The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1875-12-16


Balance ......... $1,A2, pos, sos
It thus appears that the value Of
farm products in the United States
in 1870. reduced to the gold stan
dard, was one billion, seven hundred
and twelve million, two hundred and
eight thousand dollars greater than
the national, state, county and mu-
nieipal debts Of the entire country.
1 admit that it takes a large portion
of these products to pay the neces-
sary expenses of the country and to
sustain the national, state and mu-
nicipal governments, but it is evi
dent hom this statement that with
an economical administration of our
national, state and municipal gov
ernments, the recuperative energies
of the country will soon relieve US
from all our embarrassments.
INDIVIDUAL INDEBTEDNESS.
1t may be said that there is a large
individual Indebtedness, but it must
be remembered that there are cred
itors as we'll as debtors, and if IA man
has as much owing to him as he
owes, accounts are even and he can
not be said TO be in debt. If one
hundred millions of dollars is due
from some citizens of the country
to other citizens of the same coun
try, the general wealth of the coun-
try is -ot diminished thereby. If,
however, the property owned by
certain citizers is untaxed, whilst
that owned by other citizens is made
to bear all the burdens of the gov
ernment, this is unjust and unfair.
and is a just cause of complaint
To thrJw all the burdens of the gov
ernment, including the payment Of
the interest upon the public indcbt-
edness, upon the producing classes,
Justly and necessarily creates dis
satisfaction. That there sre evils
which should be remedied, no one
will deny, and to this we sheuld .di-
rect our attention. My object has
been to show that there is not a suf
fcient cause for The extreme depres-
sion that seems now to exist. BY
drawing dark pictures of the future
we make matters worse than they
really should be, and create the very
evils we so much dread. We make
''hard times" still more hard, and
produce that very depression in the
price of property, and that very de-
crease in the productive energies of
the country we are so anxious to
avoid. If all the Indebtedness OF
the country were due to our own
citizens, and if every species of pro-
perty were equally taxed, then many
of the evils and wrongs of which we
now complain would be removed
Let us not fail so secure remedies
which are practicable, by advocating
those beyond our reach. In order
that I may not be misunderstood, l
wish to say that l do not think the
government did right to convert a
non-interest bearing, into an in
terest bearing debt, and to
make that payable in gold which
was, by the terms of the contract
payable in currency. 1 believe in
standing by the contract as origi-
nally made. Any violation OF this
contract, whether in favor of the
one party or the other, was wrong
I must, however, insist that we dc
not make things worse than they are
by drawing darker pictures than the
facts warrant Whether it is wise
to contract debts depends upon what
they are contracted for, and upon
the use of the means thus obtained
1t might be very unwise to contract
a debt of 81, 900 for luxuries thai
we do not need, and yet very wise
to contract debt of $1,000 fol
mules or other valuable stock W,
need on a farm.
1t is true, much of the indebted
ness of the country was caused b,
extravaganza in public and priyat'
expenditures, and therefore 1 be
lfeve not only in an economical ad
ministration of our national, stat
and municipal governments, bu
also in the building of our railroad
and other improvements so as t.
, furnish us cheaper transportation
whilst they yield good dividends
However, 1 do not believe any deb
should be contracted unless thr
means are provided to pay, not onl,
the interest, but the principal with
in a reasonable time. This woulC
prevent that gambling in stocks an,
bonds which has been so detrimen
tai to the best interests Of the coun
try. Whilst the increasing Of pri
yate or public Indebtedness heed
lessly, was always wrong, yet to sa.
that because debts have been, ii
some instances, unwisely contracte,
; heretofore that there should neve
be any more debts contracted, d
matter how urgent the necessity o
Judicious the improvement, woul'
be anything but practical wisdom
In fact, iftowns and counties woul
use their credit judiciously at thi
time in making proper improve
ments, they would, by furnishing
employment to the laboring popu
lation. afford great relief to tn
r country.