Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1868-01-14
The Financial Problem.

iIeFe an aftlcle from the chicago
/ Repettlcan-a sound one
The pecuniary condition and pros
poets ct the nation are daily absorb
lug pubic attention more and more
4 Increasing cmbarrlssmeuts and com
/ ptlcauous in trade, commerce., mana
iactnres. and agriculture, hacc Ted L
q eei elai inquiry INTO the causes auG
the conviction las been reached dat
tieg are dpc inaah rs and 81 le AZ
lmate oulgtom hs ot long costly
i.5r, destructive Har, ueag4 af tia
eNptnse. Gi Whica ure Vet to b. PAID
Ne balis t4at were -AOt III lie rc6als
f{te eo S ana caanon- from which
theN were propelled and the powder
fLat gaTe ne TNRlsc; TIE IRON ciat-
tHai s@armad upon toe geh waters.
s.nd t.e Tsaels taat kepa QD tbs
( 3i0ckado the material of war thai
WAS usec. destroyed, wasted surteH
( dered, abandoned or stolen the ma
forms. wages, salaries, pay and t60a
Tor millions OF soldiers. sailors. c:n-
pl0yts and othcens-ali have been
bought WITH borrowed money, very
/ little oi which has been paid back,
aud onr vast public debt, commonly
estimated III roundnambers, Ill 50. !
300 ZOO, 600. Represents the property
and the services via rs have been
consumed and entirely disappeared
from tue aggregate q eur national
wealth, including the hnrdrcds Of
thousands OF industrial population
who have persisted from battle or
sickness, as well as the billions Of
/ property which were wasted or con-
sum>d by the enemy we fought, IN
keeping up his resistance. or de-
stroyed by the march OF orr armies,
to say nothing Of the prodigions losses
occasioned by withdrawing 50 many
persons from productive pursuit. =
We are now awakening to the act
that our vast national obligations
symbolic what has conc into the IN
satlale NAV OF war. ana passed out
Of existence, but is still owed for.
We learned that we mistoo< for pros
perity, when greenbaeI1s were plenty.
when the civil conflict ragged, and
when every great interest Of the
country seemed buoyant, was but The
outgrowth OF carnage aud ruin.
We now discern The real character
and tendencies OF our condition. We
behold hanging over as debt Of Il
most Heterogeneous and complicated
kind, consisting Of obligations Of va
rl0us values various rates OF iaterest.
aud various terms OF payment, no.
where commanding the confidence il
deserves, and oppressive upon every
pursuit. This has led to an earnest
scrutiny Of orr affairs. The public
mind is engrossed with pia.s of
amclioIarion. No less than nine
schemes differing il their salient fca.
lures, have been proposed, and are
undergoing examination. Many more
plans must follow. II cannot he eX-
pected that we shall master 50 diff
cult and 50 extraordinary a silualiou
ut once Llttlo by little shall we
realize it in allits proportions and d.
mansions. AireadYis agreement sets
ting upon some prominent features.
tirst-'lhe debt cannot be paid ia
fail, nor even in very great part,
Within tho periods named Ia the bonds
originally issued
oacoud-Ihc public securities must
be reduced TO bomoyenoifv. embady~
ing bonds payable ac long dates.
Third The consolidated debG must
bear a uniform interest, rs low q. con
si,toHt with speedy substitution Of
The OLD securities br tho new
Fourth-Ihe new bonds must bear
their proportiouatc share OF The bur~
dens Of Government, represented by
q just taxation Of their principal
Fith-fhe payment OF the public
debt, principal and interest, must be
made in coin.
SiXth-The complete revision Of
! the National Banking system. 50 "a
to reader it comparatively. If totally
free.
Sevonth-The remode,ing Of our
revenue system, SO as to reduce the
number Of petty taxes. while really
adding % the National incomes
Eighth thorough, searchiar, and
rigid reduction o expenditures in
every department ofthe Government
foreign and domestic, civil and mill
tary, regular and miscellaneous.
Ninth-No further contraction Of
the currency.