The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1876-03-02
HOW CAN OUR DEBTS BE PAID !.

dollars of the precious metals In the
United States, therefore, how can the
farmer pay off his mortgage? how can
the traderIay. back the borrowed capital
on which he is trading? How can the
railroad and telegraph companies pay
their bonds? How can municipal COR
porations pay the debts they have cen
tracted for building school houses, pub
lie buildings, bridges, water works, and
all ether improvements, including steal
ings by officials? Though ! suppose
stealing should not be included among
Saapro0smentsi) How can our government
pay the enormous debt 1t contracted in
putting down an atrocious and unpara-
lelled rebellion? There can be but one
answer. It must be paid cut of eur earn
ings. Our yearly products nave been
estimated at three thousand millions of
dollars In gold, and our entire earnings
| at six thousand millions OF dollars in
gold None Of our Indebtedness can be
paid if we consume our entire earnings.
We must live within our income we
must sell more than we buy. Industry
will create aud enconomy husband the
resources wAerewith to pay our indebt-
edness. The amount of gold now in the
cuuntry has but slight relation 10 our
IN debtedness. If to-day there was not
a single dollar in gold in the United
States it would not materially effect our
ability TO pay our debts. The sources Of
wealth are still in our possession. We
still have our farms, our workshops, our
factories, and our mines. The mighty
power of steam is doing the work of
millions of strong arms. The lightning
is harnessed to the car of trade and COM
~ cree, and the winds and waves bear
our products to buyers in distant lands
The gold product is one of the smallest
al our resources, and insignificant in COM
parison with others. The yearly gold
product OF California is not sufficient to
purchase the hay and grass pxoaucb of
the single State of Massachusetts, and
the yearly gold product of the whole
United States is not sufficient to pay for
the cheese we manufacture in single
season. / repeat again, the amount of
gold in the country, at any given time,
has but slight relation to our indebt-
eGpess or our ability to pay our debts.
The farmer must produce a surplus to
sell wherewith to pay bis debts. The
trader must trade wisely, that he may
have a surplus of profits to apply on has
indebtedness. The railroad and tele-
graph companies must create sinking
Iund out o. lhelr surplus earnings. The
city to pay its Indebtedness taxes those
for whose benefit improvements we're
made. TIE general government has its
resources in duties and internal revenues.
Our Indebtedness is lien on our farms,
our workshops, our factories and our
mines on the labor we perform on the
morrow and the products of that labor.
Take the case Of a young man who
wishes to become the owner Of farn. |
He inher1ts fifteen hundred dollars, or
having sold his labor to the best advan-
tage, has saved that sum from his earn
ings. He buys farm, Implements, etc,
and goes in debt fifteen hundred more.
His debt IS lien on his capital, and on
his future labor. He has bought wisely,
understands his business, skilfully directs
his labor, and is industrious and econom-
ical. Will it make any difference with
him there being only seventy millions of
gold in the United States when he buys
his farm? Will there be any uncertain
ty as to his paying his debts? l think
not. l cannot conceive how any sane
man can base an argument for the issue
OF eueemaDlG paper currency on Tie
fact that there is only certain and linn
tied amount of gold in the country at
any particular period. No one Disputes
the value of sound, honest paper cur
rency, redeemable in gold with which to
effect the exchanges Of trade and com
nerce. No one can successfully dispute |
The fact that gold rules and measures r
values now and always has done and in
every country. It measures the green :
pack to-day and has done so since its
birth. It says the real meaning of the
words One Dollar on the Greenback
when it buys anything is eighty-fve :
= 4Lsk L. IL. II ~ i