The West Virginia journal. [volume] (Charleston, W. Va.) 1864-1877, 1869-03-10

mcnt. will find in West Virginia the
most inviting prospects.
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A New Plan for the Payment Of
the National Debt.
From a pamphlet just published by
Colonel Emcric Szabad, late OF the
United States Army, We make the fol-
lowing extract, embracing 2, plan for
1the extinction Of TIE natlohal debt:
The plan presented possesses the merit
Of originality, and will doubtless re-
ceiye due consideration at the hands Of
those most interested in the all-import-
ant subject Of our national finances:
Here is vast territory owned by the
Government lying fallow and barren.
nnd periodically squandrrcd away.
! why not make these lands the basis of
the cXtimgui-hm"nt OF the debt! al
most every European country III days
! of trouble had recourse to the public
'dumain. May not the United Statcs
follow the example? Look ut the Gre
idit Foncicr of France. which. since
lS52, has become Il grand national in
.tiluion. The obj rct Of thiA company
lis To advance money to individ-
ualS on landed property to The amount
of half the value OF the property mort
"n~cd. The company started with Il
capital OF twenty million francs. ana
issued shares 10 the amount OF two
'hnudrrd millions. each share rrprcSrnt.
inm one thousand francs. bearing three
per cent. interest. The land propric-
tors, vino formerly had to pay from
seven to eight per cent. interest. re-
ccivc now loans from the Credit Fon-
cirr at five per cent. with the addition
al advantage of rxtin@ushln% III NIFTY
years the principal. The company
finds its profit in The transaction from
the simple reason that the sure mort
CAGES on which their business rests en-
aGlrs them to get money easily III three
per crnt. Suppose our Government
or Congress calls into existence an
American Credit Foncicr.
/ The Report Of the Commissioner Of
the Land Office shows that the public
lands. irrespective Of Alaska. consist
of lOl5 million acres. comprising Il
large proportion Of aurircrons soil.
! Let us for convenience. sake. assume
that we have only disposablc l.UU mil
lions acres. rated AT one dollar per acre.
the minimum value. Let the sale nf
;puhlir land. hc stopped. and let these
lands be- thoroughly surveyed and Iii.
viicd, .av in l,5OD.U0O lots or scr,ioms.
each ,rrtnu 10 be- designated by the
. I'm
otherwise specified. Thi, lunr, let
Uuclc sam i>-uc an equal amount
of shares, each share to represent
IN particular lot as il. mortgage {;
the shares 20 run twenty-five or thirty
years. Let us have 500,O00 shares 1T
SI.U3J per share, and ,0O0.0M shares 1T
500 per share. This would represent
,l.0JO millions. These shareholders
might be- given the option 10 rr,al " in
pcrpciuity TIE morigAgcd land on har-
ing made declaration 10 that effect
within the first ten years from date, or.
II they prefer. to have the loan returned
after the expiration of th" thirtleth
year. Shprcs thrown into the market
ON snch conditions. would We have no
doubt, make it easy for Uncle Sam to
raise money at per cent. The l,WO
millions thus realized would prarti.
caIly mean tho reduction OF one-tliird
of the present interest on the debt. ;
Bv granting al exemption Of certain
taxes for given timo To such share
holders as would declare their inten-
ton TO hold the land, in the first year
after the issue Of the shares Il sure road
would be open for tho gradual, but
speedy, eXtinguisllment Of this three
per cent. deb,.
Americans and Europeans all would
Iha6iGn to make Investments in stock
Ibcarin. 4 fair interest and secured OIL
land situated under q genial sky, and
remarkable alike for its agricultural
icapacilics and metalliierous strata. All
that class of capitalists who are con.
tented with small interests and Sood
securities. and carry IN their pockets
cunsols. will feel impollcd to secure al
Investment IN stock at once snGc aud
lindicatory Of cvcr.rising profits. Tho
mere fact Of stopping the III les OF land
will suffice IN create n market for tho
shares. Land, it must be remembered,
is not An article 10 be manufactured {;
and while nature put a limit to tho sup.
ply, It. provided By tho same laws for
IAN erer.growing demand.
These shares would, especially II
. made to represent lower value than
above indicated. and increased IN pro-
portion, Mt tho same timo perform tho
functions Of currency, and without DO.
ing cxpoaed to brokerage aud shavings.
In fact, Uncle Sam himself, as soon as
his purse permitted him to do 60, would
find it to his advantage TO be large
shareholder himself. This operation,
in fne, beside its healthy reaction on
the currency. would prove, III Europe,
the most potent propaganda OF emf
Sration. .... ..r
| AFTER TUE DANCE ... ...