The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-05-10

The load Of interest,is the true test OF
the weight OF debt, and the reduction OF
that has been nearly $46,OOO,OOO. More
than $27,OO0,OO0 OF this reduction have
been effected since the year 1870 under
the operation OF the funding law, which
was purely a Repnblicanmcasure OppOs-
ed BY every Democrat and Liberal, and
ridiculed as impracticable and Assured by
every seli-sulEiCient journal in the interest
Of the money.lenders, gold-speculators,
"tight.money' Cliques and sore head Re-
publican politicians. This funding
scheme is still at work, steadily reducing
the load OF interest, and should the Re-
publican party remain in power for the
next ten years the entire load Of interest
will, at the end Of that time, be gradually
reduced 70 near fifty millions. No por-
ton Of Che debt has yet been founded be-
low five per. cent, but the ability to place
the iouF-and-a.half and four per cent
bonds will DO demonstrated In time; and,
in fact, the funding scheme will evidently
be persisted In until no portion OF the
debt shall bear more than four per cent,
interest. In fact, no measure enactedby
Congress has been more unjustly attacked
or undervaluCd than the funding act. Al
though the process seems to b. slow, the
tremendous crash OF 1873 and the embar-
easements ensuing must be held to have
beenMtficient to account for that. Tn.
der the circumstances II il extraordinary
that thu revulsiOn did not pnt stop en-
tirely to the funding,
Whnn tho fnndin1 ant ,V0s ,,npItn,, Ia
the Senate there were many who were
Jealous to allow no higher rate Of interest
on the debt than three per cent, an ut.
tempt to enforce which would probably
have been failure, as reduction from
six per cent to three was too sudden, Ex.
perience has proven that the reductionto
i've per cent Is practicable on the whole
OF the debt, And II that were all done II
would be found equally practical to fund
the maturing debt in four and half and
four per cent bonds. No matter how
much public men may discuss the adyisa-
biity Of leaving the debt for posteFity
to pay, the people will not rest satiafed
unless they see the load regularly dimin.
ishing, Even supposing that Demo.
cratic national administration should
load lls up again by assuming the State
debts and sQuanderlng millions on war
bounties and claims, the first return Of the
Republicans 70 power would reduce the
aggregate again.
According to the above table, President
Grants administration and the last por.
ton OF JohnsOn's have reduced the debt
to the extent Of $6i4,40l 1926. Ours isthe
only great nation thus engaged in the
gradual and unainching liquidation Of its
debt month after month and year after
year. n the Treasury Department had
not In hand the colossal task Of preparing
for the restoration Of the specie basis and
the resumption OF specie payments, the
arrangement for placing the fonr.and,a-
hall and four per cent bonds might easily
be perfected, and although ii Is objection
able to have all the negotiations carried
on In Europe, II is satisfactory to know
that the course oftrade Is steadily bring
ing the bonds home again. When the
funding scheme was enacted by Congress
the annual interest was Sl20, 235, 4OS, and
the President, in his annual message, cs.
timAted that by this act the interest could
be reduced to ninety millions and there
stopped. But II will be preceiyed that
theinterest Is reduced already TO $0s,0O2,-
l0l without getting below five per cent
rate. These are figures worthy OF the att
tention Of rejecting citizens, business men,
taxpayers and property owners, at a time
when the Democratic party Is seeking to
obtain power as the advocate ON differ.
ent and opposite policy '' ''-