Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1872-10-23
The Expediency of Borrowing Money


Mr.. Cbas. O'Conor, in his letter TO tie
straigbt-out Democracy some weeks since
which VIC published at the timc--propounc =
cd some theories Of ivernment which have
attracted v de notice ard cons dcTable ad-
we're criticism. Our readers Will remember
that bis views all locked 10 restricting the
sphere Of the operations OF governments to
the narrUwest p, ssiule limits and az one
measure Ol reform, lie would deny to govern
ments the power u borrow money. IL i7 not
strange that such a Proposition Should not
meet with great favor; and at first sight
many practical faculties suggest thomsclvts
But, alter all. IS not the proposition worth
considering?
There lie no doubt that the necessity o.
Taying as we 90 Is a good thing to do. when
il can be done. No one supPoses that, II
times OF peace, government ought to create
debts indeed, this country Is now paying a
national Debt ut the rate Of more than one
hundred millions Of dollars annually, and
we make boast Of it, as we are JUS
tifed IN doing. II It Is good thing
thing never to incur a debt?
For the sake Of the illustration, le: u con
slider the extraordinary emergency and the APP
parent necessity for creating a debt brought
Upun this country by tie rebellion. Il d
had been possible it would undoubtedly have
been better for US to have paid all the ex
penses OF the war as We went along and d
we bad done 50 they would have been les
ened nearly if not quite one-half. The debt
of over twenty five hundred millions-Pcr-
haps over three tn ousand millions-Ji dollars
with which we came out Of the war was in
CURED 10 exchange for currency and com
modities, at enormously inf lted prices j.
will have to be, as it has been. largely paid
in specie Il is hardly too much 70 say that
the public debt now remaining represents
scarcely more, if indeed it does any more ,
than the added cost Of the war through the
depreciation Of the ationaI credit and the
apparent necessity for borrowin, money.
Mr.. U'CDnur. it will be recollectej, says
that il is no greater hardship 70 require the
generation that makes the war to pay for 81,
than TO require it 70 furnish soldiers to ti-hs
she battles. Yet No government actually
engaged in war hesitates to require military
service of the citizens. Why may it not also
as well take the property Of the cltizsns to
paw the expenses Of the war, a. to take their
lives as soldiers? Is not the life more 5..an
money! Probably two AMI hale mtl irf e
of soldiers were cale into the service tlr
United States during the rebeilion-w"uIi
10 have been a gre ,ter hardship % bave c.'.-
lected BY taxes at the same time rom th
who did not go, enough TO have paid tine cJ-t
of the war?
The value ofnot being in debt i as great t.
a nation as to an individual. II brings VITO
it sense of independence and this lude
pendence, when properly restrained On the
other side by incapacIty - create debt, can
but be serviceable to the State. The nation
shat pays as il goes is not likely TO run into
any freaks of wild or experimental exJrayt
gance, or into projects in which no state
ought ever to engage. Ctsh down i great
check upon the Imagination. Il makes him
VINO pays Look out that he gets the worth 81
his money The tax gltherer gives the tax
payer an inquiring turn OF mind. lie wuc
pays becomes curious to know to Whit ne
his money is to be put and the representa-
tive who votes taxes Is likely to think of III
constituents to whom he will be called [,
make explanation. But borrowing money
often postpones the day Of reckoning, and
often takes away the present interest any
constituency ought 10 have 10 the expends-
lures of the government.
We are by no means sorry public though
is being turuei to such subjects as thJs-
suggested by Mr.. O'Conor. The tendency o.
these timer is to treat government as s,r
of labor saving machine, Of CO operative e.
adjustment, which can do anything that th'
majority vote to dc; and it can do no hurt {,
call public attention TO some OF the prOpc
limitations OF government, and T. eopsite
whether a restraint upon the power Of pledg
ing the credit of the State would not be a Wis
Limitation. As this restraint Is alw Is il
the power of the people and their represen,
atives, suggestions in respect to it are al
ways in order.