, 1874-04-09
A NEW WAY TO PAY OLD DEBTS.

1t ia to bo regretted that no short ont has vol
boon devised by tlloao economists who flcsire to
"swoll tho volume Of our ourronoy'' by whio1,
act11nt wealth can 'bo inflated. Private intlvii
uala ordinarily flnd but ono method by which
their aotua capital can DO increased, and that IL
through tho old-fashionod agency OF hard work
Wo aro satisfied that tho time has now arrived
when some simpler, aomo oaBior, neans should
bo adopted. It at first occurred to ur
that this might bo dono by m acs
OF Congreas; aud, whiio We aro no,
| yot quito prepared to any that Congrena
could accomplish results so desirable by atntuto,
wo throw out tho suggestion to those etatosmen
who hnve outgrown tho effoto systems Of tho Old
World, md aro determined to establish MI eutiroy
new systom Of political economy fitted In its
magnificent proportions to our ocoan-bountl
Republic" and oyor which tho oagle can scream
In triumphant and dolant delight.
It is melancholy fact that tho traders, spoo-
ulators, and nome Of tho farmors Of North Chr
olina and tic Wost arc hnrd up. Tho diff
Guilty with them seems to bo, TINT they
arc unable to pay thoir debts. Thia inability
arises from tho fact that their caa liabilities ex-
coed their cash RESOURCES. In other words, thoir
promises arc in excoss Of their ability to per-
form. The great question is: "How can thoy
DO relieved ?" To our mind tho answer is
simple. In either one Of two Ways: l. by in
crossing, or, to uso moro appropriate word,
Initiating, thcfr resourcos or, q. BY decreasing
their liabilities.
If the resources Of tho unfortunate dobtor
consist in a farm, there aro three ways in Which
they may DO inflated, viz: !. BY increasing
tho size OF tho farm. There arc, Of courso,
aerious objections to this plan. Ordinarily,
man increases the sizo of his farm by buying
moro land and paying for it, and ho is compelled
to work for aud earn the money which ho appro-
priatos to that purpose. II he buya 1t mud runs
in debt for it, his actual rcHourceB arc not there
by Increased, for he Inns just 40 much additional
liabilities. Merely to acquire more landby work.
ing for it is an offete plan prevailing among tho
rotten nonarchios Of tho Old World, aud what
We aro aftor Ia a now and short cut. 2. But thoro
is still another mothod. The actual woalth of tue
ing tho produotivencss Of tho farm. Thore aro
two methods by which this might bo tlono.
Either by tilling 1t with moro caro,-in other
words, putting additional labor into working It.
or by act Of Congress. The objections to tho
first method are obvious. 1t is the old-fashioncd
p1an. 1t makes, after al labor the real basis OF
wealth. and that theory wo have thoroughly OUT
grown. But by act Of Cougroaa it mny bo pro-
vidod that every aero OF ground owned by far1n-
era who mood relief should produce, With
out any additional labor certain number of
bushels OF corn or wheat, as tho oaso might bo.
per aero, in addition to its usual production. IT,
notwithstanding such act Of Congress, tho
annual production was not increased, Congress
would havo tho proud satisfaction Of having dig
charged it's duty and done its leYol bost to re-
iove tho wants and necoasitiea Of tho people. 8.
But should it he doomed, upon = careful sur
yoy OF the whole subject, inconveniont to initiate
the actual wealth or capital Of tho debtor, tho
next courHe would DO to decrease Lis liabilities.
Tho old method Of accomplishing this waB to
pay them, but this course involves tho necessity
of closer economy, lossenod expenditures, and
harder aoork. Thus VIC arc continually travelling
in circle, and labor scoms to bo ut the bottom
Of all these methods. There is no other method,
except TINT Congress comes to tho rescue and
the debtor to discharge his liabilities
ut cortain percentage on tho dollar loHa than
the full amount. Tho trouble about this plan
III that the creditor, who Ia always finty yhoartod,
would probably complain.
But under the now dispensation that would bo
no serious objection, for tue Government pro-
poses to compel its creditors to reduce their
claizna. Every man in the country WHO owns a
greenback is a creditor Of tho Government, and
when those promises to pay aro inflated or in
Droaaed md not redeemed, tile aotual value Of
Tho greonbaok held to-day is doprcciatod The |
Government thus compes it's creditor to talo |
loss than tho amount Of his claim, and If tho |
Government can do that for itself, why, NO ask, |
should it not do tho Sumo for tho thousands OF
ts unotfending citizens who arc unfortunately
wing moro than they can pay7