Bloomsburg democrat. [volume] (Bloomsburg, Pa.) 1867-1869, 1868-12-16

cd in 1850 and 1916, and without further
delay mako provision for the payment Of
our obligations at as early q period as may
be practicable. Tho fruits Of thoir labors
should bo enjoyed by our citizens, rather
than used to build up and sustain moncycd
monopolics in our own and other lands
Our foreign debt is already computed by
the Secretary Of tho Treasury ut eight hun
drcd and City millions; citizcrfs Of foreign
countries receive interest upon large por-
ton of our securities, and American tax.
payers arc made to contribute large sums
for their support. The idea that such a
debt is to become permanent should be at
all times discarded, as involving taxation
too heavy to be borne, and payment once in
every sixteen years, ut tho present ratio Of
interest, Of an amount equal to the original
sum. This vast debt, If permitted to be.
come permanent and increasing, must event
ually bc gathered into the hands Of few,
and enable them to exert dangerous and
controlling power in the affairs Of the Gov
crnmcnt. The borrowers would become
servants to the lcnders-thc lenders the
masters Of the people. We now pride our
selves upon having given freedom to four
millions of tho colored race; it will then be
our shame that forty millions Of people, by
their own federation Of usurpation..and prof
ligacy, have suffered themselves to become
cnslavc,l, and merely exchanged slavo-own-
crs for new task,nssters in the shape Of
bondhol,iers and tax-ga,hcrcrs. Besides,
permanent debts pertain to monarchical gov.
ern'nents, and, tending to n,onopolies, per-
pctuitics, and class legislation, are totally
irreconcilable with free institutions. Intro
duced into our. republican system, they
would gradually but surely sap its founda-
tions, eventually subvcrt our governmental
fabric, and erect upon its ruins moncyed
aristocacy. 1t is our sacred duty to trans
nit unimpaircd to our postcrity the bless
ings Of liberty which were be1ucathed to us
by tho founders Of the Republic, and by our
example teach those who arc to follow us
carefully to avoid the dangers which threat
en- free and independent people.
Various plans have been proposed for the
payment Of the public debt. However thoy
may have varied as to the time and mode in
which it should he redeemed, there seems
to DO general concurrence Us to the pro-
pricty and justice Of reduction in the pres
ent rate Of interest. The Secretary Of the
Treasury in his report recommends five per
cent Congress, in bill passed prior to
adjournment on the 9th Of July last, agreed
upon four and:.four and half per cent.
while by many throo per cent. has been held
to be an amply sufficient return for the in
vestmcnt. The general impression as to the
exorbitancy Of the existing rate Of interest
has led to an inquiry in the public mind re-
specting the consideration which the govern
ment.. has actually received for its bonds,
and the conclusion is becoming prevalent
that the amount which it obtained was in
real money three or four hundred per cent.
less than ths obligations which it issued in
return. 1t cannot be denied that We are
paying an cxtravagant per centage Tor the
use OF the money borrowed, which was pa
per currency, greatly deprecated below the
value Of coin. This fact is apparent when
We consider that bondholdcrs receive from
the Treasury, upon each dollar they own in
government securities, six per cent. in gold,
whicl, is nearly or quite equal to nine per
cent. in currency that the bonds arc then
converted into capital for the national banks,
upon which those institutions issue their
circulation, bearing six per cent. interest I;
and they are exempt from taxation by the
Government and the States, and thereby
enhanced two per cent. in the hands of tho
holders. We thus have an aggregate Of
seventeen per cent, which may be received
upon each dollar by the owners of Govern
ment securities. A system that produces
such results is justly regarded as favoring a
few at the expense Of the many, and has
led to the further inquiry whether our bond,
holders, in view Of the large profits which
they have enjoyed, would. themselves be
aycrsc to settlement Of our Indebtedness
upon plan which would yield them fair
remuneration, and at the same time be just
to the taxpayers of the nation. Our ma
tional 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 tho holders Of cur securities have al
ready received upon their bonds larger
amount than their original investment,
measured by a gold standard. Upon this
statement Of facts it would seem but just
and equitable that, tho six per cent, interest
now paid by tho Government should be ap-
piled 10 the reduction Of the principal in
semi.annual instalments, which in sixteen
years and eight months would liquidate the
entire national debt. Six per cent. in gold
would at present rates be equal to nine per
cent. in currency, and equivalent to the pay
mcnt of the debt one and half times in a
fraction less than seventeen years. This in
connection with all the other advantages de-
rived from their investment, would afford to