The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1872-11-29
The AsrERrcaN DEBT MANIA.


are contracting debts to the extent of
thousands of millions which they can
not, and, in fact, do not intend to pay,
but which are to DO inherited by our
children, and form burden as heavy
as they can bear, even if they do not
stagger under or become crushed by
it. With reckless extravagance we
contract debts for future generations
10 pay, forgetting that their nccessi-
ties, growing ont of wars and other
things, will undoubtedly be equal to
the means derived from their own
cxertions, without the addition that
our misfortunes, extravaganza and
folly shall add. How can we expect
that they will be able to more than
meet their own expenses when we do
not manfally grapple with any and
pay our own? Do We expect that
our descendants will earn more. or be
more economical, or freer from extra
ordinary calls than we are? 4 Are we
willing to admit our inferiority and
inability to earn our living aud meet
our own expenses. and do we wish TO
affirm thatSwe believe those who will
FOLLOW us will he able 10 do more
than we can or have done? The
last fonr generations have had four
wars-the revolution. that of 1872,
one with Mexico and another wirh
ourselves. The debts occasion
ed by either of the first three were
cancelled before another war came
Have We just reason to expect that
our present public debts will be paid
before another war will be upon us?
Our children, even without a war to
provide for, cannot pay our deb's and
meet their own expenses. We want
ten thousand things, and get them,
but do not pay. leaving our debts.
whether contracted for necessaries or
10 crafty our ambition. or follies, or
wish for show and display or other
wise, for others TO pay. Do honest.
wise and good fathers thus treat their
children? If not why should our
government, federal, state or munich
pal, do so?
We can turn no corner where debt
does not stare US in the face. When
We direct our attention 10 the federal
and state governments, to counties.
cities and towns, We End mountains OF
debt to be paid by future taxation.-
Almost every town, village and coun-
ty owes more or less, and so does
nearly every city. The debts of some
are enormous. About every State
owes Its millions, and some many
millions. The National Government.
besides being security in hundreds of
millions for the whole litter of Ma
iional banks, owes of acknowledged
debt almost two thousand millions of
dollars Our statistical bureaus could
bot be better employed than in col
leetiug statement of all these debts
and publishing it, as Azariah c. FIagg
did once when State Comptroller
Were these various debts aggregated
it would excite our establishment II
all private indebtness could be ascer.
tanned and added it would occasion
perfeet anazemeat All securities,
pubic and private, are nothing but
debt. The curreney in our pockets
or safes, amounting to hundreds oi
miliioas of dollars, is simply debt due
from the Government, or banks
neither having dollar in gold or sil-
yer, or other thing of intrinsic yalse
wherewith 40 make payment. The
only security that either has to pro-
tect the public is simply other debts
more promises to pay, and nothing
of intrinsic worth to cancel the mum
berless millions of paper promises.
Instead OF investing 10 productive
property and thereby addiag to the
business and productions of the coun-
try, our men of wealth buy up the
debts of the federal gorernraent, and
thus escape taxation; or of the States,
counties. cities and towns, and enjoy
the income Of the dead. instead OF
live capital. These debts when ag.
gregated, are supposed to be equal 10
ene-fourth of the assessed, value OF
the entire real estate of the country
If we add the debt of private individ-
nails the aanounr will be very essen
TALLY increased, if not doubled. !,
thus appears that our show OF great
prosperity and wealth is illusory and
without solid foundation. When is
this debt-contracting system to end,
and debt-paying begin I? When are
all these debts to be cancelled? In
stead Of passing laws authorizing the
contracting of new debts. our Law.
makers should imperatively forbid it
and pass others requiring paymen'
of the old ones, with stringent pena
provisions wherever this duty shall
be omitted.