Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1869-10-11
How to Pay the National Debt.

address delivered to The farmers Oh Olste'
county, ~ Y, at the fair in Kingston, by
the Democratic Geovernor, Mr. Hoffman,
who seems TO be favorably impressed with
the Republican idea of paying the National
debt. He said:
Our country, notwithstanding the great
debt which rests upon it, cannot tail to
grow rich and prosperous, if our people
will be economical. The extravaganza of
the az e in which We live, however, must be
checked, or, with the corruption and de-
moralization which attend it, will come dis
astcr and distress. There is no estate so
large that spendthritt cannot exhaust IT,
There is no people so powerful that extrav-
agance and corruption cannot destroy them.
Our exports of the great staples will bring
neither national nor individual wealth, If
they go only to pay for luxuries which ener-
yate and corrupt. Far be it from me to de
ny any nan or woman the enjoyment OF any
thing which will contribute to his or her
peace and happiness. But the nation is IN
debt twenty five hundred millions of dollars
more than thousand millions of which
is held by the people Of other lands What
the nation owes, the people owe, and what
tue people owe, each individual owes for
We are sureties and bondsmen for our coun-
try and Tor each other. Bondsmen, indeed !
and vino is so much u bondsman as the deot-
or? There is no way TO get out of debt but
one, either for nations or individuals. A
man cannot pay his debts by giving his note,
nor can any Government pay its obligations
by the issue of irredeemable paper There
is but one standard of value, and that has
been fixed by the common consent of the
world, aud BY that standard must all debtors
ultimately be judged. As no quack rene
dies can remove deep seated diseases, so no
ingeniously devised financial schemes can
point out any but one way to pay nation S
debt. When man has violated the laws
of health and finds his system broken, and
his power. weakened, there is no medical
specific which can save him. He must
cease the practice of dissipation and folly
He must nurse his exhausted energies. He
must economize his wasted strength. He
must deyelope, as best he can his physical
powers
80 it is with our country, which has
been called upoh for profuse expenditures.
1t has within it elements of strength and the
means to meet all its obligations, fully and
fairly, if it will, but it must diminish Its ex-
penses as well as increase its revenues. 1t
must labor IN earnest and economize in earn
est. If farmer owes 81 900, the payment
OF which is secured by mortgage, he can
pay 1t If he will, by his labor and cut of his
land. If he neglect his farm if he and
his sons and daughters are extravagant ard
wasteful; if family discord destroy the
peace Of home; if reckless dissipation
cEaracterizes his life, he will add to his OBJ
legation and will not pay his debt. So with
the nation. The labor of the country aud
the great area of its territory, upon which
the whole national Indebtedness is lien,
can sustain the credit of the Government
aud pay its obligations. But if the people,
who are the laborers, are extravagant and
idle; If strife, discord and contention shall
prevail among them; if passion and folly,
instead of judgment and good sense, shall
control them if hatred rather than love OF
one another and Of their common country
shall move them, then the national honor
will be imperiled have read many learn
ed essays on the question of How to Pay
the National Debt When men ask NE
what financial. theory | have, answer,
Only one, and it is this: A union of pco-
pie and OF States; hearty joining together
OF all sections, in the common work of re-
establishment and restoration; industry.
prudence, retreDchment and economy. In
crease your earning; diminish your exend-
itures. Save when you can and spend on
ly when you must, and let the whole world
see that you mean to pay your debts.
'1ft the people are extravagant, the Gov
ernment will be. The stream cannot rise
higher than it's source. The representative
will not be better than those he represents.
Other people have sunk under the crushing
weight OF individual and general extrava-
gance and folly. Let us take warning by
their examples, and in doing so avoid their
fate.