The south-western. [volume] (Shreveport, La.) 1852-1870, 1869-06-30
MISCELLANEOUS.

KEY WEST June 27.-Federal steamer Narragansett
arrived. Six officers and three men down with yellow
fever.
Providence, June 2e.-Steamers City of Newport
and Bay Queen injured by collision in fog. No lives
lost.
New YORK, June notwithstanding Marshal
Barlows denial it is considered certain that the fill
busters got to sea- and that the Catharne which the
revenue cutter captured, decoy. Captain Hani
tons fifty men, recruited in Richmond, with the
expedition.
SAN Francisco, June 29.-Rich silver discovered
near the proposed line of Southern Pacific railroad.
New York, June 29.-Times has long editorial
approving federal neninterference in favor of either
ticket in Virginia, Mississippi or Texas
THE INTEREST ON THE DEBr.-The New York Herald
in referring to the act of the Engsbman who refused
to take six per interest his United States bonds
says:
This gentleman speaks of six per cent but, in fact
our debt bears nine per cent when measured by
the currency of the country, which is the measure Of
all values and transactions Six per cent in gold is
near eight and half per cent in currency at the pres
ent market price of gold. That is really the interest
we are paying on the debt. 1t would bankrupt and
ruin any other government in the world England
with all her resources and accumulated capital could
not stand it, IF our wealth. resources and progress be
so great that we submit to the burden at present. the
time will soon when the people must revolt at the
enormous weight of taxation required to meet such ex
cessive interest on vast debt in addition to the
rent expenses of government It'll monstrous that the
people should have pay eight to nine per cent inter
est on the debt In many States this rate considered
usurous and ruinous, and laws are enacted against
such usury Strange to say too, that the Treasury De-
partment under the late administration, did all it could
to increase this burden by converting the debtbearng
currency and no interest into the gold bearing
debt The whole policy in favor of the bondhold
ing creditors and against the people, who the debt
ors 1t is this which has made the debt far heavier
than at any period since it created The welfare
of the Countrywide interests of the mass of the peo
ple-requres that by means or other the rate OF
interest on the debt should be reduced.
But there are other and great evils resulting from
the present high rate besides the burden of taxation
1t governs in a great the interest of money
generally and makes it very dear. Cheap money is
the life giving to commerce. trade and enter
prise. Dear money causes stagnaon to business and
places country at the mercy of foreign capitalists. II
drains to other countries where money is cheap and
abundant all the profits Of industry. Instead of CAPT
tai being invested in manufactures, agriculture and
improvements generally it is put into government
curities for who will take any risk, even trouble
about business when he get eight nine per cent
on money put into United States bonds, which give
him no trouble and are exempt from taxation? Then
it fosters the widest speculation in Wall street and al
other money centres. 1t is, as by daily expe
rience an enormous pool for stock gambling, whereas
if the interest on the debt low people of surplus
means only would make permanent investment in it.
as they do in the three per cent consos of England
If the present state of things continues the fatal
consequences will follow, for the rich will become
richer and the poor poorer from year year One OF
the first things therefore, that Congress should do is
to reorganise the whole debt at much lower rate OF
interest, and thus to relieve the people of portion
their burdens and to make money cheaper In the end
this will prove equally advantageous to the bond
holders as to the public At any rate the first consd
Grafton in this matter is the welfare of the community
| at large.