The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-07-08

Tho National Debt.

The National Debt.
In opposing the reimposition OF the 'h'
oon,c tar some Of the northern papers say!
thot there Is no necessity for being In
hurry 10 nav Off the national debt, and object
to diminishing il TOO rapidly, because II
this be done the whole Of it will be settieo
before the southern States will have SO hi
recovered from the effects of the war as &c
bear their fair proportion OF its bur'heh
Great Is the faith of such Journalists IN tle
honesty of the people, or else they 40 no.
expect a restoration of prosperity in the
South for many years to come. we 10 no.
think that anybody should fear the early
pavment Of the national debt. No aeD' ~
its magnitude has ever been paid by any
nation, we believe. Co.,
To redeem annually for the next nv.
Years a hundred millions of the puDhc o.D,
would be in effect not only to reduce '''
debt by that amount, but to reduce m."
stantially by some seven hundred mn aoIt
in addition. For as the amount VI 49,.
bearing coin interest is no" oven 49,,
ONO bn,drc8 millions Of dollars, n mas.
,n,,cb ne s,ch a process o. reduction woulu
almost certainly enable the Government ~
f,,nd the entire remaining debt ut four Iei
cent. il follows that the amount Oh money
which il is now necessary to disburse ann''-
alIv for interest might be reduced by one
tbird-a result which would be exaciiy
equivalent to getting rid of one-third OF Tue
debt itself. That isto say, If the Govern
mont now paws on twenty-one I'LL
lions Of dollars interest to the amount Oh
one hundred and twenty-siX millions, anu
should pay five hundred mllllonS vi 'he
principal within the next 1--WE years, anu
tberebv he enabled to fund the remainder
at four per cent, it is evident that the deph
would then be but sixteen hundred
millions of dollars, and the annual nsei
rest but sixty-four millions-a!most eA-
,ctIy half of what it now is. IL would
thus appear that by continuing the present
X and redeeming bonds to the amount
Of one hundred millions of dollars per an
num for the next five years the Govern
ment would in effect reduce its debt one
half, and save siXty-two millions OF dollars
annually thereafter. No private mdi.
p,dual who had such an opportunity Of
saving money, or making money-iof
tho two are the same in etfect-wouid
dream of neglecting it, or allowing 1t
to pass unimproyed. These CONSIDERATIONS
induce MIR. Boutwell,. and Mr..
opd General GRANT himself we ouD
not. to insist upon the wisdom and states
manship of the policy of continuing 10 re-
deem annually a large portion OF the puDiic
debt until the Government shall have thus
been enabled to fund the remainder at iour
per cent. We commend their statesman
shin. but we do not believe that IL VIII re-
ceiye the sanction either of Congress or oil
the voters. Congressman are so much
afraid Of being defeated that they Will be
sure to reduce the taxes until the re-
venue will no more than pay the eX-
pcnses of the Government and the interest
upon the public debt. Having thus acted
they will not give the people proper III
struction upon financial questions, but VIII
rather undertake to satisfy them that Con-
gress acted wisely. The results will be that
the public debt will not be reduced rapidly,
If mt all: that therefore it cannot he funded
at four per ccntum that we shall conSc-
quently have to continue TO pay over a nun
drcd millions of dollars annually In the
shape of interest ; that this immense bur-
then will weigh so heavily upon the people
that they will talk too loudly about repu-
diation {; and, finally, az we said in the be-
ss;suipg of this article, that the debt Will
never he removed, but will forever hang
like n milestone about the neck of the ma
ton. The South will have Il chancet to pay
all she wants to pay Of this huge debt.
We have said nothing as to what would
result if the country should get into 4 war
ut an early day. In that event, the debt
would grow, and the country be crushed
by it.