Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1868-12-11

| be gathered into the hands of q few, and
enable them 20 exert q dangerous and
controlling power in the affairs Of the
Government The borrowers would be-
come the servants Of the lenders; the
| lenders be masters of the people, We
| now pride ourselves upon having given
| freedom to four millions of the colored
race. II will then be our shame that forty
millions Of people, by their own tolera-
tion Of usurpation and protligacy. have
suffered themselves to become enslsved,
and merely exchanged slave owners for
| new taskmasters in the shape of bond
holders and tax-gatherers. Besides, per
manent debts pertain to monarchical
governments, and tend 10 monopolies
Perpetuities and class legislation are total
/ ly irreconcilable with free institutions
Introduced into our Republican system,
/ they would gradually, but surely, sap its
/ foundations, eventually subvert our gov
ernmental fabric, and erect upon its ruins
moneyed aristocracy. 1t is our sacred
duty to transmit, unimpaired, to our
posterity the blessings OK 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.
/
the payment of the public debt How
ever they may have varied as to the time
| and mode in which it should be redeemed,
| there seems to be q general concurrence as
to the propriety and justice of q reduction
in the present rate of interest. The Sec,
retary of the Treasury, in his report, re-
commends per cent; Congress, IN bill
passed prior to its adjournment on the 9th
| of July last agreed upon and A. per
cent. while, by many, 3 per cent, has
| been held to be an ample sufficient return
for the investment. The general impress
sion as tn the exorbtancy of tho existing
rate of the interest has led to an inquiry
| in the public mind respecting the consid-
Grafton which the Government has actual
| ly received for its bonds, and the conclu-
sion is becoming prevalent that the
amount which it obtained was in real
money 300 or 400 per cent less than the
| obligations which il issued in return. 1t
cannot be denied that we are paying an
extravagant percentage for the use of the
money borrowed, which was paper cur
rency, greatly deprecated below the value
of coin. This fact is made apparent
when we consider that bond-holders
receive from the Treasury upon
each dollar they own in Government
bonds per cent. in gold, which is nearly
or quite equal to 8 per cent in currency /;
| that the bonds are then converted into
| capital for the national banks, upon
which those institutions issue their circula-
ton, bearing 6 per cent. interest and
that they are exempt from taxation by
Government and the States, and thereby
enhanced 9 per cent in the hands of the
holder. We thus have an aggregate of II
per cent, which may be realized upon
each dollar by the owners of Government
securities. a system that produces such
results is justly regarded as favoringa few
at the expense of the many, ard has led to
| the further inquiry, whether our bond
holders, in view of the large profits which
they have enjoyed, would themselves be
averse to settlement of our indebtedness
upon a plan which would yield them a
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 ofthepeople. 1t may
be assumed that the holders of our securi-
ties have already received upon their
bonds larger amount than their original
investment, measured by gold standard.
| Upon this statement of facts, it would
| seem but just and equitable that the
| 9 per cent. interest now paid by the
Government should be applied to the re-
duction of the principal, in semi.annual
| instalments, which, in sixteen years and
eight months, should liquidate the entire
national debt. Six per cent. in gold
would, at present rates, be equal to per
cent in currency, and equivalent to the
| payment of the debt one and half times
in fraction less than seventeen years
This, in connection with all the other ad.
vantages derived from their investment,
would afford to the public creditors fair
and liberal compensation for the use of
their capital; and with this they should
be satisfed. The lessons of the past ad.
mOnish the lender that it is not well to be
over anxious in exacting from the borrow
er rigid compliance with the letter of the
bond.
If provisions be made for the payment
of the Indebtedness of the Government
in the manner suggested, our nation will
rapidly recover its wonted prosperity. It's
interests require that some measure
| should be taken to release the large
| amount of capital invested in the securi-
ties Ofthe Government; IL is not now mere-
| ly unproductive, but in taxation annually
consumes $150,000, ,000, which would other
wise be used by our enterprisiIg people
in adding to the wealth Of the nation.
Our commerce, which, at one time sue
cessfully rivalled that Of the great mari
time powers has rapidly diminished and
our industrial interests are in a depressed
and languishing condition. The develop
ment OF our inexhaustible resources is
checked, and the fertile fields of the South
are becoming waste, for want of means to
till them With the release of capital,
new life would be infused into the paraiyzed
energies of our people, and activity and
vigor impaired to every branch ofindustry.
Our people need encouragement in their
efforts to recover from the effects of the
rebellion and of injudicious legislation,
and it should be the aim of the Govern
ment to stimulate them, by the prospect of
an early release from the burdens which
impede prosperity. If we cannot take the
burdens from their shoulders, we should
at least manifest willingness TO help to
bear them.
In referring 10 the condition OF the cir
culating medium, / shall merely reiterate
substantially that portion of my last an.
nual message which relates 10 that sub.
ject. The anomalous condition of our
currency is in striking contrast with that
which was originally designed Our cir
culatiOn now embracesr-hrst, notes of the
National Banks, which are made receiva-
BILE for all dues to the Government, ex-
cluding imposts, aRd by all its creditors,
excepting in payment of interests upon its
bonds and the securities themselves sec
ond, legal-tender notes issued by the
United States, and which the law requires
shall be received as well in payment of all
debts between citizens as Of all Govern
ment dues. excepting imposts,; and, third,
gold and silver coin. BY the operation of
our present system of finance, however,
the metallic currency, when collected, is
reserved only for one class of Government
creditors, who, holding its bonds, semi-an.
nually receive their interests In coin from
the national treasury. There is no reason,
which viii be accepted as satisfactory by
the people, why those who defend us ON
.he land and protect us on the seas ths
pensioner upon the gratitude OF the ma
lion. leQrinO the aaara and -yUOundG ra.