Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1868-03-20
THE PUBLIC DEBT.

THE PUBLIC DEBT.
If ~fnaueiers, who are prolific in
schemes to pay the public debt without
first earning the money, are quietly
turned aside with the contempt due to
their crude or corrupt suggestions, the
first step will be taken in the right d.
rection. Most Of these financial propo-
s%itions, when closely scanned, are found
to cover a very large personal interest
for somebody or some class Of persons.
The best 6nanciering is limited to very
simple propositions. Earning more and
spending Tess. This policy will wear
away the largest debt, aud nothing else,
these neglected, will reduce a debt, pri-
vate or public, a dollar in u thousand
years Industry and economy are tue
base Of all true finance. These alone
pay debts. Modern fnapeiering con-
sists in little else than 10 changing the
character of debt without ut all lessen
ing it. To borrow Of Peter to pay Paul,
and again of Paul to pay Peter, with an
additional shave at each turn, SO far
from paying the debt, steadily increases
it. That individual, firm, company,
city, or nation is wisest, aud in the best
way Of recovering lost credit, that keeps
farthest from the professional financiers;
from those gentlemen who strive 10
make something out of nothing, and
whose only success, if success ever fol-
lows, must come from cheating some
honest creditor. There is no fear Of the
Government, or hope of getting rid OF
our debts otherwise than by paying
them from the profits Of labor and
economy. Nor would there bea thought
of such II thing if the people were let
alone. Congress may wisely adjust its
taxlevy on the people, making it MS eIuit-
able aspossible, and that done,a willing
aud honest industry willaccomplish allin
the way Of e~xtricating the country from
the load Of debt under which it labors,
and do it, too, without the aid of inan-
cial schemers, in a much shorter time
than most people imagine. The evil
effect of political excitement and Of new
financial propositions is to unse,tle con-
fidence for the time, and necessarily to
interrupt business. In the last week
the country has lost millions Of dollars
by the check given to business and to
credit, by the doings at Washington and
the ~extravagant reports in consequence
sent all over the country. But there is
u disposition now to look at things more
dispassionately. Some peoIle already
think that impeachment will bring with
it greater quiet to the country, and give
to the Industrial pursuits more conf.
dence. 1t need necessarily have no in.
iuence, one way or the other, as dis
turbing the peace Of the country or its
financial integrity. IL President John
son is deposed after trial, the change Of
Executive being in accordance with pre-.
scribed form, should occasion neither
civil commotion nor increase financial
distr1st. If he should be acquitted,
the acquiescence Of the people will be
equally patient. Labor and enterprise
will proceed rs before, and as no reason
will exist for any change in the premium
on gold or for the price Of stock securi'
ties, it is not probable that any material
change will take place. As therrcsent
incumbent Of the Executive chair sue.
ceeded peacefully to his Office after the
violent death Of his predecessor, there
is no reason to believe but that his sue.
cessor, coming TO the place in accord.
ance with prescribed Constitutions
forms, will be as peacefully received and
respected rs the head of the nation,
Tho sooner that all idea of force, on
either side, is frowned ont of counte-
nance, the better.