The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1870-02-11
Public Debt.

OIuiuhl uouseos"iS, aiO ASPy
viously be, when il natures, or becomes
due. We say the same also with relation
to the present national debt, using the
term payment as extinguishing the pres
ent form Of liability. We hold that all
the obligations Of the country should, like
those of individuals, be met promptly at
maturity. But nations. like individuals,
do not always find 1t convenient or practi-
cable to do this without mourning other
liabilities in so doing. We think this Is
the case with our government, and we be-
lIevo the people should not be taxed to
meet the public debt rs II becomes due,
but that greater part Of the principal, If
not all of il, should from time To time, for
u season ut least, be renewed. upon such
terms rs the money market may afford.
In the first place the public debt Is very
large. Its amount we will not undertake
10 present in numbers. To call upon the
people now to pay the debt, rs the bonds
and obligations become due, and Mt the
same time contribute the needs of the
government, would impose very heavy
burden upon the people, and smbarrslss
the country in all its Internal and eSter-
nal commerce. 1t would impose such
burdens upon capital, and labor, rs would
naturally tend to dishearten the citizen
aud lessen the products Of the country.
1t would impose not only very oncrous,
hut also an unjust burden upon tho
people.
Although this great debt has accrued
within few years, 1t has not accrued Tor
purposes. advantages and benefits belong
Ing alone to tho present generation. The
money raised has been expended in main
tanning and perpctuating institutions,
rights and privileges, ~ necessary for the
happiness Of the next generation rs Tor
this. Because now expended it will here
after become unnecessary. If the present
generation should pay nothing upon 1t,
they will have contributed rs much TO the
perpetuity Of republican principles rs
those who in time to como may be called
upon to pay the debt. They have already
contributed largely, very largely. OF their
means, personal service and comfort. The
young men living have suffered the tolls
and privations of war, in the field, camp,
and hospital. The old men have given
not only of their substance, but their sons,
yielding in many instances the only prop
and staff Of their old age. The privations
and contributions Of the country already
made cannot be estimated and represented
by dollars and cents. The victory won
has been purchased at a priceless cost, such
an one rs wo cannot reasonably expect
will he required of the next generation,
or any that will follow them for long ages
of time. To now impose upon them, al
ter having just emerged from such tire
mcndous conflict. the burden Of immcdi-
ately paying the debt accrued, would be
not only impolitic but unjust. With ref
ercncc to posterity it IS not duty incum-
han, >, ,h.,, The revsrs. Of II |, rather
the true position. The battle has been
1T, g.. ,r,-s,r N. coumon benefit of
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and those who reap the advantages OF the
-, - shon,J con,ribu,, 20 the ex-
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..,. h,oo,,;,, ,eopled larc,ly by
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our ORIGINAL lesson was fast losing its in
n,ono. Had we been called upon yearly
o. oon,r;bu,e Of our rains to tho price of
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y. osn;o. A cop,ribu,ion to its existence
and ncrpc,uitv, whether of money or SER
80, -. 10 ppi,e the ipteres, of the
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