The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-12-09


when, in the spring OF 1855. the nation sucosss-
fully emerged rom the coDfict, the OBLIGATIONS
sum 81 % Of sa.s1so@ so. G the I secretary @ 70 OF thu
Treatury shows tnat on the lst day OF Novetn-
bel. 1850. this amount had been reduced 10
eahibits AN Increase duriog the past year of
s35 625 ie2 for the d. ot on the lst day Of ,vem-
ID estima ed by The Secretary TN ~ the returns
for the past month will adj TO our liabilities
the further sum Of eleven miilions-makiDg
total inc, ease duiipg thirteen months OF forty.
SIX and q half millions.
In my message 10 Congress of December 4,
1876, IL was suggeBted that policy should be
devised " bich, without being oppressive 10 the
people, wound nj once oeeln TO enect reuno-
IL fully within q de- finite number of years. rne
Secretary OF the Treasury forclby reco mmends
!, gislai ion of This character, and Justly urges
that The longer IL IL deferred the more ditfi
cult must become Its accomplishment We
In 100 and 1916 and without further delay
make provision for the payment OF our ooltga-
tioIs al as early periOd as may be practicable.
The fruits of their la Dor should be- enjoyed oy
orr citizens, rather Than used To bald up and
sustain money ed monopoiies In our own and
Our foreign debt is already oomp1ted bv the
StcfetaIy OF the Treasury at eight hundred and
my millions; citizens OF foreign countries
rect i've In terest upon q large portion of our
securities, and American taxpayers are made
TO coptI ibuie large sums for their support rne
ide a ii at such "a debt is TO become permanent
should be- at all times discarded, as involving
tax alton TOO heavy to be borne, and payment
of interest, of an amount equal to the original
sum. This vast debt. II permitted TO beco ne
permanent and Increasing, must eventually be
gathered into the hsDos of q few, and enable
them 10 exert dangerous and controlling
power In The affairs OF the Government Tne
borrowers wonld become servants TO the
len ders-the lenders the masters Of the people.
We now pride ourselves upon having given
freedom TO four millions of the coiored race; H.
will then be our shame that forty millions of
people, by their own toleration OF usurpation
and piofiigacy. have suffered themselves TO
become euslsV ed, and merely exonanged slave.
owners for new iaskmesiers in the shape OF
pdboldeis and tax getherers.
sBesides, 8, permanent debts pertain to mouar.
chicRl governments, and, tending to monopO-
lies, perpe,nliss ana CLASS legisIasioo, are TO
troouced into our republican system, they
would gradually but surely sap its foundat ms,
eve ntnally suOverJ our governmental fabric,
and erect upon Us ruins moneyed aristocracy.
Ii IL our sacred duty 10 transmit unimpaired 10
our pokierity the blessings OF llOeriy which
were beoueaihed to us by the founders of the
republic, and 10y our example leach those who
are to follow us eaareaa ar 70 dne sS0lu tae dsages n
Various plans have been proposed for the
payment OF the public debt. However they
may have varied as to the time and mode In
which IL should be redeemed, there seems to be
q general concurrence as TO the prOpriety and
Interest. The Secretary of the Treasury in his
report recommends hve per cent; Congress, in
a bill passed prior to adjournment ON the Ntn
of July last, agreed upon four and four and
q haIf per cent while by many three per cent.
has been held to be an amply sufficient return
to the exorbitancy of the existing rate OF in
terest has led to an inquiry in the public mind
ment has actually received for its bonds, and
the conclusion Is becoming prevalent That the
amount which it obtained was in real money
three or four hundred per cent less than the
obligations which IL issued In return.
II cannot be denied that We are aging an ex-
travagant percentage for the use of the money
bori owed, v hicn was paper currency. greatly
depIeciated below the value OF coin. Tus fact
IL m ade apparent when we consider that bond
holders receive from the Treasury, upon eacn
dollar they own In Government Securities, six
per cent. In gold. which Is nearly or lp.te equai
are then converted into capital for the national
banks, upon which those Institutions issue
their circulation, bearing six per cent interest;
and that they are exemp from taxation by the
Government and the states, and thereby en-
hanced two per cent. In the hands of the mold
ers. We thus have an aggreg .te OF seventeen
per cent. which may be received upon each
A system that produces such results Is justly
regarded as favOiing few AZ the expense of
the many, and has LED to the further inquiry
whether our bondholders. In view of the large
profits which they have enjoyed, would them.
selves he averse 10 a tilement of our indeot-
edness upon plan which would yield them a
fair rem uneratiOn, and at the same time be
just 10 the Taxpayers OF the nation. Our ma.
lionsl credit should be sacrediy observed; bat
in making provision for our creditors we should
not forget what Is due TO the masses OF the
our securities have already received upon their
bonds larger amount than their original In
yes,ment. measured by q gold stanSArd. Upoa
and equitable that the six per cent. interest
now paid by he Government SHOULD be applied
TO the reduction OF the principal In semi
annual instalments, which in sixteen years
and eight months would liquidate The entire
SIX per cent in gold would at present rates
be equal TO nine per cent. In currency, and
equivalent TO the pay menJ of the deeL one and
"a balf time in o. fraction less than seventeen
years. This. IN connection with all the other
advantages derived from their investment,
would afford to the pnblic creditors a fair aud
liberal compensation for the use of their ap-
tai, and with this hey should be satisfied. Tue
lessons OF the past admoDish the lender that 1t
IL not well to be over an xiOus In exacIiuS
from the borrower rigid compliance with the
II provision be made for the payment OF the
indt bi ednesS OF the Govern me ut In the manner
gRes!ed. our nation VIII rapidly recover It's
wOnted prosperity. Its interests require that
some measure should be taken to release the
large amount OF capital invested in the seouri-
ties of the Government IL is not now merely
unpJ oductive, but In taxation annually con-
sumes one hundred and htty millions OF dollars
which would otherwise be used by our enter
paslng pSoPie @ IN souing 70 tne weaitn "i tne
ceesluly rtValed that OF the great maritime
powers. has rapidly diminished, and our indus
uial interests are In "a depressed and langulsh-
ing condition. The development of our inex-
hausIible resources Is check ed. and The fertile
ieds Of the SOU b are becoming waste for want
OF means TO I'LL them.
With the release of capital, new life would be
in used INTO the paralyzed energies of our peo
pie and actlvily and Vlgor impaired To every
branch OF industry. Our people need encour-
agement In their efforts to recover from tue
ttec OF the Rebellion and of iDj udicious iegis
al iOB; and IL shou d be the aim OF Inc Govern
ment 10 SUM m4iase t @ tnem oy tne prospeet OF an
their prosperity. II We cannot take the burdens
from their shoulders, we should at least mani.
fest Willingness 10 help 10 bear them.
In referring TO the condition OF The circu-
latlDg medium. i shall merely reiterate, sub
slantlaliy, that portion OF my last annual mes