National Republican. (Washington City (D.C.)) 1872-1888, 1877-06-01
|I.rrrag PEOPLE AND THE puBIIc DEBT

the sake OF the country, apart from the
evils they now suffer in consequence Of the
stringcncy of the times, they will take
early occasion to make it understood that
they do not regard 1t as just or wise that
they should be called upon TO respond to the
necessities Of Government in its policy
of steadily retiring the public debt, or that
the growth and development of tho indus
tries Of the country should be retarded or
misshapen by the burden placed upon them
for this purpose
The people are not so dull but that they
are aware of the fact that the idea of an
immediate commencement of payment on
account Of the principal of the public debt
originated in purpose to influence them in
their votes rs between parties either hv i'm
pressing them that rapid progress was being
made in the matter by the party in power
or by convincing them that the party dcsir-
ing to gain power would faithfully apply
the revenues to that end. This they under
stand perfectly, but as yet they do not COM
prehend that these promises, il honestly
carried out,would not be 10 their advantage.
They have horror of debt themselves, and
they do not stop to reflect that there can he
any difference between the position of indi-
viduals and nations in this respect ; but they
are fast waking up to the truth by inquiries
concerning the source of their misiortunes
and when the public mind is once turned in
pursuit of knowledge on such vital points
there is commonly but little delay in the
solution of the questions involved. Hence
we may expect u speedy mastery of the
proposition and spontaneous action in refer
ence to IT,
There is no wisdom so a5tute as TO enable
| its posSessor to show how money borrowed to
pay current demands can be applied to that
object and leave the borrower in position
Immediately to return the loan and this
is the case of the United Statca in respect Of
the public debt. The necessary funds or
supplies to meet the emergency of the Gov
eminent were obtained on its promises to
pay, and it has no sooner realized the
amounts required than it proceeds to the
task of repayment, without u cent to do it
with except as drawn from the necessities
Of the people. However praiseworthy such
course might be in a person who has been
accommodated with funds by u friend who
stood in need of the money himself when
he parted with it, it would be unwise in
such person to deprive himself thus of the
money required to keep up his business in
order TO refund the loan, if obtained from u
source able and willing to treat il as an in
vcstment, asking only u reasonable interest.
R1t with thiz question, Of
morals or Of honor does not arise. Money
obtained by them on their securities always
comes from parties who wish to make in
vestments Of the sums so advanced, and, in
general, they prefer they should be perma-
nent. There is no demand for payment,
and no wish to be deprived of the invest
ment. Tho moVi,c prompting liquidation
is wholly in the Government, and is sup
posed to be inspired by the people. Ger
tainly it is the duty of the Government to
consult the people on the subject before
proceeding after explaining to them
the advantages or disadvantages to result.
In the present case there has been no con-
sultation with the people with view to in
form them of their interests, that they
s"' "o' n''s'"''9 i" ,e,''e",o " 'n'
'o9''" va '"o eon'ia''' mas peeh 'he
,"'i.', VI INC pu'i'o men vi "i' P''''es u
uec''e 'no"h ny PROMISES vi u spee"y oi'po-
'..'on " ,no puD"' uo"'' - u ,"a' "ei0 '"e
Greatest pi,s,,nS 'ha' oou'u "e Secu''u 10
them. And thus, without due reflection
'"e'o, '"v MASSES ""'o D'en i'u W sup
p , 'n"', "i'Ious" s"i'''hs pi','''o" anu
,a, VI 80 'o'' III 'o",,iuen'o VI ''.,S
MISSION ,s' VI ,no io'en"e', '"e9 were SUI,
os wi VI. s'Ae =, 'ne 'ou"'' an"
80 "'u ,''' p",''o'n' anu p'D,o
""s" i'i =! 80 'i' o''V'ii'.' p"' inv ",'
""u'e" III '"'i minus 40 " INC ',"'' Vi 'ie
"i"''e'' "i'o '''H".u VI 'no i,'poi'y VI 'ne
$500 a ",n ~ sene.a. ",7,on ',
oS' S'''u " pei'"p.o'9 "'ni'n'
- T.. wy :''.,,,.'..'. NV w
"ns -; .,'a ~. u" 20 ""n y; WI
.:.n A. so ~, WV :. a ".. ~
WIN 'lo ."0s'' WIN ''o' 'oe '''o ',9'''io' anu
Oh the pupiio aept "heh there Is no occa-
~ 49, ~ '. 49, ~ 'S 'N