The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-09-19

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contain tins wise prohibition.
Thegenetal policy oil the National Coy.
ernment on the subject ofdebt hasalways
been sound. 1tmay be summed DIP In q
lew words. Nodebg 10 be created In timo
ofpeace, and war debts to Be- paid oil n
rapidly as possible when the war ends,
The Revolutionary War debt, al the in
auguration Of the present form Of Govern.
ment, March 4, 1870, amounted 10 SO 600.
900, and after successive reiundlnRs, In
long time bonds, was paid of by their re-.
demption, finally, In 1885.
The debt created by the war Of 1912, Of.
ter tetunding In 4 per cent bonds, was
also paid In 1885, aud At the close OF that
year the Nation was practically free from
debt.
The debt incurred on account OF the
Mexican waramounted to $50, sos, the
bonded debt bearing six per cent interest,
running from Eve to twenty years, and
Treasury notes OF various rates Of interest,
from one mill to five and two.Rfths per
cent. AL OF this debt was redeemed prior
to 1870, excepting q very small amount
notyet presented for redemption.
Asamarked evidence 1.-THE fidelity with
which our National obligations Of this de-
criphon bave heretofore been met, Il isI
worthy Of note that, during the War Of
1912, the interest on the portion OF the
debt held by British subjects was regular.
ly paid, the agents OF the holders In this
country, owing TO the interruption OF
direct commercial intercourse, being SOME
times obliged to resort TO CirCuitohs and
extremely difficult routes for the transg,ls,
sion Of payment. lnd the fact remark
ed upon by Mr.. Alexander Trotter, The
British author Of q standard work pub.
lished In 1889, upon our National financial
position and credit at that time, Tie
author also notes the fact that the act Of
congress passed by the frst Congress that
assembled after the adoption OF the Con.
TO make provision for the nav.
ment Of all the outstanding engagements
81 the Government; with degree Of
integrity which Is rare In the history Of
he financial embarrassments Of States, I"
postponed the claims Of creditors q. home
until those Of the foreign creditor were
provided for.
/, Our war debt resulting from the war for
ne Union amounted 10 about So, COO, 600.
lVg, and has been reduced TO abOut So
During the last wear thpre
mas been no reduction OF the aggregate
mount, but there has.leen reduction Of
he amount Of the interest bearing debt Of
Sl8, $500, and the rates OF interests have
9een 80 reduced by refunding within the
9aSt year that there Is an annual saving Of
slS, 10000 In interest, The annual inter
st on the National debt reached Id high
'st point about fourteen years ago, when
t was $l50,977, 697 81. Its now reduced
Q SSS, ~, ITO 20, a yearly saving Of S67,-
32,9S7 81, or about forty-fve per cent OF
What was payable in 1895. The policy Of
laying of the National debt, which, atthe
lose Of the war, was urged upon the coun.
~ with so much force BY the Secretary Of
he Treasury, Mr.. Hugh MoCulloch, has
lorne good fruit, Young men OF this All.
Hence can remember when the Govern.
nent Of the United States found great tlif.
Icnlty In borrowing so small sum az S25,.
1900, and for q considerable part Of II
vas compelled to pay as highas twelve
yer cent Last spring, by reason Of i'm
'roved and strengthened credit, the Gov
rnment had no trouble in borrowing, In
be single month Of April, S225, OOO, 600 at
ourper cent interest. The amount offer
d in that month exceed five hundred mil
ions OF dollars, and there was one day
1hen the amount offered was 81 So, OOO. 600
Let the policyoi extinguishing the Ma
lonal debt be adhered to. Let It be the
Ixed purpose Of the people and ali who
dmtntster the Government to pay OFF the
lebt within thirty-three years. Ii can be
lone by economy and prudence without
material increase OF the burdens Of the
..eople. The payment Of thirty.three mil
ions year upon the principal OF the debt,
u into sinking fund for that purpose,
will, within thirty.three years, leave US
rec from debt as Nation.
That which is sound policy in National
md State affairs, in regard to public debts,
3, believe, also wise policy in local al.
airs and private affairs. Let It be every
Vhere adopted, in public and private, and
Ve may welcome the advancing tide Of
,etter times, confident that we have found
he secret that will prolong their stay,
nd which will go far to make us indie.
in that, l trust, distant day when
financial panic may again strike down
he general prosperity,