The national Republican., 1869-01-22
THE NATIONAL DEBT.

We have always regarded the discussions
In which many people are disposed to indulge
at this juneture in our national affairs about
the payment OF the debt As premature, and
really, so far as we have observed, the plans
proposed and the Arguments adduced appear
to us to be inconciusive and unsatisf sfactory.
1t seems to US that the chief business OF
Congress In respect to the national debt 10, for
the present, to guard against Increasing our
liabilities, and thus to lay the foundation
from which the nation may take Its departure
on the road Of national prosperity, and in
the progress Of time gain strength and the
means to gradually lIquidate our indebted.
meas.
There are various schemes now before Con-
gress, and others to come before It, which pro-
pose to take large sums from the National
Treasury in aid Of private enterprises, and
every one Of the advocates Of these different
measures will tell you that By giving them
the subsidies they ask we shall pave the way
for the extinction OF the national debt. This
is the argument, or rather, perhaps, we should
says the assertion, most prominently put forth
In vindieation Of all the different propositions
to secure national aid In behalf OF the alleged
national and local improvements now set on
foot.
Five millions a year Is asked for the I'm.
eight millions to lay telegraph cable In the
Pacific ocean, three.and. .a.hslf millions to the
Commercial Navigation Company Ave mil
lions for the Sutro tunnel; and then there are
almost innumerable projects for bonds and for
land subsidies In the aid OF railroads. And
somebody has made a proposition for the
United states to buy all the cotton. We are
also discussing the question OF building a new
Presidential mansion at a cost OF several mil.
Hons, and OF ofincressing the Presidents salary
to q hundred thousand dollArsj and four and
half millions 10 asked to complete the public
buildings sinWashington. All this-to say moth
Ing OF the interest upon the public debt and the
necessary appropriations to carry on the Gov
ernment for the next fiscal year-presents
rather formidable draft upon the Treasury
and 1t requires no prophet to foretell national
ruin II these things be done.
Many Of these schemes and projected i'm.
provements are well enough In their way, and
II may be, doubtless 10, important that these
great works should be consummatedi but we
submit that 1t is not feasible, nor eommen nda.
BILE, nor just to the whole people, for the Gov.
ernment to enter upon this extrayagant ex.
penditure now. Such appropriations cannot
be regarded In any other light than ill.timed
and wholly indeiensible In tho present condi-
tion OF our national finances.
And besides, we do not see the force Of the
argument that these projected improvements
could, till after the expiration OF several
years, contribute to the national treasury
any material aid towards llquidating the pub.
lie indebtedness.
We trust. therefore, that Congress will be
slow in making any appropriations OF tho
nature required. We shall not now enter
upon the discussion OF the question OF Gov
ernmentsl aid, or Attsmptto decide Just what
should, under all circumstances, he the policy
Of the Government towards private enter.
prises OF the kind named above, or how its
fostering care and financial assistance should
be guaranteed In the premises. We leave
that matter to be determined when the nation
shall have achieved a further deliveranoe
from Its present embarrassments. In the
meantime we are confident that economy and
retrenchment must be the order OF the day.
Let Congress see to this.