The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1870-08-25
Wallis from Washington.
Ds @, August I'D, 1870
pAYMrxf oy rnE xArrosAta DEBT.

| Wallis rom Washington.
| lWAsaIEarDs; Ds G., August 10, 1870.
pAYMtst ov TnE NArrosAt DEBT.
We are now paying forrtees mil
lion dollefs ofrthe national debt, not
withstandtsg thsih ihsaSy reduction Of
taxation which has taken place, Yet
our. Democratic friends havc resolved
during the ddiberattons of their re-
csnt btStsf ConsentioaE AThat the
present Intgrna Revenue system Of
tho Unitsd States Is unend trable iii
;ts oppressive taxations that TO am
pose bardsna ar any eaesqaasA Of icit-
liens, Or upon ono trsnth of fsindus-
try % build Up another and "a sup
port an army of .eAaceholders to!en-
force their collection, is m abssd of
the taxing powsr.,'a Thedn dnames sof
the candidates placed n aotnination'
are not, familiar 70 my ear, heheeI
infer that they ere whst might BE-
termed the "Yodng DsAooSaSya of
Iowa.s The great trouble ia, they do
not want to b taxed 70, pay the debt
they were Instrumental in imposing
upon the people They would hrst
set house On Gre and then add to the
Iincendiarism by refusing TO aid in
sextinguishing the flames. There 10
one thing certain tho people aro
willing to endure, "a reasonable
amount Of tsxation, aud they are
willing to pay tho national debt.
Let us see if it is not better 10 pay
than to postpone this indebtedness
longer than we can possibly help.
The following is on excellent Illus
tration: -.
Il "John Jones borrowed on call one
thousand dollars, paying therefor, on
account of intcres} and incidental ex-
penses, at tho rate Of seven per cent.
Cor seventy dollars) per annum.--
Events. however, proved that his not
income from this Borrowed property
was only Eve per cent. Cor City dol
lars) per annum. He began TO feel
the debt to bc q burden, and proposed
to return the borrowed property at
once and thus extinguish the indebt-
edness and relieve himself from its
pressure. at
But his financial friends remon-
strated. They callcd his attentions
to tho fact that he had a large. grow
ing, and sturdy family to support,
and urged that he ought to throw up
on posterity the burden of the pay
ment OF this debt. They SAID that
he ought not to kill the goose that
laid the goldon egg, and presented
other arguments Of like weight and
Significance. Loudest and most per.
sistent among those giving this ad-
vice was the party who held his note
or bond, and to whom he was making
annual payments on account of IN.
terest.
But John Jones could not bo bro't
to see it in this light. He said that
he felt no specia! spite against poster.
ity; certainly his animosity in that
direction was not so strong as to in
duco him to tax himself unnecessarily
twenty dollars a year so long as he
should live, in order merely to crafty
his malevolence. He thereupon paid
the debt in full; and 80 far from feel
ing its payment to be q burden, it
seemed TO him to afford an immediate
and absolute relief to the extent of
just twenty dollars per annnm.
Mr.. Jones Says that, ewing to his
course in promptly cancelling his in
debtedness, he can now borrow at
four per cent. that he has Just &C.
copied q loan of $500 ut this rate;
and that he thinks he shall bcqueath
the benefc Of this now loan to his
family. His policy is to bequcath to
postefity benefits not tufdeHs.