. in the hands Of the holders.
We thus have ana gap,reSate sofSl1 per
cent, which may be received upon .each,
dollar blythe owners Of Government Sc
curities "A system that produces such
results is justly regarded as tavoring q
few at the expense of the nany: and has
led TO the further i:.Quily, whether our
bondholdcrss in Ticwsof the, large profits
which they sliave enjoyed, would them.
sely yes- be. adverse tn.a settlement of our
Indebtedness upon n plan which wonldi
yield them i fair remuneration, and, ut
the same time e*be just 10 the tax payers
of the nation. Our national credit should
be, sacrettly. Observed; but i,imukiihg ;;,ro
vision for ouri,crell6rs, we should not
forget what is due to- the masses of the
Ipeoplo. 1t may be assumed, that the
holders of Tonr securities have already
received upon theirbonds largeran ount
than, their original. Investment, measured
by gold standard. Upon this Statement
OF facts; it. would seem but just and eqli.
table Chat the 8 pea cent. interest now
paid by Government should DE applied to
the.reduction of the priuciral in semi
annual instruments, which IN ten years
| and eight. months swonld liquidate .thefen.
sire ,national debt. Six per ,cenr.>ilr gold
would, at present rates, be equal to nine
per cont, in currency, aud equivalent To
| The payment Of tltb debt ohe and a HALF
times in; n fraction less than seventeen
years. This, in connection with all the
other advantages derived from thcir in,
vestment, would nttordto the,public cred.
itors:a fair i iipd llGitgl:l Compensation for
tiis 6se Of tlie. e.capital, and with this tllry'
should be satisfied. he lessons of the
admonish 5tIie.lendcrs that il is not
:well to be6over. anxious in. exciting from
1.-The ,borrow wcF ;rigid compliance with the
letter OF tho buad. Ii pi'6ss;si"n he made
for tho payment OF The indebtedness OF
the eGovprnlyent in the manner suggested,
ournaliun will tapidy recover itswontcd
prosperity. It's in'C!csls require that
SOM mc>ineasure should be taken 10 release
Ahe:large. pmountsof. capital invested in
+tho securities of the Government. 1t is
now not merely ysunproductire, .bnt-in tax
ntion annually consumes SI5O 900 100.
(which wantd otherwise b5, used by orr
enterprising people in adding to the
wealth .of The nation
Our commerce. which at ore. time sue
scesstully riralle,l that of the great mari
time powers, has.rapidly diminished, and
ur,industrial interests sre inn.depresscd
fand IanguishinG condition. The develop
ment Of onr inexhaustible resources is
checked, and fertile fields Of the South
are becoming waste, for wait OF means
TO till Them With the return ofcapital,
new life would be infused INTO tic parn-
lyzed energies of our people, and activity
and vigor impaired to- every branch OF
sindustry. Oar people need encourage
ment.in tlcir.efforls to.recoyer from the
sfftcts of tho rebellion, aud OF iyinjudicous
.sisgislalion; /. andit should be the aim of
!: this Government to stimulate them by:
the prospect of an early release from the
burdens which impede their prosperity
IF we cannot take the .buHleps from thSi;
shoulders, We should AT least manifest a
Willingness to hclpto bear them. In re-
Eferring to the condition of, the circulating
medium, / shall merely 5rcitcrate sub.
stantia4ly j. that portion ofmy last annual.
l,message, which relutesto that subject.
The proportion which the currency of
any country should bear. to tho, whole
value of tho ahnual' produce circulated by
it's MEANS is.: question upon which 5po-
lilical economists have not agreed. Nor
can it be controlled by legislation; but
must be left TO the irrcvoc;blc laws wlich
everywhere reg.l;rtc comnercr and trade
xThe circulating medium will ever irrc-
ssistibly flow 10 thoss points whcreiit is,
lin greatest demand. The law of demand
and supply is as uncrring as that which.