The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1868-12-18

VI VIZ hotipbui utbt lliltI tllt lll1u WIFI
rejoicing, and was one ofthe great events
of President Jackson's administration
After its redemption Il large fund re.
mained in the Treasury, which was de
posted for safe-keeping with the sever
al States, on condition that it should be
returne when required by the public
wants. In lS49-the year after the termi
tion of an expensive war with Mexico
we found ourselves involved In deb,
of sixty-four millions and this was the
amount owed by the government in
1850, just prior to the outbreak of the
rebellion. In the spring of 1861 ou,
civil war commenced. Each year o
its continuance made an enormous ad.
dliion to the debt; and when, in tn.
spring of 1865, the nation successfully
emerged from the conflict, the obliga.
tions of the government had reached the
immense sum of S2,S73, ,992, 800. The
Secretary of the Treasury shows that on
the lst day of November, 1867, this
amount had been reduced to 81, ,40l ,5Oi :.
400; but at the same time his report ex.
hibits an increase during the past yea,
OF $50 ,62j, lO2; for the debt on the first
day OF November last is stated to hav.
been S2,j27, l20,55 1t is estimated by
the Secretary that the returns for the
past month will add to our liabilities
the furtner sum of eleven millions
making II total increase during thirteen
months of forty-siX and Ii half millions.
IN my message to Congress of Dccem.
be /, 1860. ii was suggested that a poll
cy should be devised which without be
ing oppressive to the people, would at
oEcc begin to effect reduction of the
debt, and, if presisted in, discharge il
fully within a definite humber of years.
The secretary of the Treasury iorcibly
recommends legislation Of this charac.
ter, and justly urges that the longer il
is deferred the more difficult must be-
come lis accomplishment. We should
follow the wise precedents established
in 1889 and 1916, and without further
delay make provision for the payment
OF our obligations at as early period as
may be practicable. The fruits of their
labuurs should be enjoyed by our citi-
zens, rather than used to build up and
sustain inOneyed monopolies in our own
and other lands. Our foreign dent is
already computed by the Secretary OF
the Treasury at eight hundred and iifty
millions; citizens Of foreign countries
receive interest upon large portion of
our securities, and American taX-pay-
ers are made to contribute large sums
for their support. The idea that such Il
Is to become permanent should be at all
times discarded, as involving taxation
too heavy to be borne, and payment
once in every sixteen years, at the pres
ent rate of interest, of an amount equal
To the original sum. This vast debt,
permitted to become permanent and ii.-
creasing, must eventually be gathered
into the hands of II few, and enable them
to exert dangerous and controlling
power in the affairs Of the government.
The borrowers would become servants
to the lendcrs-the lenders the mast, r.
of the people. We now pride ourselves
upon having given freedom to four mil.
lions of the cOlOred race; it will then be
our shame that forty millions of people
by their own liberation of usurpatior
and protligacy, have suffered themselve,
to become enslaved, ard merely ex
changed slave-owners for new task mas
tiers in the shape of bondholders ant
tax -gathcrers. Besides, permanen
debts pertain to monarc hical govern
ments, and, tending to munOpolics, per
petuilies, and class legislation, are to
tally irrecOucilable with free institu
tions. Introduced into our republican
system, they would gradually but sure
~ sap its foundations, eventually sub
vert our governmental fabric, and erect
upon its ruins II moneyed aristocracy
1T Is our sacred duty to transmit unim
paired to our posterity the blessings OF
liberty which were beQuCathed to us bN
the founders of the Republic, and bS
our example teach those who are TO fol
low us, carefully to avoid the danger,
which threaten free and Independent
people.
PLANS FOR PAYING THE DEBT.
Various plans have been proposed fol
the payment Of the public debt. How
ever they may have varied as to tn,
time and mOde in which it should bt
redeemed, there seems 10 be genera
concurrence rs to the prOpriety ant
justlIc'S of Il reduction in the prpscn
rate of interest. The Secretary OF t.t
Treasury i'll his report recommends liv,
per cent; Congress, in bill passc'
prior to announcement on the 27lh q
July last, agreed upon four and II hal
per cent; While by many three per cent
has been held to be an amply suiiicien
return for the investment. The gene
raj impression as to the eXorbitancy q
the existing rate of interest has led 4
an inquiry in the public mind respect
ing the consideration which the GOV
ernment has actually received for il
bonds, and the conclusion is heComin
prevalent that the amount which it uu
tanned was in real money three or fOu
hundred per cent less than the OF
legations which it issu d in return
1t cannot be denied that we ar
paying an cN travag giant Itl
centage for the use of the money bor
r0owed, which was paper currency
greatly deprecated below the value ,
coin This fact is made apparent whe
we consider that bondholders receiv
from the Treasury, upon each dolln
they own in government securiti,'
six per cent. in gold, which il nearly q
quite equal to nine per cent. in currcn
cy; that the bonds are then convertc
| into capital for the national banks, NJ
on which those institutions issue thei
| est; and that they are exempt iron
| taxation by the government and til
| States, and thereby enhanced two pt
cent. in the hand. of the holders. w
! thus have an aggregate Of sevcntcc
/ per ttllls NllNll may bt lt''iNNN wy
each dollar by the owners of govern
ment securities. a system that prodl
ces such results is justly regarded t
favOring a few at the expense of I'll
many, and has led to the further iuqu
ry whether our bondholders, in view {
the large profits which they have enjo!
ed, would themselves be averse to
settlement of our Indebtedness upon
plan which would yield them fair r,
muneration, and at the same time |
just to the taxpayers of the nation. OF
national credit should be sacredly ol
served; hut in making provisions f
our creditors we should not forget VIII
is due to the masses of the people.
may be assumed that the holders of on
securities have already received upo
their bonds larger amount than the
original investment, measured by
gold standard. Upon this statement
facts it would seem but just and equit
BILE that the six per cent, interest no
paid by the government should be a
piled to the reduction Of the princip
scmi-annuol instalments, which in 81
4 A a.