, 1870-02-14
+" Projection " nna the pab,tc Debt

hlSh protective dHties are Aaspla ely neccsmt3s
ID order tnAf ve may pay TIC Interest %, and |
hqnda'e NC principal Of. the pnel'c dest Many
Intelligent pessons arc dtce!ved BY tnla spe-:ou,
clam OF the adyocates Of clAas leg,laron and H.
coItinetty lay down Their arms and surieaoez TO |
1t II dise1euon: more Especially when the psosec-
ttonltts, tn tnnre=slou with IL raise the cry Of
"Fepud1as.on," ~ lReJ gen.tAuJ % s1ea they |
tnreeone aud pe1.,s ent Aavocz.e OF free usde |
tie epup DE- y1aee, accompanied By the prop.f |
nGnfan o. pauiouc etlus1on. -.
Bds DO htEn pio oec.4se duae6, LAID upoa articles
o. prime tecess!sJ 10 agricultural, manufacturing.
sta eoMneic.al pEoepeI!tJ. rea y rtduce tas o1i.
mat eEd7 Lei q, tor example, tAae The d1:J on |
raltosd truo NJ an ll,uaIra:l1n ii Tee metno1 Of
nqoidhanE tne public dept, which the govslnnent
dusJ y 70 tsI ceLt This. Of cou:se. Is 20 mach
adced 10 tho cost Of the construction OF any tAll-
With American rails but raiIEo4dA s;u onslt Win
Houe1, AND money Ii borro xtd II lhLaresl, R1 |
home nd ansoaa. and The interest cones |
ont Of The puplc THAI uses tho roaas, And !
"a eouieqenuy 4 direct tax on industry. So |
tfnt thtte dutlea, which arc apparently ~ rapidly
nuulea1irS the pubic debt. arc nert1y shifting ia
0utosla. hi Il such q mAnner as 10 Mate khe1 |
ure Of e1ous 10 the people. ana more rep.esstsc
OF Industrial enleEpEaes which are taa Eost e1tc-
tive IN de5e.op!ng The khuooAl RESOURCES. TnuA |
CT Ole tacd. We aye vctlpg suoptars 10 railroads.
IN tie kthfe Of the puhc ltndt, the most valuable
property We roses5, that wnicn IL the o2.ls Of al
roads with = charge tor Ill llne, in tho ioEm Of
IhieIe6t on The increased aoust OF capital N 4de
necthtarJ TO Their consuuc;Io5. In consequence
0! sic!oul s5s:en Of legislation on the part OF
the GoEeinnebL
kGR u this III The injury done BY these onerons
nslonal debt competing tor pareasaefs ID he
European RatheA, consequently our railroad
companies, to grsst client, eefe conpel1sa 70
negotiate thetr own secns!lies ID Europa These
Securities were largely taken BY tae foreign lron-
maAiera or he'll h4Lktrs, who, In cAse tue eusef
prlsea we're Of doubtful character, or thar sner
IT m fAt&rftER. Nhf0n&1tN8
thafe tie loases with the original undettAteIa-
Now. however. the larger ahare Of tho money for
home, AID iac natekAa purchaaed abroad Is pAd
for with United sta:es bonds, 70 that neatlJ ali
!; ioskes arising from bad mauazoneLt or nnproduc-
! tire uLder1aktIGs. nnss IL future DC borne u
/ home; while The tendency L. TO increase the
amount OF our nat0nsl dEnt held abroad. ID exact
] proportion 10 the auount OF dutles collected on
I nster1slk erteflDR Into the CONSTRUCTION CT RAIL-
roas J. snu olhtr Industrial enterprise. slu 10 the
extent Of those enterprt.tf. F1seigueIs n take
re tess & 'aese, fs"pee,s rS waisa In
! Hut lbis netnod o. collecting duties, with which
! solq.Ioate tie rsIonsi dtot, also increases the
ac,uAt charge or borden Of that uebt - the public
lor the n ator snat very few, II any, Industrial
e1,e1pl.see. are able to eos1ow mo.ey u "a loT
psa psss 10 III IL sod 4G1 Upon :aes is.
