The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-12-05
A Permanent National Debt.

The ,Charlottesviie JcacTSc'aada - 9u''o
checked at-the idea Of permanent ha'io''a'
debt. Noticing some remarks OF ours n
says:
.rn order to keep up the present System
OF currency the people OF the tnileu STATES
must forever have an enormous uept 'as'eue"
in ucrpetuity upon them aud Their pos'erit!,
with all the burdens Of heavy taxes to meet
The Interest upon it, and the corrupilons ~
c;aent to the handling Of such large sums Vi
money by a national government. aug
then. with the motto once adopted that a
NATIONAL debt is a national blessing and
necessary TO the existence OF sound cur
rrnrc we invite greater extravaganza and
wastefulue<s In public expenditures; and TINS
in turn will bcget still increasing corrup.,
tiops in the Government. 1t viii tend
greatly to Increase the power Of tho National
Government al the same time that 1t VIII be
corrupting IT,
\ Young member Of the bar In Gcorgia
discussing with venerable Judge some mea'
sure of Congress pronounced II with much
emphasis unconstitutional The go"d-
humorrd Judge remarked, My young
friend, you remind ne OF the lille povs
"playiuc circus. The real circus has come
and gone lorg ago. Exactly. 1t Won't
do n, this day to be talking about the SIM
plictv and virtue which existed amongst our
ancestors in tic "simpler and better days
of the Republic" All. dear days! we
shall never cease 70 lament them, aud we
know we shall never look upon their Xix"
again. No more shall We know the simple
customs, the simple life OF our youth. They
are gone, never 10 return.
Our young friend forgetS that great
revolution has taken place; that the Con-
stitution Is like an old, palsied gentleman
of high responsibility, to whom everybody
raises bis hat. But what can he do? His
memory is gone save with regard to the days
Of bis youth.
The revolution gives large national debt;
but it has given Us also 4 currency unexam-
pied in this country for its solvcncy and for
the universal confidence Of the people in it.
That currency is based on the debt. Stall
we abolish the debt and annlhilGte this cur.
rency: That is the question.
this currrncy-ito facilltatioD Of The COM
mcrce and general intercourse Of the coun-
try! Does he know how, under the system
Of currency of the State hanks, the whole
country was incommodcd and subjected 10
the loss Of millions by failing banks: If he
were old enough TO remember these fearful
losses be would be slow to dispense with
the present undoub;ed currency, receivable
everywhere, by ahoishing the public debt,
on which 1t rests.
In the pure age when the independent til
lcrS of the soil were fortified against luxury
and vice possibly as much from absence of
temptation rs from their own powers of re.
sstance-the whole framework of govern
lncnt and the policy of the nation were linn
tied to the simplest wants and The most eco
nolncal expenditure. But the country la,
grown immensely, and unavoidablv tho
vices have kept pace with lie general growth.
50 also has the power of the Federal Gov
ornment grown fully in proportion TO the
general expansion il all directions. Vine
liner a. 4 consequence OF not, it Is not acccs
sa!y 10 discuss. The fIct is %. And he y 10
pours out his lamentations tina! i /, 50 wastes
bis breath.
UnGuc>tionahiy tie revolution has IN
creased the Federal power, and we think
enough o! the good sense OF those Tho &c.
piore 1t to believe that even they do not see
how that power is to he diminished. 1t may
ba philos0phically Il necessity that that
power is grown to meet the greater demands
upon il; that it has lie mean, Of seif-lrotcc-
tou; its financial is well as political power;
its public debt Us we'll as it, army and navy.
But in contemplating this vastly increased
power aud our compulsory submission TO al
that is bad otit, we may well console ourselves
with what is good of it. And We do not
believe that the blessing il has conferred
upon us through the present currency can
be oyercstlmated.
This currency depends upon public
debt--a very respectable one at that 1t
more than rcimburScs III for the taxes the
dtJt imposes upon us by The admirable
manner in which i. facilitates our COM
ncrv", aud the saving Of millions per annum
i'll the losses the people were subjected 10
under former systems of paper money.
But the horror of a public debt, which |
my well be INDUCED by simple and eco
nomical age, is out of place at another in
which oil the departments of national and
domestic economy are expanded enormously.
Now we begin to see how public Obligations !
become the surest investment for the vast |
gains of 4 thrifty aud immense commerce,
and we SEQ how those evidences Of the in.
dcbtedness Of the whole nation may become
the surest securities of phpcr currency.
So, also, we begin to See-what old nations
know-that large public debt Is the surest
safeguard to the Government and the great
es, protection against dreadful war and all
the disorders and agitations which disturb
the State and unsettle all the pursuits OF life
and the peace and quiet of society.
Let Us try TO acco immediate ourselves to |
changes in the body polite which are at
tended with revolutions in public policy and
i'll social economy. 1t is wise to do So
Interesting Inquiry.
Sau.fnr NE,Snou huS ipir,,u,o,; i,,t, tt,