New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-02-22
rs THIS COUNTRY on ITS WAY TO THE
POOR HOTSEP

The Buffalo Commercial objects to that per-
sistent reduction of the principal of our Ma
tional Debt insisted on by THE TRIBUNE, for
these reasons:
1T seems to ignore the serious fact that the industry
OF the country oppressed almost beyond endurance,
and that long the scale OF taxation which ts propo
ston would involve kept up business cannot rccuper-
ate every section Of the country enterprise ags and
held in check by the enormous drain which Is now
going on Hardly any department OF industry but COM
pus OF the general depression. and anxously seeks
relief. Not only manufacturing but our mercantile
ana commercial interests are suffering severely and
either pocketing losses barely subsistng in the hope
Of some sort of relief, they hardly know what.
1.-THE country looks to Congress for remedy and
it will hold that body responsible for failure 10 PROVIDE
It, The fearful drain has been going on for two or three
wears aud unless It stopped crash Will come We
have taken from the pockets OF the people during the
past year about S00O0OOO and applied 1t TO the extn-
gushment OF the debt. BY so doing. we have depleted
the ecuperaye energies Of the country to precisely that
extent II has been enormous drain and so would
the year proposed by THE TRIBUNE be in the
fture The fact is the country cannot stand it
much longer 1t must have respite for five or ten years
at least enable it to gather new energy and prepare
for the great before it, The nation is like one who
has Just emerged from chronic Illness 1t must have
time to mend before it is called upon to exercise its
normal strength We call upon Congress for tonic in
and low taxes and their results recuperaed energy
aud financial ability"
Comments bp The Tribune
If the picture here presented is true one
the remedy prescribed by that journal is clearly
Inadequate. Instead of merely ceasng to pay
off our Debt, we should take the benefit of the
bankrupt act, and stop paying the interest as
well. Col Mungen and Brick Pomeroy's medi-
rbat 10 n
diagnosis of our disease may be trusted.
But it is utterly mistaken. Enterprise does
not lag In no former period of four years,
did this country commence more new farms,
extend the area of cultivation on more farms
already commenced, erect more dwellings, set
mt work more factories, furnaces, or other in
dustrial establishments, and create more positive
wealth, than in the last four years, during
which we have reduced our National Debt by
more than Two Hundred Millions of Dollars
We made good Roadway in 1866, when our
Federal taxes were much heavier than they
now are; and we predict that the Income Tax
now being assessed will prove that we did a
very good average business in 1869. We are
not going to the Alms-llous
Paying off debt destroys no wealth. 1t sim
who do really own it. We owe as n people a
sum which is nearly equal to tenth of our
wealth. We owe it mainly to each other. We
propose to reduce steadily the Debt, SO as to
diminish the burden of interest. We believe
tins is true economy. We want to fund the
Debt at lower rate of interest. To effect
this, it is requisite that our bonds shall be-
come scarcer and scarcer. But if we are so
desperately poor as The Commercial would
make us, no one ought to lend MS at so low IL
rate as We consider equitable. If we are about
to ''comc upon the town." we must not expect
TO borrow at favorable rates.
When we were compelled by the gravest and
most urgent necessity to lay broadly the
foundations of system of National credit
Congress solemnly pledged the entire Customs
Revenue, first to the payment of interest on our
National Debt and secondly
ITO the purchase payment OF per centum OF the
ene pobt " se Ilted Sat0s " 10 made within each