The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1878-01-30

cent of assets Yet these future genera
tions will he bullied and bull dozed into
the payment of those debts, by the hue
and cry of the sacredness Of the public
faith, whilst that faith is sdria3 faith
only, 10 the holders OF the national bonds,
but faith Of perpetual domination to the
poor oppressed Taxpayer.
1t is erroneous, however. to speak of
paving a national bonded debt. History
does not record M instance of the kind
the bonds tall into the hands of the
wealthy class, and the interest insures
regular income, and is too good an in>
vestment to be fosiered with and 10y the
influence OF capitalists, are always so,
managed that the national debt never
has and never will be paid, tor the simple
reason that the bond holders do not want
it paid, and the tax~payers soon become
go impoverished aud exhausted that they
can hardly pay the interest; and any
effort 10 raise the taxes to a sufficient
amount to pay the interest and principle,
would lead TO such extreme pressure and
suffering on the part OF the taxpayers
that Reputation or revolution would he
the inevitable result
The skilIful mariner can detect the
small spcck in the horizon that foretells
the storm, and the prudent linancier need
not strain his eyes for small speck to
him the dark cloud is already visible
and even our politicians are straining
their wits to avert the storm, and various
legislation as modes of relief are suggest
ed, but it is the experience OF the ritter
that no legislation will pay an honest
debt in an honest way. lie has witnessed
the various attempts at relief laws, passed
by the Kentucky Legislature in years
past, and has come TO the conclusion that
all legislation to pay people out OF debt
results like the old story OF the devil
mending the dogs leg. which resulted in
breaking it in two places more.
General jackson declared in one of his
messages that "men trading on borrowed
capital ought to break" for this declara>
ton he was terribly traduced at the time,
but il we will examine the daily accounts
Of bankruptcies and failures in which
the liabilities are represented by hum
dreds of thousands of dollars, and their
assets by almost a corresponding number
OF cents, one will be disposed TO acknowl-
edge that the old hero was fully aware
OF the evils of trading on borrowed or
fictitious capital.
An amusing story is related in English
history, OF a man who -ived 10y credit
alone. lie would borrow money aud al
ways pay punc,ually to the day by hor>
rowing from Others, and thus establish
ing such reputation for punctualiIy
that capitalists were always anxious to
loan him any sum lie required But
death called on him to pay the inevitable
debt, from which there is no escape.
His deal was announced and his numer~
Gus creditors met and found that he had
not left a penny of assets. After the
first shock Of astonlshment, his creditors
resolved that it WAS so good joke that
they raised the money and erected a
monument to their confidence friend.
Encouraged by this confidence mans
example, the National and State governs
ments, cities, towns, counties, trading
corporations and railroads, have been
contracting debts TO such an amount
that the whole productive labor OF the
country will not pay the interest, whilst
the taxes levied on real estate have been
so heavy that it has so deprecated in
value that the taxes have to be increased
in the same ratio that taxable property
deprecIates. Yet amid all this increase
of oppression. specu atOrs are crying out
tor increased bonded debts, thus shifting
heavier burdens on generations coming
after them, until 1t has only become
question of time when the last feather
shall be laid on that will crush the cam
els back.
TO BIZ CONTINUED