The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-03-20
Here we have AM indebtedness which at


Here we have an Indebtedness which at
six per cent. interest demands tho payment
annually of $2I7 $780, 600 before the country
can advance a single dollar on the road to
wealth. Still there are those who in this
midnight OF business gloom assert that the
country is prosperous. The New. York
Evening Post asks the question, Is the
nation bankrupt? and replies as follows:
With wholly inadequate system of taxa
ton, if indeed we may call the siipShod prac-
tees of tax gathering which prevails here
system at all, the revenues OF the United
States yield an enormous surplus simply by
reason OF the almost absurd wealth of the
country, a wealth 80 great that even our url-
scientific way OF collecting revenue gives US
more than we need every year. Out of this
surplus we have been paying our national
debt for good ma ~ years now, and since
March, 1863, we have been Keeping an ac-
count OF the monthly reduction. Let US see
what this account shows. Throwing of odd
hundreds of dollars, which are OF no account
in dealing with 50 large sums, the national
debt was the lst Of March, 1850 - SIS, it O0O.
Eight years later, namely, March l, 1877, the
debt amounted TO S2,OSS, 7Sl 600. The decrease
had been Si}5 $500 in eight years. and the
average yearly reduction had been Sol, 80 100
still throwing Oft the odd hundreds of dollars
for convenience. In other words, we have
been paying the enormous expenses of the
government, paying the interest on this
great debt, aud at the same time paying
oil the debt ut the rate of Sji,5S5,U0s a
year. Meantime the rate OF interest," has
Deen lowered on part of the debt, and the
total amount of interest 10 be paid has been
still further diminished by the constant reduc-
ton OF the principal. IL ought TO be easy,
therefore, To pay OFT the debt nj a st'll faster
rate hereafter than heretofore, but it is start
ing fact that without any decrease whatever
ia The annual reduction, and simply By paying
IN eacn year as much as we nave been paying,
we shall wholly discharge the debt (which W;.s,
on the LIST OF December, 1871, S2,O1J.O21 OOJ) in
little more than - years from the present time.
Here We have a Shylock organ which
would have the people in their present
deplorable condition taxed to an extent not
only sufficient TO pay the interest on state.
municipal and national Indebtedness, but TO
an extent that would wipe out the whole
debt in thirty-seven years. We hold that
under the financial policy inaugurated by
the radical party the country is today abso-
lutely bankrupt. Cities, states and counties
are unable TO pay the interest on their
Indebtedness, not because they are repudi
atOrs, but because the people are unable 20
pay the taxes necessary TO raise the funds
1t should be remembered that this is
government by the people. If they are i'm
poverished and ruined, the government
must suffer financially. The theory Of the
radical Shylock party has been 10 bleed the
people What has been the result? Poverty,
business. prostration, financial gloom and
ruin. The process of bleeding is still going
forward, and according to the New York
Evening Post is to be continued for the next
thirtyseyen years. Under ordinary circum.
stances Il would be regarded sufficient to
pay the interest, but the Shylocks, as
means to still further force the people into
poverty and bankruptcy, demand that
the principal shall be annually re-
duced. The whole financial policy of
the government must be changed. Steps
must be taken 10 relieve in some measure
the people from the terrible burdens that
now Cypress them. We must have legisla
ton the purpose of which is to revive our
industries and set the people to work. If
this is not done there will be more business
failures, more idleness, ana in the end
anarchy. To-day the United States are
bankrupt. II the people were called upon
TO pay their indebtedness they could not do
it, and to pay the s4I2S, 100000 would
require half the wealth OF the nation. What
is wanted now is wise legislation, a broad
comprehension o. the situation and policy
that meets the terrible exigencies OF the
times.