The Vinton record. [volume] (M'arthur, Vinton County, Ohio) 1866-1891, 1868-03-05

"Ouiu w IIlO odlllS3 iOI ~ 10 no
in human nature to refuse the
best end of the bargain when
offered, and especially when of:
fere1 by so wealthy and so re.
spectacle a gentleman as our
Uncle Sam. ,. .,...
This funding system, as it is
called, so far from having a ten.
dency 10 bring about the pay
ment of the debt, thereby free
ing the country 9 !rltlr from the bur-
den, has precisely the opposite
effect; and but few instances
are to he found in history where
nations, who after commencing
this system did not continue
it indefinitely from generation
to generation, paying the
amount of the principal in in.
terest over and over again.
without being able to reduce
the principal Of the debt a sin.
gle dollar, did not finally, and
when they could do no better,
quietly conclude to let the OBJ
legation remain, and like Eng
land proclaim to the world
"that a public debt was a pub
lie blessing" leaving their chill
dren to struggle under the
load. n
Not so with young America;
he is never so happy as when
paying his debts: never sleeps
so well as when his obligations
are fully met and discharged:
and when he gives his son a
farm he does not want it en-
numbered by a Government
mortgage to the extent of ten
or fifteen per cent. on its val
ue. In a respectable work on
English finances, written TWEEN,
ty years ago, the following
statement occurs:
"All the money borrowed century ago by
the English Government has been repaid Ave
tunes over in the shape of, interest, withou,
one lot of progress toward ultimate rsef"
The people of the United
States are paying an interest
which,, il compounded semi.an-
nually as we pay it, would ex-
ceed the principal every nine
years; and yet, instead of pre-
pairing to pay up vigorously.
we talk of funding a debt not
yet due by many years.
The first section of this fund
ing bill authorizes the Secreta.
ry Of the Treasury TO issue all
amount of six per cent. gold
bonds sufficient to cover all out
standing or existing obligations
of the United States, which of
course includes the non-inter-
est-bearing greenbacks in cir
culation, which it is necesssy
to take up in order to reach a
specie basis, so much desired
in some quarters, thereby riv-
eting upon the nation a six per
cent. gold debt of S2,5O0,OOO,.
600. This section also pro-
vides; . .............
"That the expenses OF preparing, issuing,
and disposlns Of such bonds shall not exceed
one per cent. of the amount disposed sC'
No one doubts that the ex-
pense incident to preparing
and negotiating the bonds
would reach the maximum of
the one per cent. allowed, ma
king the net little sum of $25,-
100000 to be transferred from
the pockets of the people to
the pockets of a few well-to-do
individuals, (who might or
might not appreciate the ia,
vor, which, instead of being
thus squandered, might be ap-
piled to the payment of the
debt.
The terms of the Govern
ment have been SO liberal to-
wards its creditors that shrewd
men everywhere have been
Withdrawing their capital from
agriculture, commerce, and
other pursuits Of life which
tend to develop the resources
of the country and add wealth
to the nation, to invest in our
securities, from which they re-
alize a handsome profit with