Wyoming democrat. [volume] (Tunkhannock, Wyoming Co., Pa.) 1867-1940, 1869-04-21
The Public Debt Explained.

The tools of the bondholders, and some
few fools, not paid for doing it, misrepre-
sent the cause of the deprecated value Of
the present circulating medium. All men
of moderate means hno,c too well, that a
dollar in currency represents less, rather
than more, than half-a-dollar did ten years
ago.
The true explanation is in the fact, not
that there is paper money afoat. but that
this paper money represents all irredeem-
able de6t-and not money, in any true sense
of the term. 1t is not the presence of pa
per money that depress business, and rem
ders the poor poorer. II is the fact that
this paper money, and its corelatives, point
to the fact that 1.-The Government" is sup
posed to be indebted for thousands of mil
lions al cannot pay.
To illustrate The house of Eugene Kel-
ly & Co, in New York, may have, from
their house in San Francisco, telegram
that bills for half million of dollars in
gold, or more, are, literally afoat against
them, having been shipped on steamer on
the Pacific. Eugene Kelly & Co.'S house
in New York welcomes the intelligence, be-
cause it is profit of exchange, and they
hare the bullion ready TO meet the bills
But, suppose Eugene Kelly d Co S house
were not the solid thing it is-suppose they
had to ''shin" round Wall street, to get
ready for the drafts coming on them This
would be all the difference between legiti-
mate banking and wild speculation.
The cases are not dissimilar. Men vers-
ed in money affairs will appreciate the illus
tration. We will not develope it, Its I'M
derstood meaning, by all skillful political
economists, is that the distress for money
and the inadequate pay for labor-and,
through labor, for storekeepers and the
like, comes from the fact that ''tbe Gorern-
naent' is involved in monstrous debt, and
that, to pay its creditors, it is taxing the
very life ont of the people. 1t is not the
existence of paper money that makes the
rewards of labor and Of Legitimate business
so inadequate. The evil of paper money
is but result of the operative cause. Were
paper money, on the plan of the Tribune, to
| be Withdrawn, or, what is the same thing,
to be declared redeemable, the oppression
of the industrial public would be far more
| frightful-for taxes would still be to be
paid in all their hugeness, and there would
be nothing to pay them with. Paper money
is necessary erH, in our condition, and
must continue till we, in some way, get rid
of the horrid public debt. So soon as this
debt can be gotten rid of, paper money
will cease to be a necessity. But, in con-
sequence of this huge public debt the great
bulk of the people that, heretofore, have
been well-to-do, have been staggering
along, trying to keep up appearances. They
are hurrying on to bankruptcy.
The real trouble is not that there is afoat
currency-greenbacks and National Bank
bills included, of some six thousand mill
lions. In its present circumstances the
country needs more circulation. But the
real trouble is that the bulk of this, and
of hundreds of millions else, is 4 dead debt
,reigh ON the people 1t is not the green
back currency that curses us-it is that we
have to pay the most horrible amount
of uSury to exorbitant bondholders for
debt not authorized by the constitution of
the country.
This "war-debt" is villainous, and worthy
of reprobation. Wewant to fling it to the
deep sea--if the devil flies away with the
claim he ought not to be forbidden. 1t is
hiS.-Freemdn'S Journal