The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1868-06-06
The National Debt Paid in Specie

From TIE Charleston Is. CO AIersury.3
The radical party at Chicago has affirmed,
as one of its policies, the payment of the
whole United States debt in specie
In this policy they are by no means
harmonious. a very considerable portion
of this party, headed by Stevens aud Butler,
are in favor of paying a billion and a halt
of it at least in current money green
backs. Without expressing any opinion as
to this policy, we deem it proper to inform
our readers of what this debt consists, and
what 1t viii cost the people Of the Uuited
States to cay it.
This debt is partly owned in Europe and
partly in the United States
The debt in Europe amounts to about
S60O,O00,00 of bonds, bearing 6 per cent.
interest in gold, making annual interest
of S36 600 900 In gold. About one half Of
these bonds-say $500, 100000, were bought
of the United States at an average of $50 in
gold for every 500, and the other half at
about $40 for every $I00 The United
States, therefore, owes 5000 100000 in
bonds payable in gold, for which we got but
$360,00Q000 in gold. We have already
pnd for the last three years on these bonds
for interest SI08, COO, 900 in goId-which- on
the amount received, viz: $360,000,O00, IS q
clear profit to the European bOndholder of
80 per cent These bonds are due in 1882
and 1885. Suppose that they shall be paid
In l8S2-wil be seventeen years interest
and we will, by that time, have paid as fol-
lows:
Interest ss5 O0O,00O per S52000o00
sI.H20l9O50
Making total of one billion four hundred
and twelve thousand dollars in gold, for the
loan of three hundred and sixty million dol
1o- FC 40
holder, for this $360,000,0 600, a clear profit of
one billion and tilty-tw thousand dollars in
gold. Every dollar paid on this debt is a
dead loss to the country.
The Domestic debt-that is, the bonds in
the hands of bOndbolders IN the United
States-amOunt in even numbers to s., ,000,-
O00,0O For this amount of debt which
was paid for in the deprecated currency Of
greenbacks-the bondholders gave to the
United States but-S1, 100000, 600 in gold
a little over one half the amount on the face
of the bonds. The interest, at six per cent,
Is SI20,0000 000O-and Imposing the debt
paid in twenty years, the amount viii stand
thus:
IweAty years Interest,". 24OOOJ0Gs
Total received in gold by bOndholders in
Deduct amount jondhoidaTs paid in gold i,260SG0G66
Thus, in twenty years, the people Of the
United States will have paid for the use Of
81 100000, GOO in gold, the enormous sum of
three billions two hundred million dollars
in gold, as mere proft-after returning the
capital borrowed of one million two hundred
thousand dollars.
Now, In making this simple statement OF
the national debt for the information of our
readers, we beg that it may be distinctly IN
derstOOd, that we do not in any way advocate
the reputation of this debt If the bonds
were in the hands of their original purcha.
/ sers, we would not hesitate a moment in
/ compelling n reduction of the debt in con
! formity to equity. But they are not. They
! are gone into the markets Of the world with
our faith upon them; and are now in the
! hands of innocent parties, If our finances
and the Government of the United States
had been wisely administered, since the
termination of the war, we would by this
time have resumed specie payments; and
the question, in what currency this debt
should be paid, would not now exist 1t il
not too late now to accomplish this result by
an honest economy, and just distribution
of the burdens of taxation but judging
from their past course, it is vain to hope fo
any such craftsmanship, from the ruling
party in Congress- The radicals never vii
pay this debt They look upon it as a bless
ing-firSt in rendering high taxation OF
importations necessary for The benefit 0
manufacturers and second in its centralizin
and consolidating tendency upon the Govern
ment of the United States They are striy
ing to revOlutionize the Government of tn
/, | United States; and to make it a lmitles
t despotism in the hands of a majority G
Congress- and in this Aagitious enterprise
the debt Of the United States Is regarded a
one of their prime agencies to carry ou
their policy. In our judgment here lies tn
, greatest danger of Reputation. Let th
, bondholders of the debt of the Unite
States be identified with revolution an
despotism, in the Government, and their fat
t is certain if the revolutionists fail The
q viii rightly and righteously fall with I'll
$ despotism they have striven to put over Il
people. They will make themselves a polt
= cal element which must be overthrowR Wi
, their policy.