National Republican. (Washington City (D.C.)) 1872-1888, 1872-12-27

freedom of action Of the individual IL aug
monted by Withdrawing the pressure and lin
iting the sway Of gigantic corporations In
that proportion the republic will be safe and
prosperous II Is for this reason that Score
tary Boutwell, has recommended Qhough OPP
posed on principle to ccntraliEatlon) that he
be allowed, as the fiscal agent of the entire
people, to issue an additional amount Of cur
rency, In case dangerous combinations Of cap
italists should endoavor to force a corner In
produce in the fall by suddenly locking up a
sufficient number Of millions Of currency.
Such combination could force the poorer
classes Of farmers to sell their produce In the
autumn at half Of its value, so that spesulat-
ors In the spring could charge double prices.
But The Nation nalyely says the American
farmer has money enough TO carry his own
crops to market, and so he has. II costs him
nothing to deliver his wheat or corn at the
nearest railway station, but he wants the cash
after delivery, and the increase Of currency
lie demanded for the benefit Of the purchaser
and not the seller, 10 that he may be able TO
obtain discount at the banks while the corn
crop Is in trdnsitu and until It reaches the
consumer either in the East or In England,
for II takes practically an average of two
months before he can realize.
The Nation also lays down as one Of its
maIims that a nation heavily burtheusd with
debt should put of payment a. long as posi-
BILE. This Is also pre-emlncntly tho British
method Of managing It's national debt. Eng
land bears an overwhelming Indebtedness
and no reduction Of even Ave millions Of
pounds per year il attempted. Secretary
| Boutwell, holds that nation does not necss-
sGfily augment its capacity to pay because
IL increases In population, and that now,
when the most signal prosperity exists among
all classes, we ought TO hasten the reduction
Of the public debt FIRST, because the interest
charge is lessened, which amounts to per-
manent reduction Of taxation; secondly, be-
cause disasters may come-the failure Of
crops, foundations, fres and disturbances at
home and among nations abroad, which
would necessltatc the temporary suspension
of reduction; and, lastly, because our nation
may again he involved In war, when II would
be compelled to Increase Its already enormous
debt. aud would not be able, when appearing
Us a borrower In the money market Of the
world, to obtain Us favorable terms as II will,
after having proved lis paying capacity by a
rapid reduction Of Its debt In times Of peace.
The Nations craftsmanship seems to be to
create an immense war debt, pay the interest
thereon forever, and In times Of war borrow
again, thus mortgaging the labor of the land
with an immense and eyer-lncreasing interest
charge.
1t is the browning glory Of Secretary Bout
wells administration that he held up the ma.
ton with an iron will and presidency to the
disagreeable work of paying old debts. Had
he not done so the surplus money would hav,
been squandered In . thousand ways by care
less and extrayagant schemes Of legislation
and the very purpose Of speedy payment
abandoned. II is painful to observe tn,
Nation, succumbing 10 Its personal dislike o.
the Secretary and to its predictions fol
British craftsmanship, contribute all 1t may
be able to the decay Of that earnest and homes
sentiment which insists on paying debts be
cause they are debts.
There are other frivolous objections to Sec
rotary BOutwell's Gtatesmanship-the build
ing up Of our foreign commerce and the cree
ton of an American mercantile marine
which we hope to reach In a subsequent artl
Gle. As The Nation embOdies, when free iron
personal hostility, the most enlightened ant
well-considered opposition policy against tn,
present Administration, 1t Is entitled to a re
jOinder, for discussion now, as during tn,
late campaign, will only render the presSn
Administration more impregnablo and pop
ulaT,