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

which he discusses the finances of the
country. We make q few extracts /:
1t has been, in my opinion, from
the first exceedingly desirable to sep
arate all questions of national debt
and currency and finance from gen
eral politics, as there is great danger,
when these become party questions,
that heated controversy, which is al
ways more or less unrsasoning and
unjust, should lead the party domin-
ant for the time into acts subversive
OF the public faith, or injurious to the
public welfare. Unfortunately, how
ever, they have to some extent be-
come an element of party strife, and
there is danger that In the Yicissitude
OF events, injustice may be done by
one party to the people-ths taxpay-
ers-who are the debtor class, and as
q consequent reaction, at some future
day, perhaps not far distant, to the
creditor. In the case Of our $40
bonds Of 1862, which are now payable
and this is the proper time to con-
slider these and adjust them-we con-
tracted 10 pay, and have thus far paid
six dollars year in gold on sum
which, when loaned TO US, was equiv
alent in value to less than eighty dol
lars in gold that is to say, we have
for seven years paid on the POS of
1862, and are still paying seven and q
half per cent interest on the gold ac-
tually Invested by the creditor, and
actually received by the United States
This loan, now payable, amounts in
the aggregate to the sum of $500, OO0-
900. If we offer now to pay the cred
itor interest at the rate of six per
cent on these bonds up to the first of
May, 1869, and then pay him in the
funds which we received of him, and
undertook tn pay him, or some other
security which he will prefer, we do
him ample justice; but If we give
him an advantage beyond this, we
are generous to him, but unjust to the
people who are the debtor. We are
not bound in faith or morals to make
the fund which we pay to the creditor
for his principal-be it what it may,
gold or legal tender notes-worth
more at the time of payment than it
was when It was borrowed. This apr
pears to me strictly just-the view
which a righteous arbitrator or Judge
would take of the subject If submitted
TO b N for decision and it were bet
ter Tor the creditor than an, exubeFant
generosity which would promise him
more than he is entitled To, when the
debtor Is but Unstable 10 comply with
his actual contract. fairly interpreted.
It is clear that as individuals and as
q party you are safe in doing simple
Justice. The question, then at once
arises-'W hat can you. do, and what
ought you TO do at once to tighten the
enormous burdens resting on the pro-
ductiVe industry-theI labor-of the
country? We are paying now an ex-
cessive interest; such as no nation
worthy of credit ever vet paid for q
long period of time-such as no ma
lion can long continue 10 pay, and
enjoy credit at home or abroad; aud
we must continue to pay 1t until our
bonds be paid or funded on reasona-
bic terms. 1T is thought by many
advisable to hasten by legislative ac-
ton the resumption of specie pay
ofspecie currency. and making gold
and silver the only legal tender In
payment OF debts. Those who pro-
pose this have not, it seems to me,
well considered IT, If we resume spe-
Gle payments at once, and make gold
and silver the only legal tender, we
ruin the producing classes Of business
men at once, and drive them to bank
ruptcy.. II their debts now amount
~ So, ,000, 000, 600, rep the legal ten
der act or otherwise force an inmedi-
ate resumption Of specie currency,
you add by stroke Of the pen g, 600
OO0, 600 TO their debts and the mis-
chief does not end here-you disturb
the business relations of the country,
close manufactures, deprive lsbOrers
Of employment fora time, until the
business of the country can shift
hands and be readjusted and rearran-
ged. If you pass an act postponing
resumption for two years and then
making it absolute, you produce the
same result In very slightly mitiga-
ted degree Make the greenbacks
payable in gold in two years and they
will be at once bought up by capital
lists. To all who understand their
value they would be worth at once as
much as gold, less two years discount
upon them-not quite twelve per
cent. The debtor class then Instantly
suffer loss of about % per cen on So
600, ,000, 900 of Indictments loss Of
81 ,420, ,0O0, 900 taken from the debtor
and given to the creditor class, for
which it viii be difficult to find q rea-
son other than the true kingly sic
Yolo. The same act, when it should
produce Its tull effect, would make
our national debt, now equivalent to
81, $50, ,000, 900, in gold, rise at once in
value to 81 500, 900, 900; making an in
creased gold indebtmeDt of $3.50, 600
'000; and it would at once involve the
payment Of interest on amount of ad-
ditionala debt nearly gequal to our
present greenback currency, adding
nearly SIS, 000, 600 to our annual inter
est. This looks like sin king the ship,
and I am afraid Of it. The evil must
be very great that will justify so harsh
q remedy, IL would operate most Sc
verely on men below middle age, the
relics Of our hard fought battles. The
object of. this proposed, most danger
ops measure, Is to remove the evils of
q deprecated scurrency--the end is
good, but not worth the sacrifice it
must involve. It would enrich the
eapitalist-generally a non producer,
one wh0 has inherited or acquired by
his thrift and sagacity wealth already
created to his hand q worthy and
meTiIofiOns & class Of eltizens, but
not class which should be singled
out from all other classes and made
the object Of especial favor, The bur
den OF the war, which almost crushed
the nstionY has not borne heavily on
1ACu4- 4ACy 4OdhCu Glo OulIGu SI2BS3
q very large amount of money, each
hundred dollars of which ranged IN
value from q little less than forty to
about eighty dollars, at six dollars q
year interest, in gold, for every nom
inal one Misunderstanding the aggre-
gate interest on the whole debt when
reduced TO average value of about u
per cent. This debt, If we compound
the interest, which is the legitimate
mode of estimating 1t, where paid
punctually (for the interest may at
once be reinVested and made 70 pro-
duce interest) doubles every six years-
Thus the Purchases Of 5-20ls who Pur-
chased when currency was worth hfty
cents on the dolIar, Wiii,l when they
become due, at the end Of twenty
years, have received something more
than fonr times the amount Of his
original investmept in twenty years.
Thus long, understand, 1t 10 propO-
ed in yOur committee to let the pres
ent bonds run, and in the meantime
resume specie payment; that the
question Of fspecie payment may. be
put out Of the way as q disturbing ell
aTr1anf hafOra Won DrOcead to fund fha