The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1868-05-16
OUR NATIONAL FINANCES
SPEECH OF
HON. ALBERT G.. BURR,
or ILLINOIS.
IN the House Of Representatives February "a, 1858


The house being in commmittee of the
whole on the state of the union, Mr.. Burr
spoke as follows:
Mr.. Speaker, in this moment Of intense
excitement it is my privilege to occupy
for an hour the attention of the house
and not desiring to add in any degree to
the wildness Of tho hour by any irregu.
lar discussion Of recent events or action
contemplated, either by the president or
the congress, I will devote my brief hour
TO the consideration of matters that will
be Of great aud continuing interest to the
people long after the excitement of to-day
shall have subsided and the action Of to-
day passed into history.
Task attention first, sir, to some thoughts
bearing upon the subject of our national
debt. On the first day of thiS month
the amount of that 4" national blessing
was over and above cash on hand 81. 1927.
3l5,373 l9. But why array figures OF
refer TO numerals when from their very
magnitude they are incomprehensible
That debt amounts 10 about eighty dol.
lars for every man, woman aud child in
the United States. OF this aggregate
sum, 1000, 600, 900 in round numbers
is drawing interest payable in gold; $500.
900, 900, in round numbers, is drawing
interest in currency, and exclusive Of the
matured debt not presented for payment,
about S4l8.000. 900 drawing no interest
whatever. Of the debt bearing gold in.
terest much the larger portion is made
up of the @ per cent. $50 bonds, which
mature in five years from date or run the
period of twenty years, at the option
of the government. Many of these bonds
have already been out more than five
years, others arc BY that measure Of time
rapidly maturing, aud within a very brief
period all will have been FIVE years in cir
culation aud liable 10 be taken up by the
government as right reserved in the
law under which they were issued. Out.
standing as they now are, aud drawing 10.
terest payable semi-annually in gold, the
cost to the people to furnish gold to meet
that interest is immense aud grievously
lburdensome. Six per cent interest on
$500. 900, 900, the amount of indebted
ness bearing gold interest, is s120, 900.
900. An immense sum, sir, truly, for
people to pay every year. Why, sir
this yearly interest alone is more than
was required to pay all the expenses oi
the government during three years of wal
with Great Britain. Yes, sir, fifty pei
cent. more for the whole expense Of our
government during that period of war
lasting three years, and including cost oi
army and navy, was only seventy-six mil.
lions and some odd dollars, against SI20,.
600. 900 of this yearly interest.
But, sir, this is not all Growing out
of this system Of bonded indebtedness il
an aiistocracy taking root in our soil
nourished by the shoddyites of capita
and protected by national legislation. II
is not an aristocracy of rank aud title
truly, out may be the stepping.stone tc
both. Nor is il an aristocracy Of intel
lect nor yet of labor for both intellect
and labor are subservient to it and taxed
for it and taxed for its support 1t is an
odiOus aristocracy of wealth, Of privilege
and this aristocracy has, as said, tho
sanction of law-yes, is directly estab
lished and maintained by law. What
ever Legislation imposes burdens on one
class and bestows corresponding advan
tages upon another, is creating and pro
tecting an aristocracy. Now, sir, while
the masses of our people are paying this
enormous semi.annually interest, they are
required to pay it, not in that common
circulating "money," which pays all or
dinary debts; which pays the farmer for
his produce, the mechanic for his labor
the merchant for his wares, and the
wounded soldier for his sacrifices and his
services; but the masses are required tc
pay this tribute in gold. Bat as gold il
no longer circulating as money, but is on
ly commodity of trade, chasing with
jewelry and precious stones, the differ
ence between the value of the circulat
ing medium and gold must be added tc
ascertain the amount which this yearly in
terest really cost the people.
The difference | assume to average
thirty.threc per cent, which, added to the
gold sum of interest, makes $40 900, ,000
more or total of $3.50 100000 yearly
for interest on only part of our public
debt. And, sir, these bonds, thus bur.
dening our people by the continual drain
upon our treasury to meet gold interest
are increasing in amounts daily. The sew.
en-thirty treasury notes are being continu.
ally converted into this class of indebted.
ness. BY the middle of July next the
small sum of 5000, 600, 900 will be added
to this gold intcrest-bearing debt from
the conversion of these seven-thirty treas.
ury notes alone, thus the burdens to the
people in paying gold interest on that
much more bonds. But, still further they
are being increased by another process
shown by comparing any of the monthly
statements of the public debt. Our
treasury notes, which are legal tender
and which bear no interest at all, are de.
creasing in quantity, and the interest
bearing bonds are increasing in proper.
tion. These notes and bonds are both
debts against the government, or rather
they are evidence Of indebtedness to thai
extent, the one drawing interest in gold
the other drawing no interest whatever
Now, sir, why not reverse this policy
and increase the quantity Of paper bear
ing no interest, at the same time and to
the same extent reducing the amount ol
paper that does bear interest? Suppose
a man Of ordinary business capacity to
owe note of $1,000 bearing interest,
and another of like sum bearing no inter.
est; suppose. further he can make pay.
ment of $500 on one of these notes, will
he hesitate as to which should receive the
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