The daily gazette., 1876-01-08
From the N. Y. Day Book,
The Pnbtac Debt q National
Curse.

momentous mystery Of the hour, the pro-
position which comes up from all classes
rich and poor, high and low in the scale
OF society, learned and unlearned in fbe
science OF political economy, merchants
bankers, farmers. manufacturers, me-
chanics, worklngmen, scholars of every
department OF lore, politicians, and even
statesmen who have spent decades in
the study OF the true relations of n peo.
pie to their government-this problem-
this mystery-this proposition which
presses upon every brain. and hangs
upon every tongue, is, "Whdt causes TIE
1ctdespredd and universal hard times n,,d
DIRE poverty in this country to-day 2"
NO ten men OF the supposed wisest in
each village, or town, or city, in all this
broad country, will agree upon an an
swer to this question of stupendous i'm
port. Ihis nnfathomable, unseen, para
| Tying, NE destroying mystery, (for men
are dying to-day by the thousand under
its destructive influences, dying slowly
IN the herce struggle to save their pro-
perty, or by suicide in despair through
| haVlhg lost IT. Is resting, a crushing in
cubus on the whole people and no phi
| losopher can tell from whence comes
this soul and body killing weight OF woe;
or the day, month or year when it will
| pass away.
| lake up the Journals OF the large
cities and see the records of weekly self
| destruction Listen to the sad details
OF the hourly struggles on the mart of
men and women to obtain their daily
bread Hear the once prosperous mer.
| chant confess his recognition of the
steady shrinkage day, of the supposed
wealth he had piled up for his family
after his ability to work was over! Visit
| the once great property creating sec
tions, and 1T is like walking through a
graveyard. The shipyards are silent.
The iron foundries look like exhumed
portions Of the cities buried two thous-
| ana years ago by the eruptions of Mount
Nesuvias.
The great cotton mills of New Eng
land are running at starvation prices,
and actual beggary is seen in the
streets OF the villages, where, twenty
years ago, happiness and contentmeat
were read upon every brow. Manu-
facturers of all kinds are reduced in
productions to one half their average,
prior to 1860. Merchants are failing
In all directions, and pay from five to
twenty cents only on each dollar of
their Indebtedness. We sell little or
nothing to foreign countries, but con-
trive to get in debt to those countries
yearly, and pay it in gold. Chaos, dis.
content and grave decentralization
mark the whole host of workingmen.
Strikes, and all manner of destructive
combinations, have arrayed capital
against labor, reduced to the smallest
denomination the demand of con.
sumption on production. Idleness, in
vast gatherings, is found in the mar
ket place -sullen and threatening. eve
need bread" is heard from frantic
thousands, who throw off their apathy
to shake their clenched fists at the rich
oondholders, and crime stalks through
the land not only in rags and filth but
in fine broadcloth and cleanliness; not
alone is the criminal in the lower ranks
of life found with unblushing brow
parading the spoils of his thefts, but
officials, high in the Government service
have their hands in the cash box OF the
National Treasury, stealing millions,
and Haunting these millions in the
eyes OF the over taxed, starving work
ingmen weekly. in the shape ofspalati-
al dwellings,, fine equipages, costly
raiment, and blazing diamonds. What
has produced this terrible national
picture of extreme crime, extreme
riches of the small bondholdiug class,
extreme poverty of the great masses,
extreme ldlencss of the working mill
ions, ,and extreme adversely which now
spreads like a funeral pail over the
length and breadth of the land? What
has sunk this nation so low IN despair?
We have had no earthquakes, lorna
does, freshcts, conflagrations, plaques.
visitations to destroy humanity and
wipe ont wealth!
This is the great problem.
What IS the matter 1rith the country
There is but one answer. His tie
ecOrhing Of tie great national curse, the
public debt. Tie fruits Of thar curse are
killing tie RepuJl'c. a thousand mil
lions of capital have been drawn from
the avenues of legitimate industry by
American bondholders, and not man
of them will do the first thing, will
subsc 'ibe the first dollar towards buNd-
ing up our productive resources. Why
should they, with the human heart so
naturally sordid, as the Sunday preach
ers tell us it is; why should we expect
rich men to risk their millions in
manufactures: or trade and commerce
when the Government tells them,
"Put yoUr money into the National
Bonds and you shall ride on the necks of
the acealM producers, gov and pouE
poster7ty, for ever and eper; free from taseS
free from the cares and perplerities of earth
ty toll ana money gathering. The great
millions shall henceforth be your sldres.-
The public debt shalt indeed be a blessing to
you; but cltrse-dn rnDledSurdbte curse
to them and their posterityJ forever.
Here, people of the United States
here, you groaning millions, is the So
luton of the terrible problem we have
alluded to. A public debt is the most
atrocious curse that iras erer inflicted
upon a nation. 1t turns to gall aud
wormwood the heart throbs of the man
of toll. 1t plunges him, and al dear to
him into permanent poverty. 1t makes
him the veriest slave to his rich bond
holding neighbor, who fattens on his
labor and robs him of portion of his
daily bread also.
This great national curse, public
debt, saps the life blood of The Re.
public: transforms the moneyed power