;tansieIred in this waj. IN sdilion Of pes cent is
made To ts charge Which ls equivalent IL tncteas-
.DG the principal to 5l5o. SO that while apparently
l,quldatll the ta:olsl ceu' We ate merely trzaf-
Ier17rg it, and with that tflnater increasing il
bufdeu aLn amount, say from 30 to Co per cant
AId not ons t9 so.1 ~ aie ps;ns Sas nnden
TIE development Of our national seaourcea
VERY great stress, AId ,us'l5, Is lad upon The
way, to.h ~ respects foreign std domestic CON.
httce. but see how We nnve MnnaRc'l IL hau.
PR and c.Ecumacrpe this great nnt,oaa! under
1skt1 z in its Efforts % deaf with shat commerce.
| f}y the Dcpoppiy created IN the 1nx, AlQ wins
oily American iron 70 he u.ed IN It's construction
; gcvernn eDt has sdded at lent 80 - 90 pr ceL
70 Its ret cost This Is simply increasing the Al
nual charge upon It IN like proputtlua, and CON-
pe!Nng the foreign AID domestic commerce OF
Wnfcn It depends, TO hear tue additional burden
nut a. respects the foreign commerce Of the road
+ We are compel cd 10 compete with lines now hui!
or building 10 EasIerE Europe and Western Asta
I with materials o1 which there Il no duty or non
opoly whatever, AID the capital for the constIuc
ton OF VII ch u obtained ut much lower rates Q
> | interest than those We aye eompel!ed 70 psy
TbtB latter circumstance Ia owing to the Iact
: | AMONG cthers, That VIC are compelled 10 borfo,
i ntatlS double tie amount OF capital which Ia re
e asae
: Improvement IN the Western ot course. tn
more capital We ree6, tue greater me composing
i. capital which has been expended In fa..foad COZ
atTu ction In the Cn!ted states, cersainly the d
maIt TO- II would be lessened TO tnat extent.
lnpg. and the interest On 1t lowered In the shu
proportion.
| One OF tne mobf lujEll0uB CHcEtb OF R1la II
E c,cat cd coat OF railways involving htgn rates Il
n interest on money, and unnecessarily large 0u
:, lsJs oI capital, IL It's teLdeEcT 70 erconraIe u
use OF inferior Iron and FAULTY or defective y
y teul OF construction Rails OF POOR quality Al
y laid down. lHidges are built Of the most rer14
"a able material, iae results are fr'ghtlul aecden,
:, and conse quent lose OF traffic; while, Ia q ie
y JeaSs, It 10 touLd necessary to literally reco
j. aIuci entire Nnea.of roau- An these tainss !
cSarses @ % III ias shape # tntefest: for IS VI
:, lno1n that tho cheapest structures in Il
~ ~ eEd are those originally built vi
ID msrner. maj Tnls i especial, tue ot fA,l Ways.
who does not Know that our roads are construe
IT ed Of the poorest material. sinply oecanse q
~ government, BY tne imposition OF nigh dulles POI
~ Ilsely encourages, II tt does not Absolutely pE
!: kcr!he, m Inferior mode OF construction. and
81 ssHe a. iensh m y,
j. luc,pg 4 s,eel rail At coat Of .r1o los per i
d. t2sM nt> nee on hoard at Liverpool; say -
81 At the aane time the price OF col
d mon o. ron L ra;!s ! M t'6 @ 70 s.: u tne Kot ,t
lc | manuIXctufert, who are anxious 10 lecurt t
- CIMed ssases. nAve prevaied on the Commit
ID csn:s per pound on ssee. rails, which II r. ABo
ih8t Which costa IN EnRlsEd G10 l0s-sAJ toA1j
rs tod, or $ per cent so r Tlts no1ld mAIe TOO
= Jtssa, il no duty we're levleo on tnts descIpt.
