, 1875-01-21
INCREA9E or THE PUBLIC DEBT,


tired Of tho Louisiana urroar and anarchy.
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1NcREAsE or THE PUEBLO DEBT.
The attention Of the members Of Congress
who propose to vote subsidy to ToM scorr
of hundred and more millions Of dollara
must have becn drawn to the striking facts
relating to the condition Of the National
Treasury. What arc those facts?
l. That on tho 1st Of January, 1875, the
Treasury was short over S4,000,ooo of tho
means with which to pay interest on its
bonds, mud had to borrow TINT suun.
2. That the Treasury hns been so long un-
ab1o to make its payments to the sinking
fund That it now owes that fund over $32,-
000,000.
0. That the condition Of tho Treasury is
such that, notwithstanding VIC arc in pro-
found pence, the Government, to meet its
current liabilities, proposes an extraordinary
increase of taxation to meet the current ex-
penses
In view of these three solemn facts, it ia
proposed by the Paciflo Railroad Committee
of the House Of Representative to increase the
public debt by subsidy to TON scorr and
his ring,-~that subsidy being the guarantee
Of the interest on tho bonds Of the 1sailroad
Company to the SUM Of $4,000 per mile for
| 9, 100 miles, or an aggregate Of bonda of ono
hundred and twonty-fo1sr millions of dollara!
| Congress proposes TINT the Secretary of the
! Treasury shall Rtnmp these bonds with d
| guarantee to pay tho interest thereon at 8 per
cent, or 81, 200, 600 nnnua1ly, for forty years..
Tho total interest to be paid to be s2sS, ,o0o,-
| 900. The security for this ls the railroad
| through desert, at the end of forty years
subject to lion Of $l24, 900, 600 for che prin-
| cipal OF the bonds.
| The proposition is, to incrcasc tho national
debt to sum represented by MI annual lHy-
ment Of interest Of S7,2D0,0 900, being s124,-
600. The burden Of national debt. OF
of any debt, is measured by tho taxation re-
quircl to pay the interest thereon. The
House Committee proposes bill to levy On
annual tax, for forty years, Of $1,000, COO,
to pay tho interest on the bonds OF Col.
scorTis Railway Company, which Company
Col. Ton Scorr snys owes Col. Ton Scorr's
Credit Mobiler Construction Company eleven
millions OF dollars already,
The whole secret OF this subsidy is TINT
Col. Tom scorr and lis associates aro tho
Texas j. Pacific Railway Company and the
Texas Il Pacific Railway Company Inns con-
traoted with Col ToM scorT's Construction
| Company to bnild the railway, being dupli-
cation OF the Credit 31obitier business, Tho
Railway Company Las not cent Of capital,
nor has the Construction Company scorT
has been aoating tho two concerns, aud
finds both in debt $11,ooo,oo0, whereupon
he goes to Washington and asks Congress to
add $1o4, ,00O, 400 to the national debt by
| giving him the acceptances Of tho United
States for S7,.0o, 600 annually for forty years,
and a committee Of the House has agroed to
report a bill for that purpose, and to RECON-
,nond It's passaco Tint Committee consists
Of A1ossrs, Sawyer, OF Wisconsin, srpugn, Of
Louisiana, Kn11SaEn, of PENNSYLVANIA.
Hououros. Of California, WILLIAMS, Of Mich
| ioan. CoRw1y. of Illinois. McD111. of Iowa,
WELLS. of Missouri. BAasun. of Connecticut
srasDEronp, Of Kentucky, CarAnrn, Of Now
York. and NEAL, Of Ohio, 4 majority Of
thoss uontlcmen hoye concluded that tho
Government ought to increase the public
f1abt bv londiur Ton scorr III. 200. .o0{> wear
for forty Years.
We submit to tho Republican party. which
will laye until March q two.thirds
majority in both Houses OF Congress, TINT
the resnons;b;1itv for tbis enormous ndd;tion
to the public debt must rest upon Tint partv.
It cannot be avoided It makes no difference
If avery nanocroe il, conoreaa votea for the
hill, thu nannh1icanR hava tha nnwer tn de.
fcat Il. md nnon them 1n,st r;ohtfnl1v rest
tba resnonsibiiitv Of the pa.sooo Of any snoh