The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1878-01-09

or the coin and bullion
in the United Statesis about one hun
bred and fifty millions Of gold and |
ten millions Of silver in the treasury.
banks and among the people, which
is q woful deficit toTasGs maintaining
resumption in 1879. He shows that
more than one,halr Of our public
debt is owned in Europe, aud that
The aggregate coin interest annually
due from the people Of the Upited
States is from one hapdrsd tolone
hundred and fifty millions of dollars.
The argument Of National Hon
or" used by the oppo7epts of the
bill to repeal, is ably met and over
whelmingly answered by the Ohio !
statesman in the close OF his speech.
He characterizes the resumption law
as = trick and fraud. Matched in
the dark, and charges that it is it,
self a reputation of the compact
by which the greenback became the
measure of all contracts in the myr-
lad transactions of domestic business.
He says that no public debt, how
ever clear or obligatory, would JUST
fy such stupendous sacrifices as must
come should resumption be attempt
ed, as it must be by the law, if it is
not repealed. and adds, in the Ian
guage of Mr.. Burke: 1T is to the
property of the citizen, and not to
he demand of the creditor of the
; ate, that the original faith Of soci-
ETY. is pledged. The claim of the
citizen is first in time, paramount in
title, superior ia equity
And the people should make their
power and their rights felt in this
matter, and throw off their shackles.
And Mr.. Ewing thanks God that
they are now about to arise TO burst
the bonds their petty foes Rave fast
ened on them sleeping and To walk
abroad again in their own majesty
This, we opine, will be a bright
day for our country, and one to be
celebrated in coming generations as
that OF the second national indepead-
enee day. .Ge 49,
The public debt OF the United
States, including National, State and
corporation, is about ten thousand
millions of dollars. A vast SUM,
which the human mind can hardly
grasp. The private Indebtedness OF
individuals is said to be between
seven and eight thousand millions
more. Where is the gold to come
from to pay off this vast sum? The
interest upon such an enormous debt
would destroy the prosperity Of any
people upon earth. The principal,
Of course, will never be paid
We pay more taxes each year
than the aggregate volume of our
currency-seyen hundred and fifty
millions--for the support of national,
State, and local governments. That
is, tax of $3.50 per head for every
man, woman, and child in the United
States-an enormous burden. far
surprising any borne by any people
on earth. The British pay $l1.09
per head the French. S11.4l; the
Germans, 1924 the Austrians, 81
p. This burden is ipsupportable,-
unless industries prosper. The re-
sumption law has broken down in
dustries and reduced oue-'hird the
average values Of land, labor. and
products, by the sale Of which alone
taxes are paid. and in effect has thus
increased the tax burden so per
cent. The burden has thus been
made. in heavily taxed communities,
absolutely insupportable. Several
great States, and many counties and
cities, have already sought relief in
Of reduction of values. bring them
down much more. as will inevitably
be done II this law be not repealed,
and one-half of the corporate and
municipal debts in the United States
will be repudiated. The greed of
the money power, in thus seeking to
enhance SO enormously the value Of
the dollar, is only equaled by its ar
rogant and dogged stupidity.
Consider, the wrong done to indi-
vidaal debtors by this contrived
shrinkage OF values. The aggregate
of private debts in the United States,
including railway mortgages, is pro-
baby not less than seven and one
half bilious Of dollars, or three and
ene-half times the sum Of our nation
al debt. They are owed generally
by the young, energetic, driving bust.
ness men Of The country. who are
seeking to rise from poverty 10 COM
| petence. or from competence to
! wealth. They comprise two-Lhirds
of the merchants, manufacturers,
and exchangers OF values. and give
employment 10 two-thirds of the
wagemen of the country. This law
breaks down their business, strips
them of their property. and casts
| ont of emnloYment millions of labor