The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1868-12-25

/ quired by the public wants. In 1919
the wear after the termination of an
| expensive war with Mexico we found
ourselves involved in a debt of sixty
four millions; and this was the amount
owed by the government in 1860, just
prior to the outbreak of the rebellion
In the spring Of 1861 our civil war
commenced. Each year Of its oontinu-
ance mate an enormous addition TO the
debt +; and when, in the spring of 1865,
the nation successfully emerged from
the conflict, the obligations Of the gov
/ ernment had reached the immense sum
Of 8, ,S73, ,992, 909. The Secretary Of the
| Treasury shows that on the l5t day of
/ November, 1867, this amount had been
/ reduced to s., 4W ,50I, ,4j0; but at the
same time his report exhibits an in
crease during the past year Of $500
/ 102; for the debt on the first day of
November last is stated to have been
S2,327, ,l29, ,5j2. 1t is estimated by the
Secretary that the returns for the past
| month will add 20 our liabilities the
further sum of eleven millions max
ing total increase during thirteen
months of foTty-SiX and a half millions.
In my message to Congress of Decem-
/ Der t, 1865, it was suggested that a
policy should be devised which with
out being oppressive to the people,
would at once begin to effect a reduc-
tion of the debt, and, if persisted in,
discharge it fully within a definite
number Of years. The Secretary of the
Treasury forcibly recommends legisla-
ton Of this character, and justly urges
that the longer it is deferred the more
difficult must become its accomplish
ment. We should follow the wise
precedents established in 1899 and 1916,
and without further delay make pro-
vision for the payment Of our Obiga-
tions at as early period as may be
practicable. The fruits of their labors
should be enjoyed by our citizens,
rather than used to build up and sus-
tain moneyed monopolies in our own
and other lands. Our foreign debt is
already computed by the Secretary Of
the Treasury at eight hundred and
fifty millions citizens Of foreign cOun-
tries receive Interest upon q large pOr-
tlOn OF our securities, and American
taxpayers are made to contribute
large sums for their support The
idea that such a debt is TO become per-
manent should be ataIl times discarded
as involving taxation too heavy to be
borne, and payment once in every
sixteen years, at the present rate of in
terest, of an amount equal to the orig
ina! sum. This vast debt, if permitted
to become permanent and Increasing,
must eventually be gathered into the
hands Of few, and enable them to ex-
ert 4 dangerous and controlling pow
er in the affairs of the government.
The borrowers would become ser
wants to the lenders-the lenders the
masters Of the people. We now pride
ourselves upon having given freedom
10 four millions of the coIored race; it
will then be our shame that forty mil
Inns Of people, by their own liberation
of u5urpatiOn and pr0tligacy, have suf-
fered themselves to become enslaVed,
and merely exchanged sIaVe-owners
for new task-masterS in the shape Of
bOndhOlders and taX-gatherers. Be
sides, permanent debts pertain 10 mon
archicdl governments, and, tending to
nOnopOIIes, pcrpetuti eS, and class legis-
latiOn, are tOtall llyirrecOncilable with free
institutions. introduced into our re-
publican system; they would gradually
but surely sap its foundations, eventu-
ally subvert our governmental fabric,
and erect upon its ruins a mOneyed ar
ESlpC4 "a i 4 - Jul GctEIlN duAN az
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 threaten free
and Independent people.
Various plans have been proposed for
the paymentof the public debt. How
h1y-g yinl a. =, h.,
time and mode in which it should be
redeemed, there seems to be a general
concurrence as to the prOpricty and lust
ness Of reduction in the present rate
Of interest. The Secretary of the
Treasury i'm his report recommends
five per cent; Congress, in a bill
passed prior to adjournment on the
9th Of July last, agreed upon four and
a half per cent; while by ma
ny three per cent. has been held to be
an amply sufficient return for the in
vestment. The general impression as
to the eXOrbitauCy Of the existing rate
of interest has led tOan inquiry in the
public mind respecting the cOnsidera-
ton which the government has actual
ly received for its bonds, and the con-
clusiOn is becoming prevalent that the
q
money three or four hundred per cent.
less than the obligations which it is
sued in return. 1t cannot be denied
that we are paying al eXtravagant per-
Centage for the use Of the money bOr-
greatly deprecated below the value of
coin. This fact is made apparent when
we consider that b0ndhoIderS receive
fNrlassVs.,v yIIIIa~
they own in government securities, six
per cent. in gold, which is nearly or
quite equal to nine per cent. i'm curren-
rency; that the bonds are then cOnver-
ted into capital for the national baaks
upon which those institutions issue
their circulation, bearing six per cent.
interest; and that they are exempt
from taxation by the government and
aud the States and thereby enhanced
two per cent. in the hands of the hOl-
ders. We thus have an aggregate OF
seventeen per cent. which may be re-
ceived upon each dollar by the owners
of government securities. A system
that produces such results IS justly re-
garded as favGring a few at the expense
of the many and has led to the further
inquiry whether our bOndhOlders in
view of the large profits which they
have enjoyed, would themselves be a.
verse to a settlement of our indebted
ness upon plan which would yield
them fair remuneration, and at the
same time be just to the taxpayers Of
the nation. Our national credit should
be sacredly observed but in making
provision for our creditors we should
not forget what is due to the masses Of
the people. 1t may be assumed that
the holders of our securities have al
ready received upon their bonds
larger amount than their original
investment, measured by a gold
standard. Upon this statement Of facts
il would seem but lust and canitable