Litchfield enquirer., 1868-10-29
WHOLE NO. 23l7

AS> "1Ao "AO ooACAIuIJ WdEu0u GuaG G0ofo IS 70 De but one currency for them and for something or other which is facetiously cal led the people. In Massachusetts alone there are 34S,593 depositors in the savings oanks-more than a quarter of the whole populAtlon-and one-half of those deposits IS Tn national securities. But you will not pardon me If l longer dwell on so sordid an argument.
 TAXATION OF THE BONDS.
 One would think it equally superfuous to deny the moral right of that form ot repudiation which consists of taxation by government of it's own bonds. A gov ernment IS bound by the same moral law which controls the individual. Unfortu- nately, sometimes, a government which is the aggregate strength of all the individ- nals, possesses power denied to the indi- vldual. Ii John Stokes or Richard Roe borrow money of me at six per cent and then deducts i've per cent or twenty per cent, of that interest, because he finds it convenient to take that little sum out of my pocket, shall turn him over to the courts, who will have something to say concerning the violation of con tracts. But if Government takes Oft tenth or fifth of what it promised to pay me, I have no redress but to get rid of its bonds at the best price I can get; for assuredly, if Government has right to take off ten per cent it has the right to take off 100 per cent, and I may one day whistle for either interest or prin- clpal. To say that because Government imposes q general tax upon property or in- come, levied proportionally upon all the cltlzens, 1t has right to deduct portion ot the whole Of @ sum which it has bound itself annually to pay, seems to be an al- most hopeless confusion of ideas against which human reason must struggle in vain. THE BASENESS AND FOLLY OF THE REPUDIA-
 TION MOVEMENT.
 I do not believe that the American peo. pie mean to adopt any form of repudiation l use the word Repudation purposely. and as often l can. If we are to have the thing let us get familiar with the phrase. Repu- dlation means refusal to pay-whether a part or the whole of our just debts-and it means nothing in its pecuniary application An individual cannot repudiate if he lives undera Government of law. But nation may take vile advantage of it's strength There IS but one excuse for the individual repudlator r-inability, insolvency and thepSS he must give up his all to his creditors. And there is that excuse only for national repudiation Is the great American Re- public prepared to go into bankruptcy and to divide it's little all honestly among it's creditors? Nay more; are we ready to pre- cipitate the catastrophe by declaring our insolvency twelve or fifteen years before it is necessary? Why, there exists no nation thes sFh Fffhcfestt fest ctommonWeaIE6 in the world--a proposition easy of proof, into the details of which it is not necessary on this occa- sion to enter. It is the richest community that ever existed, and it is as absurd for us to pretend inability to pay as it would be for the richest man in town to repudiate his monthly milk bill or grocery book be- cause of inability. How much do we owe? $2, 500, 100000. How many of us are there? I suppose something less than 4O,00O,OOO. We owe on an average perhaps $63 head, at this moment. When the debt is due, say twelve or fifteen years hence, there will be at least GO, GOO, ,OO0 of us say about $40 piece to pay, supposing the debt not to have disappeared altogether, by that time, which it may easily be made to do. Nine dollars year head. and we are paying that now, would extinguish the whole debt, interest and principal, before fifteen years are gone If the foul word repudiation had never been breathed, our difficulties would be over already, and the capitalists of the world would be glad to take our se- curities at as low rate as the most favor ed nations enjoy. This is the richest coun try in the world. The accumulated capital of the British empire may be one-third lar ger, although it is probable that the results of the United States census of 1870 will make surprising revelations; but the an- nual product of the United States is now far greater than that of the British empire, while the untouched resources of this na- ton are of almost fabulous extent. It will be much within limits to assume a yearly product, at this moment, of $4,O00, ,O00, ,O00 gold. But that which makes our financial strength not only encouraging, but astoun- ding, is the tremendous ratio at which our wealth and population increase. Arithme- tic, statistic, become poetical when they deal with the American future. The head swims when the possibilities of this fortu- nate land are contemplated. If I dwell for a moment upon the enormous power and wealth of this country, it is not for the ig- noble purpose of pandering to individual or national glorifcation, but in order that we all may take shame if we admit for an instant, our inability to pay our honest debts. On the most moderate calculation, our population doubles every 23 years. Our wealth doubles at least every 10 years. In the decade immediately preceding the civ il war, the ascertained value of private property in the country increased more than 128 per cent, doubling, therefore, in less than eight years. At moderate esti- mate, the population IA years hence, will be G0,000, ,000, and the valuation of proper ty, after making allowance for the cost and consequences of the war throughout the whole country, will be $6O,0OO, 900, 900. The debt, even if not reduced q dollar be- fore that time. will then amount to about four per cent of the accumulated capital of the nation. What individual i'll this coun. try wishes to-day to repudiate his personal debts, maturing 12 and b years hence, be- cause they are likely to amount to twen- ty-ffth part of his assets? Why, the State of Massachusetts created in the year 1866, the first year after the war, $517, 100000, according to the interesting and admirable address of His Excellency Gov. Bullock. During the preceding ten years the increase of production was 72 per cent. although tho yearly increase of population was but three per cent, much below the national average. Were the whole country as industrious, tho annual product would at this moment be SIG, ,OOO, ,000, 900 instead of $4, 4,OOO, ,OOO. 900. according to the moderate basis which we have taken. And there is no good reason why, the whole country should not be as