The Texas Republican. [volume] (Marshall, Tex.) 1849-1869, 1868-12-18
NO. 81

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Narious plans have been proposed
Tor The payment o; tie public debt.
However, they have varied as 10 the
time ana mode, IN which II should
DC redeemed, there seems to be y
general concurrence a. to the pro
pretty and business OF y reduction in
}he pfesen. rate Ct interest The
Secretary OF the Treasury In his re.
port recommends i've per cent Con.
gress' IN bill passed prior To- al.
Joarnmeni ON The 9Th Of January
last agreed upon -four and fonr and
hall per cent, while by maay three
per cent has bee" hsld To be an
ample sufficient return for tho invest,
mont The general Impression as to
the exorbitancy OF the existing rate
o. Interest sss led 10 an inquiry in
the pablo mind respecting the con.
alteration which The government has
actually received for Its bonds, aud
the conclusion is becoming prevalent
that The amount which 1t obtained.
was, in real money. three or four
bundled per cent les, than the obi
cations which It Issued IN return.
| I csonot be denied that We arc pay.
ing au cs,rassgant per eentsgs for
the use Of the money borrowed.
which ~as paper currency, greatly
deprecated hslos the value Of coin.
THIS fact IL made apparent when We
consider that bondhoidcvs receive
from the Treasury upon each dollar
they own ia government securities
sx per eeni in gold, which Is nearly
OF quite equal to nine per cent in
currency that the bond. are then
converted into capital for the nation.
al banks, upon which those in,tu.
uons issue their circulation, bearing
h'f per cent interest, and that they
are exempt from taxation by the
government and States, and thereby
enhanced two per cent 10 tho hands
OF me holder No thus have an
aggregate OF seventeen per cent,
when may be received upon every
dollar BY the owner OF government
securities A system that produces
such results arc Justly regarded az
hvoring lew at the expense Of
many aud has led 10 Mrthes inquiry
whether our bondholdcrs, Ia view Of
the large profits which they have Gu.
Joyod, would Themselves be- Averse TO
a settlement OF our Indebtedness upon
plan which would yield them a lair
remuneration, and At the same time
DC just to tho taxpayers Of the nation.
o"r national credit should be sacrad>
" observed, but IN maintaining pro.
VISION Tor our creditors, we should
not forget what Is due 10 the masses
oil tho people
I, may be assumed that the hold.
ers Of our securities have slrssdy rs.
eeivcd upon their bonds = large.
amount than their original invest.
mcn', measured by +. gold s,sndp.d.
Upon this siaiemesl of facts. il
would seem but Just aud eou,,abl.
TIA. the six per cent iateres, now
paid by the Government should be
applied to tho REDUCTION Of the u,in.
opal on semi annual instaIImonu
which In ~ years and eight month
would liquidats The entire national
debt. Six per cent. In gold would
at present rates, be eauai 10 nine p.r
cent Ia currency, snd sauisalsat To
the payment Of the debt one and
half tine In . frsariou less thsa nine.
teen years This, In connection with
all tho other advastagss. derived from
their invessmsns, wosid o6osd to the
public creditors q fair and Iibsrsi
compensation for the use Of their cap.
ital, and With this they should b~
satisfied The lessons Of III. mast
admonish tho lender that !, il not
we'll 10 DO anrionr 4ssc,,ws from
the borrower rigid compliance with
the letter Of the bond. II provision.
be made for the pay msat of the in.
debtodne-s Of the Government In the
manner suggested, our nation viii
rapidly rscossr i,s wontsd prosperity
lis iu,ercsi- require that .ome meas.
IRE should be taken to release the
large amount Of capital insesreI in
the securities Of tho Government.
1t is not now merely unproduetiye.
ba. in taxation annually consume.
$3.50 000, 900, which would othsysi.e
30 used by our en,srpri.isg people
In adding to tho wsal,.. Of IL, ma.