The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-23
PUBLIC DEBTs-THEIR ABUSE AND
REMEDY.
what Az Eminent Cinrinnntsan Has To
say on the subject.
IExtrnot from Private LeHerJ

| CINCINNATI, MafGh rs, 1879.
| Mn Dear - meant to be ian New Or
| leans by this time, wanted to go last week on
| the steamboat tChas. Morgan, but Esd to give
| IL up | have been sick ever since the bitter
cold Of December. and the warm weather Is
the enly cure for 1t, If there be any. thought
| TO try New Orleans, and may do 80 yet. go
about 4 little, hlt feel bad and cannot ac-
comrlish much.
The New Orleans DEMOCRAT, which you
sent me. was duly received and read Your
articles are greatly the best In 1t and do you
credit, but have lost my faith In politics
and institutions and politicians. They can
not bring about the true reign OF liberty for
each mar,eand justice fortaH men, which is the
fulHllment Of human destiny The work Of
Jefferson was stride towards it. but that was
one hundred years ago. and another stride
has to be taken. He substituted the volun-
tary principle for the hereditary, and pro-
claimed equality for all, special privileges for
none. But his reform was external, and has
become Intellectual. Society must be changed
by an Interior evolution which will kill off
the drones, reduce its expenses. and secure to
the workers nearly all their earnings. In
some form. every able-bodied person should
work for his support, and living by interest,
| rents. dividends, profits. Offices, etc, be made
less respectable. The producer now not only
carries his children on his back, but as many
adult droDes besides who are taxing him and
others improperly to support them. The con-
sequences we see-the rich getting richer, the
poor poorer. But the causes we do not see,
and we have no remedy for state Of things
already intolerabe and becoming worse every
day. The non-workers have nothing Of course
to propose; they talk about Democracy and
universal suffrage, and our other glorious
possessions, which are SO familiar to the pub
lc-Hdbeds corpus, jury trial, greatest good
Of greatest number, right Of majority to rule,
public lands. army and navy, etc. Now, all
government is al incarnation of authority
the datip0des Of liberty. and the majority
under universal suffrage is despotisn as
much as the autocrat | want to substitute
contract for force rs the bond of society,
which shall fall into groups Qudustrall, and
SO organize credit as to dispense with the
metals, and render exchanges 0f Uat1tes cost
less, or nearly 80, !. G. one-half per cent
per annum instead OF 10 per cent for our
public debts. Why don't you propose to ascer-
tain the true sum that has been loaned TO the
State and then pay 1t by aDnuitiea, say per
cent or 10 per annum-so that every tax dollar
wrung from the poor workers of Louisiana
shall be credited upon the principal Interest
Is the American cancer; 1t must be cut out of
all contracts. public and private, or we go
back TO the man on horseback, thanked by
the priest and soldier. All money paid on
loans should reduce the principal by law, and
so Of land, so that the payer should acquire n |
corresponding estate In 1t. Thus interest and
rent could be disposed OF, which are the de-
stroyers Of our substance and the disorgan- |
izerS OF our society, and the most ruthless |
enemies of liberty and justice. By the gratu-
itOus organization OF its own credit which |
arises from circulation of values consequent
on the endless subdivisions OF modern labor
every society can make its transactions cash,
and dispense with the royalty (D OF money
and the idleness and knavery Of the drone
family who eat w the poor. discredit work,
let somebody utter the aec Word: Pag public
debt by annuities and don't h9Gredse and
perpetadte them By interest.
The so-Caled capitalist would have to re-
tire with his money bags, and society w9Qlid
reclaim hat valuable property-her credit
which Is now thrown away on the uSurer ana
the banker, who always reward her by dis
bursting the guaranty she is compelled to
give with it. Cant she perfectly guarantee
her own credit used, to make her own ex-
changes? Why not have a public exchange
for the state, with branches wherever wanted,
which shall rest on the voluntary contract of
the subscribers to take its bills2 There IL no
doubt of the value of such an arrangement,
its safety, its economy. When established, n
very light commission will cover the cost OF
exchange, which, between producer and con
sumner, costs society so per cent, on which aw-
full leakage the hive iattens its drOnes and
starves its workers.
But i want to tax on the greatest OF
themes, with Its thousand sides, so that you
may join the economical revolution and re-
form mankind.
Very truly and respectfully yours,