The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1868-12-16


sanction moneyed monopolies in our own
and other lands
Our foreign debt is already computed
by the Secretary al the Treasury st eight
hundred and fifty millions. Citisens of |
foreign countries receive interest ubon a
large portion of our securities, aud Amer /
lean taxi ayers are made to contribute large |
sums for their support The idea that such |
a DEBT is TO become permanent shoald be |
at al times discarded IS involving taxation |
too heavy TO be borne, and ps; ment once |
in every sixteen years, at tb. present rate |
of interest, Of on smocnt equal 10 the |
original sun. This vast debt, ii permitted
to become permanent aud increasing, must
eventually be yitnsred into the hands Oh
few and on,5le them to exert a dangerous
and cont. JIling power in the affairs OF the /
cpmc servants to the lenders; the lender
the masters Of the people.
We now pride ourselves upon having
given freedom to four millions OF the col
l0red race. twill then lie our shame that
forty millions Of people, by their own tol
Grafton of usurpation and prohigacy, have
suffered themselves to become enslayed,
and merely exchanged slave owners for
new taskmasiers in the shape of bond
holders and tax gatherers. b, sides, per
manent debts pertain to Monarchial Gov
ernmeDts, and tending to isonopolies, per
petuities and class legislation, are totally
.irreconciable with Tree institutions. lu-
troduced into our Republican system, they
would gradually but surely sap its iounda
tions. eventually subvert our Govern
mental fabric, and erect upon its ruins
moneyed srisiocracy, 1t is our sacred duty
to transmit ,unimpaired to our posterity the
blessings of liberty which were bequeathed
to us by the founders of the republic, and
by our example teach those who are to
follow us carefully to avoid the dangers
which threatcd free and independent peo-
pie.
Various plans have been proposed for
the payment of the public debt. However
they may have varied us to the time and
mode in which it should be redeemed, there
seems to be a general concurrence as to the
propriety and business Ola reduction in the
| present rate OF interest. The Secretary of
the Treasury, in his report, recommends
| five per ceM Congress, in bill passeo
| prior TO adjournment on the 9th Of July
last, sgreed upon four and four and half
per cent, while by many three per cent.
has been held to be ap amply sufficient res
turn for the Investment. The general i'm
| preston as TO the exorbitancy OF the ex-
isting rate Of interest has led to an in-
quiry in the public mind respecting the
consideration which the Government has
actually received for its bonds, sad the
conclusion is becoming prevalent that the
amount which it obtained was, in real
money, three or four hundred per csnt.
less than the obligations which it issued in
return.
1t cannot be denied that we are paying
an extra per centage for the use OF the
money borrowed, which was paper curren-
cy, greatly deprecated below the vslae Of
coin, This fact is made apparent when the
Treasury, upon each dollar they own IN
Government securities, SIX per cent. IN
gold, which is nearly or quite equal toaaens
per cent. in currency; that the bonds are
then converted into capital for the Nation.
al Banks, up0n which tboss iDstutlon.
issue their circulation, bearing six per cent
interest, snd thai they are exempt from
taxation by the Government and the States
and thereby ephsneed two per cent. IL tht
hands Of the holdera.
We thus have an aggregate Ct II PEI
cent which may be received upon each dol
lar by the owners OF Government securities
A systesa that produces such results is just
ly regarded rs fayesisx few at the expens
Of the laaKy, aad has led to the further In
qairy Whether our bondholders, in view Q
the large profits which they have enjoyed
would themselves be adverse to ssttleaeH
OF our Indebtedness upon plan which
would yield thea fair remuneration, ant
at the same time be just TO the taxpayer
Of the nation. Our national credit shoul'
be saerealy observed, but in making provls
on Tor Cur creditors We should rot forge
What is due to the masses OF the people.
1t Bay be assumed that the holders o
our securities have -already received upol
their bonds larger amount than their orig
inal Investment, measured by a gold stand
ard Upon this state ment of facts it woal
seem Just and equitable that 6 per cent. ia
terest, now paid by the GoverImeat, shoul
be applied to the reduction Of the pripeips
in seui-aanual iastslneats. which, in six
teen years aad eight Reaths, would hqui
! date the entire national debt. Six per cent
in gold would, at the present rates, be equs
!, to pine per ceat. in currer ey, and eGuiya
! lent to the payment of the debt one and
half times, in fraction less than ssventee
years. This, in connection with all th
other advantages derived from their Invest
, ment, would afford to the public eYsdi o.
fair and liberal compensation for the us
of their capital, and with this they shoul
: be satisfied.
: The lessons of the past admonish th
lender that It is not we'll to be over anxiou
in exacting from the borrower rigid eompl
, ance with the letter Of the bond. II p't
1 L., l.. e., H. 81 81
! debtedness of the Government in the mar
, ner suggested, our nation will rapidly reeo,
er its national prosperity. Its interests r,
I quire that some measures should be take
! to release the large amount Of capital il
: vested in the securities OF the GoyernNeR
| 1t is not now merely unproduetivs, but j
taxation annually consumes one hnndre
, and fifty millions Of dollars, which woul
t otherwise be used by our enterprising pee
pie In adding to the wealth of the na,ion.
2 In referring to the condition of the circr
lating medium, | shall merely reiterate sui
F, stsntialy that portion OF MY last ansu'
, message which relates to that subject.-
: The proportion which the carrency of an
e country shonld bear to the whole value {
3 the annsal produce, is question upo
which political economists have not agreed
S nor can it be controlled by legislation, bt
e must be left to the irrevoeable laws whle
everywhere regulate commerce and t.adt
! The circulating IBedium will ever irresista
i bly, flow to thoss points where it is in grea
est demand. The law of demard and SUI
? ply is as unerring as that which regulate
4 the tides of the ocean, and indeed currenc,
r like the tides, has its ebb aud flow through
y out the commercial world.
e At the beginning of the rebellion til
i bank note circulation OF the countl
r amounted to not much more than two hui
: dred millions of dollars. Now the crcul
i tion OF National Bank notes. and thor
y known as legal tenders, is nearly seven hui
t1 dred millions. While it is urged by sou