The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-10

seventy-dve millions funded debt In 1901, va %
MT. Jefferson took the Presidential once. 4 hss
people hardly more than three millions in number.
we have no estimates Of the value OF the
was not more than onenfteen.h as much
a az o. this DAY Three mu.ons s Of people and
property TO the amount Of one Or two thousand MI.
lions Of dollars. lApplauseJ To-day we are forty
| millions strong We have accumulated wealth 10
this country no less than fifty thousand millions OF
! cellars lAppiause.l During MIR. Jeiferson's eight
| Years office the public debt was reduced from
tiGa OF twenysx millions Of dollars In period OF
eight yeass-a service for which he received and
y aeyss tns thanks Of q; ;0s coantry
now a. nifty thousand million Of dollars and the debt
OF to-day Is much iess than the debt Of 1901 Con-
debt is Immensely Increased by the introduction OF
iaDorsaying machinery and power INTO tlis couI-
ness and the accumulation Of ''w wealth are
| at least four times as great IN this year
century Consider ali these facts together ana the
public debt OF to-day dwarfs In comparison with It's
public debt which was assumed by the nation when
" came out OF colonial existence in the supreme
majesty or nation Our capacity for paying the
deLN which remains may be measured BY consider
had LNeen paid from 1886 TO the present time, the
funded dept OF the country would not have been less
than thrive thousand two hundred millions OF dollars,
m m n' o. United States notes in circuation
But BY the system 81 taxation Which has existed
people, thus debt ilas been reduced several hundred
millions OF dollars; ana l! IN these four years,
able to pay twenty i've or thirty per cent OF the
public debt, shall we hesitate row. with popula-
S Of as people
to produce. wealth accelerated IN great
ss ss NE rs nsx. % few what years. Ss
II VIC were to pay hundred millions OF dollars
year, which we can pay II the present system o.
will be extiNgushed In taaS than fourteen years.
lApplause II we pay nfty millions e year, which
bearing public debt viii be extlnguished in
less than twenty-five years; ana II we nay but
millions year s fa e. vne .a.Iso
ing debt will be sxznguishe'ls In thirty years.
tAppiauael The astossshn,ent, gens!emen is .nat
Question IN tina country among any class Of people,
orby any SORT Of politicians. a. towDat tue courae
question But come gen1eman, tooall your atten-
ton to a feasure OF this controversy in which you
We are now paying on larger part Of this debt six
per cent interest The eyencs or the astsx or seven
the people Of this Country to nay this debt has rem
dered IL not only probable, buf consider 1t certain
unless there shall pc some disturbance OF the peace
Of the worid-uniess there snail be sOine ca
lamity, national In It's character-I consider It
certain that we can completely refund SO much Of
the debt as we desire 70 refund st rate OF interest
not exceeding four and half per cent-(appiauael-
thus saving 10 the country ana to the people who
lions year. And this Is the practical question
involved In this e.ectiou and this is preciselytne
and the ccnsdsration no Of which has naGce
me TO come here tAppiause.) The cTedts
OF this nation T. que 70 !, the als =, ah
obligations that have been assumed The world has
no doubt OF our ability. When they consider the
our climate the fertility OF soil, the unceas,ng
capacity Of our minds to contribute to the weathof
the country and Of the world, they can never doubt
as to our ability to pay our debts. tApplause)
WHAT THE RESULT WILL THE REpUBLiCkNs'
ARE BEATEN.
II then, citizens OF America, your credit in the
markets Of the world Is deprecated to the exteat
OF one per cent as compared with the credit OF the
alton is due to want 81 faith in your disposition
TO pay your debts, and just IN proportion as you
your debts Just exacsly in that proporton will the
depreciation OF your credit continue. Now, then,
you come to consideration Ter ,% Of THIS =, question
wanna and Ohio and OF the Union whether by your
votes you will Indicate to the world that there Is
no doubt or your disposition to pay this debt. ZAP
plause.) II you indicate doubt the cost OF that
doubt Is to be borne by the laboring people OF this
Gratis here Tonight. II there be such would ike to
ask one or many whether ne or they have finally
IL ultimately to be paid. The people OF this country
will pay their debts. The states that are poorest
Of e %
yet finally pay their debts; bat the delay. the uncer-
s ' hon aoa S ass dsa Sa ss by
Of the people, by the people themselves at the ballot
box are the means BY which the people themselves
are compelled to bear an unnecessary expense, n
BY an uncertain vote IN Pennsylvania aud ONO on
Tuesday next the faith OF the country or the faith Of
Europe is shaken 10 the disposition OF the people OF
this country to pay their debts tie extent OF that
change will be Pet IN the depreciation OF |
O longer period OF time 70 pay six per cent interest
your Outstanding Obligations, instead OF being
or four and hair These are the practical consid.
erations TO be presented to practical men. II you
yOur nj
get rid OF interest and principal together
iho you do ou not 90 intend von nsr epadae
declare undoubtedly and with emphasis, That the
debt IL to be paid and create confidence IN the
obligations, and with the advantage OF q reduced
OF interest, growing out OF the increasing
u pTscs &c TSs i the phase Of This
question which desire to present you tonight. 1t
y all there IS Q! IL there Is nothing to insimdste in
OF disposition aud OF power gu your part; OF the
capacity and honesty OF your public servants. II
world that this debt Is to be paid If by your
system OF taxation you will furnish the means OF
public servants collect The public revenues and
apply the proceeds to the payment OF the debt.
There s nothing in schemes nothing in plans
pie and straightforward work. The disposi-
ton and ability, ability you navenand honesty ness IN IN
the world. Appause.) Your debt w!ii be placed at
the lowest rate OF interest, and you viii pay all
pSioic tuc ucu NJ AWu youi SSSuihiSs uSsoS W
have 1t paid.
WHAT THE SPEAKER HAS DONE.
l desire further to show you what has been |
recently done, within the last six or seven months
You have paid ffty-six millions OF dollars |
OF the public debt. The President desires an |
economical and honest administration OF the gov
ernment (Appiause.l lie desired that honest men |
should be appointed 10 places OF public trust,
especially In the collection OF the revenue. or all
the means calculated TO lnure public credit AMI TO
render taxation unnecessarily odious there nothing
more efficient than TO entrust the collection OF the
revenues to dishonest men, who, having exacted |
from the taxpayers what was due the government
appropriated It to themselves. IT cannot hap |
pen In country so vast as this tnat nom |
est men can always be secured, but know |
that the President OF the United States desires more
than anything else that nobody shall be put la ONCE
or retain any Office unless, In tue performance OF MS
duties, acts according to the laws You have paid
fifty millions OF the public debt since the Isl OF
March last Shall We In the presence or that fact,
shrink from what Is before usf To be sure there Is