The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1868-12-23
Presidents Moysag.,
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UiYU' t9VTFITfTf. fEGIS fE'J g'S Gitl .b1CNu
odl 40 r,flcoNcLypEDrlo,igf ssg a,
In my IN essago to- Congress Of De-
comber, 4, 1865, it was suggested that
policy should be devised Which,
wit"h sui being oppressive TO tho
people would ut2once0 begihto atfecta
reductions of,the debt, anu, ,ifpersistcd
in, discharge, it fully within, a definite
numbor Of years, The Secretary of
the Treasury forcibly recommends
legislation Of this character, and Just
ly'urges that the longerit isi deferred
the moro ,dificultsmnst become its ac-
complisbment.uc . We should follow tho
wise precedcnts established in 1850
and 1916, and without further delay
make provisions for the payment of
our obligations at as. carly period as
may be practicablc. -" '"''''
The fruits of their labors should be
enjoyed by ourcitizons, rather thamus.
cd to build upand sastain .moncyef clas
cs in our, own and other lands. Our fora
cign debt is already computed by the
Secretary Of tie Treasury at 850,000,-
900. Citizens of foreign countries
receive interest upon, aIlargc portion
Of our securities, aid American tax
payers Gr, made TO contribute large
sums for their support. Hhe 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 six
teen years, at'the ptesent'rate of in
a. 3oe q, ~ kV-o 10, ~
originabsum. This vast debt,if aperr
mtted to become, permanent, and jin.7
creasing, must eventually be gathered
into the hands of q few, and enable
them to exert a dangerous and, con-
troilihg powrr III the 'alftirs OF the Gov
e:nment. The borrowers would bccome
servants to lbe1lenders, lhe lenders The
masl,errs Of The people n. We .plFow ,prlde
ourselves on having given freedom to
font millionsS d" The colotcd race. 1t
wiltlhtn be" DUR hme that forty smil-
lions al peoples ,rby their Gown federation
of usurpalion: and .proaigacy.,naYe suHr-
cd themselves to become enslaved, and
merely exchc n red ltveyowners Tor new
task mas: trrss. III Tie '&h tp- of bond holders
and tax gail cr.rs; besides, ,Ptrhaiient
debis pertain Is tnnnafchial governments
nndltcnding To .monnpolies, .perpe
and class ]eaislation, are tolallyairrec9l.1
ciliahleowilh free institutions, lntrodnc7
> ed into our, republican SYSTEM, they
Would gradually but surely sSpits fonn-
datio'i,pe 'subVert our govern:
> m intal abric,ba,rd ereutmpon rul,rs3 u
' mppeSed JaristoctaeYao,Il ~ is our sacred
dpG transmit upimpallrep!d 70 V tpp9rh P!YssT P!YsT
tcriSSashe blessing O tho liberty which
were beqnea,ed TO us by me foa.' ders " OF
the RepIblic, and by GU example teach
those wLosAre t6sfollowsS Ss carefully "a
av6ia lie d,mgers' which threaten .atfree
and independents peoplc1djV VariousSplans
have eepaproposed for;;he ;pasmentoo of
the public debt. ,Howerer, they = may
have varied rs q The tue and mode ii
W"ithie should he redeemed, there seems
TO- belagenerl,l concnrfehee has rs the
ptopriety and jns,nessaofa "a reduction in
The prgsegt, ,ralsaof aipttelrrst. IL Tbe, ), Sec:
relary Of tue Treasury n his.report CON:
mcnas five per cent, !; Cenatess, ii. a, pill
PASSED pfior to the aAjohr'fmftiF Of tia
fo,,r and a Ialf now, c,nt ;.u.l,ileGbt IN abv
three ner cenh,has, been held 10 he am mi.
Hxn ray ,,rn "a btna tbs n ysstment h
TIeo dnSf nrHs IioI a Is the ~. flE
bitaacyaoft ftbtiax,stmg frate} of6ihtercst
hassled to,ai inon;ryiii, .hetpnblrc mind
respeet,ng the Observation-Disclosures
Government has acknowledgement for it's
boonn6s, and III, Conclusion IS becoming
prevaledt.th amount &hth if ob.
,ainea swaa,y iiprknr money slkfeesor @fonr
hundred percent. sIt is thanS tbs :robliga.
tjopstwhieh. isssspsd ,ia,relurn. lit, cam
pet. .be denied that 4, Wq stpa ,aalng
Gapt percentage for Sthe ilsa. of
xng monty borrowed which Was paper
Sdrteicy greatly deprefiaaiea A. below, The