The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1869-05-20

There are many schemes to liquidate
the National debt. We think VIC have
read and heard of no less than thousand
within the last three years. Most of them
were put forth by writer's who saw the
way, to hard cash" very clearly them
selves, but when they came to point it out
to others they got dreadfully confused
and mixed up. The road to liquidation
was never pointed out more clearly and
forcibly than is done by the writer Of
the following communication. He is q
resident of Kenosha. That fact gives his
communication IN additional interest.
We are aware that Il is not put forth
as scheme to get rid Of our national bur
den. We simply mean that it reveals a
way. That way is CONTRACTION. It is
q rule with us never to insert anony-
nous communications but, upon reflec-
ton, we think it best to make an excep-
tion--in this instance, at least--in favor of
"Incog." We should like to know who
he is, however. He says we can, if we
wish, put it forth as our own. We are
iobliged to him D We don't like to strut
in another cocks feathers, however fine
they NAV be. qo ua -sl bs5Ga3 ato22G s3i
| I INITIATION M CONTRACTION. +
| There is not a sounder financial prin-
ciple than that which is founded on the
fact that to elevate the standard of a cur
rency. deprecated in value, the volume
should be diminished. No merchant
would publicly increase the number of
his "".bills payable" in order to improve
his credit for the effect would be to
lower the value of these same bills, and
bring his credit down. 1gI 9dI at nni
| During the Irish rebellion number of
the insurgents were very highly incensed
against certain banker, and in order to
avenge themselves upon him proceeded
Ito destroy such of his notes as came into
their possession. An Irish bull OF So,
lrious character, for they not only robbed
themselves but every bill thus destroyed
was just so much profit to the banker !
because each one was debt paid for him
at the expense of some one else. Had
they been able to devise some means by
(which the number of + his. notes could
have been increased, his Indebtedness
Iwould have been correspondingly in
lcreased, and his credit deprecated
Government is the greatest banker in
this country, and every paper dollar is an
levidence of debt. Every additional issue
of such money only increases the burden
/ which the country has to bear and
when the volume of indebtedness is in
|creased beyond the ability of this, or any
future generation, to pay, collapse must
of necessity follow. The frog in, the
fable suffered the inevitable consequences
of imitation. He attempted to rival the
bull in size, and burst. srf I'M YsyosI ,i6
p There should be circulating medium,
Esuficient IN volume to answer the reason
1 liable demands of the trades and com
merce all over this is detrimental to the
honest tradesman and the honorable mer-
chant The only parties that can derive
benefit, from redundant paper currency
are the spectators and, stock gamblers,
Iwho are. heavily invested in stocks. pur-
chased at low prices which imitation
enables them to sell at high figures, to the
detriment of the humber and poorer
masses of the people, who are the suffer
ers by the increased cost of the neces-
saries .b4f.,. - qsd b.a,,; ,..fs Il. I
Evidences ofability to pay debts gives
confidence to the creditor, When the
lpeople of this country took upon them
selves a debt, of nearly three thousand
millions within four years time the world
stood aghast, and predicted reputation
and ruin. That same wise world CON
fessed, itself astonished at our NANTES
ltations of recuperatiye power, and bought
our bonds as the most safe and desirable
investments known. AS the reports of
our Secretary of the Treasury show re-
| ductions in our Indebtedness confidence
is strengthened both here and in Europe.
Gold gradually declines and American
securities appreciate in like ratio. aat
Il If q sudden imitation were to take place,
to the extent of some hundreds Of mil
lions, gold would advance some 90 per
cent at jump, confidence abroad would
be shaken, bond holders wonld rush In
their bonds by the hundreds of millions
for redemption, the Treasury would be
drained of its specie, and the whole
country would be plunged into financial
distress. The credit of the country would
be destroyed. The frog would burst from
lover innatlon. INCoG. I
The Bloomer costume is being revived
in Buffalo 49, '.A 8S}a
Nearly thousand men will soon be at
work on the Hoosac tunnel
Anna Dickinson is engaged-up-
on another book.
John Stuart Mill has book-s'The
i Snhiection of Moment, nearly