Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1868-12-19

Iatioa of this character, and justly urges
that tie loegsr Il y delayed tie more dif.
6cult must becoos ID sceoaplshneat, We
should follow the wise precedents estab-
lished in 1871 and 1916, and without fur
thor delay make provision for the payment
Of our obligations At a carly period a
may be practicable. The fruits of their h.
bors should be enjoyed by our citizens
rather than used p build up and sustain
moseyed monopoIies in our own and other
countries Our foreign debt Is already
computed BY the Secretary Of the Jeeasu-
ry a. $859, ,60O. 900. Cit;sens Of foreign
countries receive interest upon . large
portion II oar securities and Amsricsh
taxpayers arc made to contribute large
sums for their support. The idea that
such debt is to become permanent should
at al times be discarded, - involv.
ing taxation too heavy to bc borne. The
payment once in sixteen years at the pres
ent rate Of interest, makes an amount
equal to the original sum. If this vast
debt is permitted to become permanent
and increasing, it must eventually be gath.
cred into the hands Of few and enable
them to exert dangerous and controlling
power in the affairs Of the Government,
the borrowers would become lenders and
be the fulcrs Of the people. We now
pride ourselves upon having given FREE
dom to 1900, 900 of the colorod race. It
will then be our shame that ten millions Of
people by their own liberation of abuses
and proAigacy have suffered themselves TO
become enslavcd, aud changed the slave
owner for new task masters in the shape Of
bondholden and tax-gathercrs. Besides,
permanent debts pertain to monarchical
governments and tond to monopolies, per-
pctuities and close Legislation, and are totally
unrcconcilable with the free institutions
introduced into our Republican system;
they would gradually, but surely sap its
foundations, and eventually subvert our
Governmental fabric and erect upon its
ruins moncyed aristocracy. It is our
duty to transmit, unimpaired, to our
posterity the blessings Of liberty which
were bequeathcd to Us by the founders Of
the Republic. and, by example, teach those
who ore to follow us, carefully to avoid tho
dangers which threaten free and inde-
pendent people.
Various plans have been proposed for
the payment Of the public debt. Howcv-
or they may have varied a to the time
and mode in which they should be re-
redeemed, there seems to be general con-
currcnce Us to the propriety and justice Of
reduction on the present rate Of interest.
The Secretary Of tho Treasury, in his re-
port, recommends Avo por cont; Congress,
in bill passed. prior to its adjournment,
on the 9th Of July last, agrees on four
and four and half per cent, while by
many others three per cent. has been held
to be on amply sufficient return FOR the in
vcstment. The general impression as to
tho expediency Of the existing rate Of in;
tercst has led TO inquiry in tho public mind
rcspccting the consideration which the
Government has actually received for its
bonds, aud tho conclusion u becoming
prevalent that the amount which is OBJ
tanned was in reality three hundred or four
hundred per cent. less than the obligations
which it issued in return. It cannot be
denied that 10 are paying N sxtraordina-
ry per oentage for the use Of the money
borrowed, which was paper currency grc.t-
" deprecated below the value Of coin.
This fact is made apparent when We con-
slider the bond-hoklers receive from the
Treasury upon each dollar they own in
Government securities six per cent. In gold,
which is equal to nine per cent. In curren-
cy; that bonds are then converted into cap
ital for national banks, Upon which those
institutions issue their circulation, realis-
ing six per cent. interest, and that they are
exempt from taxatioa BY tie Government,
and thereby enhanced two per cent. in the
hands Of the holder. We thus have a.
aggregate of seventeen per eeat which
may b rsalised Upon saeh dollar ~ the
owners of the Government securities. A
system that produces snch results isjsstly
regarded q lavoring few q the expense
Of the many, and has led 70 further inqai-
~. whether bond.holders, in view Of ths
large pro6ts which fkEy Have enjoyed,
would themselves bs sverse to the settle
ment Of our debts upona plan which would
yield them fair remuneration and at tho
same time be Just to the taxpayers Of the
nation. Our national credit should bs =
crcdly Observed, but in making . proposi-
ton for our creditors We should not forget
what is due to the masses Of the people.
Il may be assumed that the Aolders of our
securities have already received upon their
bonds . larger amount than their original
Investments, measured BY gold standard:
Upon this statement Of fAeta i You'd secm
but JUST aud sqsisabli NJ tnssix pr cent.
interest nov paia By tAe Gev:sameat
should b applied y r:d.esis. e shs S I:'S'
cipal in semi-assual inseahmGst3, winch,
in six.sxs ysars end Sigss i1petln vosA
liquidats de sntirs psti6SAl debt. Six
per cent il gold wssh b, y present rass.,
equal soniiae per esat. ir eYrreycy
allen. to tie psyness q ~ ds8 ess a.d
. half tinas ia.s ftasGiea - Aan sssee-
teen years. Thi, in saiitisa y sthsr 3D.
vantsses derived fts1 thsis i.ssaA1:et
a