The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1870-01-13

the spread or extension Of the national debt
over succeeding generations, for whom, az
| well as for ourselves, II was Incurred. The
practical ralue Of the first Is apparent on the
dmple staiement. The second may be less
apparent, AZ II opens q question Of policy
On bdlh sldes Of which much has bccp al.
ready aid. M
Nobody doubt the briIlhnsy Of the love
ment % pay on the natlonal d1bt-calllng q
mind he charge OF the ~ hdndred horsu'
men riding into the jaws q bath, 70 thai
the beholder exclaimed In measurable words,
at IL beautiful; but II IL not war" In other
words, II was feat of hardihood and lmmo.
lntlon, abnormal, eccentric, and beyond even
the terrible requirements Of battle. IN slml-
lar spirit might a beholder, Witnessing TIE
present sacrifice Of our people In the rodemp.
ton Of debt 90 large part Of which Iueuy
bSlopgs 70 posterily, exelalm, .lt Il ReaYll-
si y, no, sS'i ;ss, D .SS3,s ss;
existing obligations according TO their letter
aud spirit, but u does not require payment
In advance, nor payment Of obligations rest
4 ing upon others, To do this Is beautiful,
but beyond the line 81 business. ~ DO.
PFtaldent Lincoln, In one Of his earliest
propositions Of emancipation, before he had
determined upon the great proclamation,
contemplated compensation V, slaye.nas-
| tiers, and In order 70 commend this large
expenditure went Into an elaborate .calcn1a-
tlon TO show how easy L would Be II prcpot-
toned upon the giant shoulders Of pobtorlty.
Dlsmlssing the idea OF payment ~ tho eX-
latlng generation, be proceeded % exhibit
tho growing capacity o. the eouutry-how
from the beginning there had bean q deoen-
NAL increase In population OF $500 per
cent.--how during period Of seventy years
the ratio had never been two per cent. boz
low or two per cent. above this average,
thus attosting the luhexlbllIty 90 this law Of
increase. Assuming its continuance, he
proceeded TO show that In 1870 opr popnla-
would Be =, Sss 81 70 1850 \ ySuld b ",
10 1900 Il would be IoS, oos yat5, while 1880
II would amount 10 ,a5l, B8o, PA. Nobody
has lmpeaehed these estimates There they
stand In that Presidential message as colos-
sal mile-stOnes OF the republic,
The Increasein material resources is be-
You'd that OF popnlRtion. The most recent
calculation, founded on the last cennaa,
shows that for the previous decade Il was at
the rate Of eighty per cont, although other
calculations have placed 10 as high ~ ono
hundred and tWonty-aix per cent. Z whether
one or tho other, the rate OF inoreasels enor-
nous, and unless arrested In some way not
now foreseen Il must carry our national re.
sources TO fabulous extent. What Il =
burden now will DO scarcely feathers
weight In tho early decades Of the mort CEN
tury, when a population counted by hun
dreda OF millions will WELD resources count
cd by thousands OF millions. On this head
details are superauouI. All mus sec At
once the Irresistible conclusion. nos. ..
II Ia much In this discussion, whom We have
ascertained how easy Ii will be for posterlty'
to bear this responsibility. But the case d
strengthened when tits considered that the
war was for the life OF tue Republlc, 90 that
throughout all time, 80 long az the Republic
endures, all that enjoy lis transcendAnl cltl-
Eenshlp will share the benefits. Should they
not contribute to the unparalleled eosti Re-
cent estimates, deemed 70 be moderate and
reasonable, show an aggregate destruction
OF wealth or diversion OF Wealth-produeing
industry 10 the United States since 1881, APP
proxlmatlng nine thousand millions OF dol
words, the coat OF the destruction Of slavery.
II from this estimate be dropped the Item for
expenditures aud loss Of property IN the
rebsl States, mounting 10 %, 7O0, 600, 900, We
shall have %, 900, 900, 900 a. the sum total OF
cost to the loyal people, Of which the exist-
Ing national debt represents leas than half,
Thus, besides precious blood beyond any cal
culatlon Of arithmetic, the present genera
ton has already coutflbutad lmmenaely 10
suns ANaAAN ~ HAAIh NAlllNuIuk NNuNNhLlOuh
have q stake, even greater than thelrs.
Assuming, then, that there Is to bono con.
siderable taxation for the immediate pay.
ment Of tho debt, We have one economy. II
TO this be added another economy from the
reduction Of tho Interest, we shall be able to
relieve materially all the business interests
Of the country. Two such economies will DO
Of infinite value 70 the people, whose riches
Will be proportlonally Increased. In the
development OF wealth next TO making money
is saving money. .r.,
Bearing these things In mind, financial
reconstruction Is relieved Of It's dlficultIes.
II only remains 70 lnd the proper machinery
or process, And here we eneonuter the
proposltIona Of the Secretary m the Tr.a.-
ury In hIs ANIMAL rerort, NbIrb A.. th,e,-
mia. "'SN 1''
nor cant Ave ,yvarty hands 49, -. y.
bSiS n.r H 80, dooon , anso iour ana
-, q, - S-... .i.HS.s "e1Hs.' E"env'
2. To make our exports equal In value
with our Imports and 10 restore our com
mercial marine. -rn Bag a..L j
8. To do these before any attempt 10 70
dueo taxation or 10 resume specie payments.
Conslderlng these pEoposltlons with tho
best attention could give 70 them, l have
been impressed by their inadeqdacy as a
system at tho present moment. / cannot
NhaAy NohaNhh W NV l0otkgu0uAcub WHICH
they imply. They hand over to the future
what wish to sec accomplished at once,
and what | cannot doubt with a arm viii
eau be accomplished At an early day. But
beyond this capital defect, apparent on the
face, do not flnd in the system proposed
any assurance Of success. VIII II work. |
I doubt. Here wish to DO understood az |
expressing myself With proper caution, and |
! Wish further to declare my anxiety 10 o.. |
tain the substituted loans at the smallest |
nate OF interest, and also my conviction, that |
within short tlmo, Mt some slight present
cost, this may be accomplished.
Looking at ihls question TN the light Of
business, am driven 70 the conclusion that
welVe hundred millions OF siK-per-centS.
'annot be refunded either now or hersefter
a TOUT OF looI-eho, 'per-eents, without
onenng eouapenAaloh IN 40 adailonai run
alng period Oh tne oonds, which not
,ouna "a tne niteen lHenues nor IN lhe
Nen'J, II,,., PROPOSED py me oeere-
my, ml lai suSn ponas there wonld DC
PtsstlS'll uiilsuy an tne way on any sueh
!, ,slununh 70 any eonsluelaole y a,nount from
VIC t lpaohIty toSon!mAna Asumeient Amount
y, com unueI TUG oplon OF coin, which
S,nd nSoTPIny tnS otaelS mo- there any