ID Of mauuiacsnre. Now, stse! zatls are qoalt
ce ter we1e upon the old and dangerous sort
~ susp. and Trey are rapidly supe5sed.rg nj OH
IN. descriptions IN the Eas ern Hemisphere But
Do ntaliy double thss Which they would coat we
aI- teey r"'ny, n, The ,p p.opoaea @ 70 called l., p
se os 1 sel u Il e Ell
al States, Of double the cost oi steel ratis 10 eve
road dts!ruus Of Esse them; dsuole the capt
e1 Cd We 3alnly insetbe we are rapidly s1r'ns1lshi
Sd our public debt, wheo IN fact ase SIMPLY sns
Ys leg its burden BY lmpoElpF II upon the nross
tDffFXk1
ID ihe weight Of that burden At the ra:e OF fron,
10 1tn ptr ceni. IL not this the Sely acne
Iae Is tne gtnins of projection had been seized '
oF soi1enicg Of the b1aib.
de Se1r. let as contemplate the eject this asten
TO 10 l!QuicAte the public dcpt By neaus OF high
Ne tectlve duties nas had upon our foreign ce
al: ntrce. From m examination Of tucn e0oEt,
30, viii be able 10 estimate wnat IN isH YEAR.
OF o. tneSewtp. which. ve iondl1 hope, wll, one
, II sra aId CHINA trade. We impose duty oa 7
lce un,erlrR into the construction OF vessels vi
Inv has made II impossible 'or Us 10 construct then
n:e this connsE, and rua them tn conpeat.on .
rIe those Of European nations. An iron aican
os- !; costing sl,uo,tpo IN the Enl,ed sia'et
s ss ss ~ or sae III
OK purchase European hallt ah'ps.. Tac cousrQoc
:lal j. That - ns,s ,1tga';y To-: tae ss,y cream
tns place Ihe few nrstciasA clipper spps NC nov
a ,is4 or5 ii o. the timber Or erain Isae COZ
10 Ibis condition OF or marine ,Esaster, The pt.
suo tie earn Ing trade Of the world 20 Great Btst
rem Fysree, lrus>It. Austria. Italy, and slan. IN
one order Iaucd- But v ha: IL the motive cause
this trarster: Its SIMPLY tac protective du
,ne on iron that we do ros AID cauno. maanfact
,eut imposed upon the p!eA tnat Fe are rapidly ps
The sas .ae .s se sseess Ms'n Of se
sna sHn. 81 The proas oi commerce which 1oalt o.
n wise Get m1lltoIA 10 tue county,, and thu1
able Il 10 hear burden Of DEBT Nhcn y
ven which Will soon baye aokol1. ely IototnE le
uplY prey upon and destroy: The EnRnah Ava
Steamship conraa!es VII. Thu. seasss, add
,at,c tween forty and 1tsy shousand tons OF 81
Ver transportation 10 thelr rse:A The net p.o1s
rery this sEount Of tonlaet III Gee season Is not
the than between four AID ave n1lltoas Of dou1rs
and IL calculated ;nat m trpn ocea1 steamer II
Nj Many OF tho large cargo steamers Of the 6:
, nis | oud Nasicral liLes have doEt 20, But lht
tne erluett cftte tn.ted Sts:cs btands bttSeei
Al cll'E-n. and these immense p1onts, on The pic
nce plctec,lnR manufactures which hare no e
II | euce, atd steanahips wh.ca baTe ncter
.ua, But. driver into corner, the pro,ectopist
AZ. our Con essac couaue1ce II perfectly secure.
1h,s IL 4 u ost la,O de!uAon. Ok internal {
ueIce, ~ We Lave snown. Is yeasly helnz bro
toto os,t AID closer coMpetinoa vita It's
! Austrian, ard even, Turkish rahEAJs, arc CD
eng the 1anspoFsA Ton OF gram aad othes
1ae 4tuc;k tErm tie interior OF Europe and Asia II
Tie ! stcseI OF the Baltic, thd EGItee and the
d, on terta1fiu. There u At&e OF 20 uuly On t1e
Il on 1nAt ne!a ato .nF ~ =. -, ~
e1tA, n.':r, 4 - rNr srsr rstea nt tntsrrst They
q for more rerpacen.i, bul., AID he1efore sussa
u, lcts co.t for fr6sr. add reconstruction
: .he | cur, In ete7y way they have tic adtA2tsl
.,,s., GER toadt AoE loas before We vii 'eel th