Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1869-05-28
PAYING OFF THE DEBT.

Gold having been temporarily "bull-
ed" by a reported European alliance
against the United States, coupled with
/ one or two heavy failures, the New
York Times takes occasion, of course,
to blame Secretary BoutWelI's bond
buying and s~inking-fund policy. AS
the gold gamblers are opposed to a re-
duction Of the National debt, Of course
thew are doing all they can 10 "buIl'5
the gold and stock market, so as to
raise a prejudice against Secretary
BOutWeu's policy.
The Chicago Post opposes paving of
the debt, on the curious ground that the
creditors of the Republic do not ask to
be paid before the debG falls due. The
Post even goes so far as to say outright
that the creditors of the Republic Will.
probably, never ask 10 be paid their
principal, but will always prefer to hold
their bonds and have us pay interest.
Therefore, it argues, we should not pay
the prlnclpaI now; and it might as we'll
argue that we should never paw of our
debt, because the holders of our bonds
prefer to have us pay them perpetual
interest! 1.-THE arguments worth con-
sidering at all, it logically leads to ex-
actIy that. Now our view is that the
Treasurer of the United States should
pay no sort. of attention to what the
bondhOlders want, or do not watt: but
should pay off the debt lust as fast as
the best interests of the country Will
allow him to payit, and should manage
our finances in the interests of The peo-
pie generally, and not merely to suit
the interests of those who wish us to
pay interest perpetualIy.
We help pay taxes !; and we desire
that the time shall come, as speedy as
may be when we shall no longer have
to pay taxes, on account of our Ma
tional debt. We desire to see some end
to our heavy taxation therefore we
desire to see the debt reduced-paid of
las fast as practicable. On the other
hand, those who speculate in gold and
stocks, and those who own United
States bonds, do not desire the debt to
be paid of, because they are getting a
good interest, and are making money
out of u heavy taxation; therefore
they desire us to continue to pay inter-
est on an undiminished debt as long as
possible, and the gold to be kept M
in the thirties as long as possible. Il
our debt shall run forty years, without
being paid of, we shall pay il twice
over in interest, and still have the
principal to pay. Is thisa prospect to
please She taxpayers ? On the other
hand, every saving of interest we make
by paying of the principal, is a saving
not TOR one year only, but for from
twenty to forty years. Thus, ifWesaVe
six millions in interest in one year, by
paying off bonds having twenty years
longer-to run; we save six millions fOI
each OF the twenty years, or a total
saving OF one hundred and twenty
millions of dollars in interest alone
beside the principal. m
This is a pleasing prospect for the tax
payers I; therefore we think they will
generally warmly approve Secretary
BoutWelfs policy of paying off the debt
as fast as possible. Once the debt is
finally paid of, and the Republic clear
of its obligations, we shall become once
more an untaxed people, the most free
prosperous and contented among the
nations Of the earth. Those who would
postpone that happy time may speak
for Spectators, stock brokers and own
3ers, gold gamblers, and inhationists,
but they do not, we think, speak fOrthe
masses of the people.=DetrOit Post.