The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1869-04-08

THE NATIONAL FINANCES.
In our paper Of April we gave some ink
llngs OF what are our notions respecting the
policy Of the Government In regulating the
national finances. The danger has been and
still Is that oppressive taxation may lead to
population, and the longer we neglect to
provide for the resumption Of specie pay
ment at as early day as Is possible the
more we put In jeopardy the soundness Of
our Government securities. The American
people are q patient people, aud they will
endure much and suffer much for q Govern
ment which they believe Is their own. The
mass OF men everywhere believe in paying
their debts, and it Is only the few who would
deliberately repudiate. Still 1t is impossible
to tell what almost uncomfortable burdens,
with no prospect or certainty Of coming re-
lief looming up In the future, may do towards
exciting people to desperate measures
which lead TO desperate ends.
The theory OF Mr.. Amasa Walker to
which we alluded in former article which
Is, that the Government should issue certain
denominations of compound interest bearing
notes may be wholly right or partially right.
One thing VIC feel assured Of, and that Is II
cannot be wholly wrong. A compound.iu-
terest note Ia promise to pay what you owe
with interest, but greenback is only a
promise to pay what you never mean to pay,
excepting giving another promise Just like
the first. II Is system Of reputation all
the while. That is, you are using peoples
money without giving them an equivalent
for It, II you cannot pay your debts con.
fess 1t, and do the next best thing, and that
Is, pay the interest upon the money which
you borrow.
The idea that the Government can have
t7oo,oo0,o0o Of promises to pay In the hands
OF the people which 1t cannot or does not
mean to pay Is a mischieyouS device which
cannot and ought not to run always. There
Is an end to the credit of every man who
promises to pay, but as often fails and never
makes good his word. Governments must
he held by the same moral principles, and
Judged by the same rules Of moral rectitude
that govern individuals.
The currency of tho United States at this
time is only good for what it will bring, be.
cause 1t is only a promise to pay, and its
value is estimated upon a gold valuation in
exact conformity to the amount Of gold
which the Government might, In au emer-
gency, be able to put forth to redeem its
issues.
1t Is believed to be competent for the Gov
ernment to make Its paper issues possess the
intrinsic worth Of gold values by making
those issues legal-tendcrs, and we know Of
no better method to reach this desired end
than that proposed by Hon. Amasa Walker.
If our bonds, principal and interest, were
TO be redeemed In currency, what would they
be worth to-day7 Just what any promise
which may or may not be met except by
another promise Of like character; that 10
oil. Our securities are valuable, because
they must be redeemed by coin. When all
the issues Of the Government are made alike
good by being predicated upon what, in itself,
possesses gold value, they will all be
equally good.
Then we shall have reached specie pay
ment, or what is equivalent to it; because
our compound interest notes may be absorbed
the funded debt by gradual process,
or while in circulation or outstanding, they
will carry the value, the interest being added
OF gold Itself, and will be much more con-
venient.
Mr.. Walker proposes to convert these notes
into into ten-forty bonds at the end Of two
years. We would make the time longer.
even though this should require reduced
rate OF interest. We are not great stIcklers
for particular theory. We only wish to
give the world to understand that our promise
10 pay means pay and this end once reached
Will establish our credit and make our paper
the same as gold.