The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1869-01-20


s he mind cannot compass it; but be-
ing trauslatG d into plain intelIifiIble
English, it signifies National bank
| rnptcy and ruin. The result of this
large accumulation of Interest in
| long periods Of lime has given rise
10 frequent outbreaks ofpOpular
feeling against usurers and those
suspected of faVOring them. and
nations have enacted laws and courts
have been astute to construe law so as
to guard against it. The debtor class
those who create the capital which
must pay the debts, public and pri-
Vate--are, Gs I have already said, the
laDorlng man. and the farmers and
manufacturers, their Immediate en-,
ployerS. Many ofthese are the sold
lers who fought our battles, who have
returned to their homes broken in
health, broken In fortune. rich onIv
In military glory, and who will not
be willing to have tmposed on them a
heavy additional burden of taxation
by way OF Rratuitous commitment to
the wealthy bondholder, who staid at
nome and lent money at, t,anenorTnous
interest IT Is proposed to encounter
all these evils being hanktupfcvrsnd
ruin on a large and ineritorious GLASS
of our citizens, who occupy the ,,ost
of danger like a forlorn hose in battIe
IN order TO escape from the 'preseot
evil Of a deprecated. currency. I
have already. expressed the opinion
that the object to be egained-though a
worthy ohject-is not worth the sScri-
flee; Let Us look at 1T more closely
and test-its value more aecgsateIy.
a deprecated eurrencyAone below
the standard of the civilized WORLD
Il an eV,li but. by no means so great as
has been assumed without Iroof.
loosely thought and loosely Irepresan+
ed. A careful analysis viii shoyU that
the most of its alleged misehiefs carrn
with them, their own eompensatorv
remedies. The principal objection fo
nations legal tender paper chFrepcv
is its tendency to ofluctuafion;;but this
Is much less than is generally Suppos-
ed. II IS not the deprecated Currency
but the heavy annual interest on the
debt that presses with such enormous
weight on the productive industry of
the country. We, the people, want
to reduce this burden of Interest and
bring it within manageable COMPASS
This can be done only by funding
that portion OF the debt which is nav.
able, and as it shall become PAYABLE
a. unreasonable rate of interest, and ii
Is now in your power to take an inn
Portant and decisive step in thar ldi-
elsive step IN IN that -direct tion.. There
is $500, 600, 900 of the tive I1tips' '-S,f
1852 now payable, at the pleasure IF
the government. in legal tender 7cur-
rency, or whatever else the creditor
and the government may, by ult,tiJsI
agreement, prefer to legal f-ten ders-
say bonds redeemable in forty 'years
bearing an interest of four peT cent -
perhaps three and a-half were better
whenever our currency under the on-
Grafton of that law becomes e0nivs-
lent to gold. the question is settled
The act of February 25, 1862. which
provides for the issue of. $500. 600 OoO
OF hye7twenties, provides expressly
tnaI treasury notes, which it also au-
thorizes, 'Shall be receivable in paw
ment OF ali taxes, internal duties. ex-i
clses, debts and demands of every
kind due to the United States. exeent
duties on imports, and of All Claims.
and demands of every kind whsfso-
ever against the United States excen+
bonds and notes, which shall be paid
In coin; and shall also be IaWf1I
money and q legal tender in payment
ofall debts, public and private with
In the United States, except dptiAs
on imports and Interest as aforesaid -
This law is the authority of the Score
tary of the Treasury to boFPdyv tbrs
money. The question Is settled as N
thelright of the United States to bav
these, bonds in legal tender notes If
nothing more acceptable to the debit
or and creditor can be agreed upon.-
/ would then propose that the Secre-
tArY offned cbe, directed to
pEegsle ana bold sforf dsli liYsrY soGO-.
Qo4, 4,gQe ~ oorlds IL j2t Sp-i
uonQf tlei nltedA STATES EsbaDyaUne
aisess sshsse4p ien,s Of ioFftSS Oars,
cent, able SEN i az liiiss =, ss6sSfb
prlpcipak and Interest IN 90 ofd=-ean-i
tfnue by IL w the pa ayIaent or oofri for
the custom c1itias, and pledge their
proceeGa fOrIthe Fayhn eat eof Interest
on thezbOnds1Uhti they BeE paid and
retired+and by 3, a,Spresent act aDnro-i
pirate the proceeds of those duties 10
the payment of such interest during.
the conGnuance of the bonds. and an.
thorlZe and require the Secretary of
the Treasury, without any further act
OF appropriation to pay such, interest
as h7shaH accrueAand -exenont tbe
bonds from taxation by the United
States and Territories, and all munic-
ipal corporations in any State or Ter.
ritory OF district within the United
States, --o.-., ---r-- --...,--, -
would make the pledge of the Gus
toms and appropriation absolute and
enduring, so that no 1uFther legisla-
ton would be necessary to pay the in
terest on the bonds until the time
when they should befhnally paid and
retired-so that there could be no neo-
lligent repudiatien by the failure of
one House to pass or of the President.
to sign an appropriation bill, and no,
active Reputation, unless the Presi-
dent and both Houses Of CONGRESS
should concur in making themselves
parties 10 the national dishonor-a
degradation which we may safely
pronounce impossible. The semi an.
nual payment Of the interest would
thus be made absolutely certain. until
the principal shonld be paid: and
the more remote that daE ethe more
valuable would be the bonds. They
would be the the best monev securfL
ties in the markets of the World-sa.
fer and exposed to fewer risks than
the British eonsuls, and better by their
one per cent excess of interest. II
And would direct the Secretarv of
the Treasury to retain or issue tbe'
4equisite amount of legal tender nofes'
give notice that he is ready to redeem
the whole issue of 1889 at the Treasure
on the lst of May 1850, in legal TEN
der notes or in four per cent forty wear
bonds, secured as above, at the option
of the creditor, and to exchange al
some convenient point in Europe the
forty year bonds for the 5-2Os, whether
the latter be payable fornot,I nnakIDg
allowance for4the excess of Interest an
the 5-20s where they are not PAYABLE.
and leave the bonds which become
payable at.a future day and which are
not thus exchanged to be authorita-
lively dealtWIthIby a future CONGRESS.
Avoid the absurdity- Of q sin Ring 'fnnd
the wild unHeasoned scheme of an
Ingenious Visionary. which always
has, resulted and al ways viii result in
nothing. If there be at any time a
surPlHsi1n1 the treasury .after paying
tnterestseu the debt and meeting lfhe
Wants Of government. 1t can be made
70 sink the debt by the purchase Of
inst SO much IN bonds, as. the share
fund Will buy and the Interest thus