Mexico weekly ledger., 1880-05-20
a PUBLIC DEBT \ PUBLIC CURSE.
Speech of Hon. A. II. tiurtSucr, Monday,
May lGth, 1880, in the House OF Repre-
SentatiypS.

Mr. HAIRMAN: If the effect of
the passage of the rcfumdin@ bill be-
fore the House Were simply to re-
duce the interest account Of govern
neil om the debt rc,Ieunlablc in 1880
and 1881, from : AMI 6 per cent. to
3 IL per cent, I doubt whether any
opposition would be made TO it from
amy quarter. TO diminish the bur
den OF interest and necessarily Of
t~aXation-to discharge that interest
is Il contamination deyOutly to be
wished for. But l greatly lniscon-
celve the scope OF the provision Of
this bill, lift is not far more sweep
ing IN its effects. | fail 10 COmprc-
hend its ultimate results. if it does
not involve far more th3n the saving
of a few millions cf dollars of inter
est. To my mind it has IA wider and
broader range. While It lessons in
terest, IT po>tponcs paving the debt
itself from twenty to forty Wears, AMI
for that space OF time t!lstcn- The iur-
den OF principal and interest anon
this and succeeding generations. II
seems 10 me, sir, that thi~ bill VIII
bring about results foreign to the
debt-paying policy ofnur fathers and
hostile 10 the spirit OF our institute
| lions that it looks to making the
public debt fixed aud permanent
institution that il practically repeats
the act creating TIE fund 70 sint !,tut
debt: that in advance OF the tXpiI4-
ton UG The charters Of the national
banks ii aims to rive them 4 ncrpctu-
al lease OF life, and that it saddles
upon the producers 81 grain and to-
bacco, "a 4 perpetual heritage. tine
present otiouS internal revenue sv9-
tenn. with It's regiment OF collectors.
Inspectors, @ttHGcrr, iutorlncrs ana
detectives. SitcII being Tie ANTICIPATE
ed results of this bill. il encounters
Ely active and pcrsi,trn: opposition.
Before proceeding further. / be- to
inquire of the committee on WAY
and Means. why such haste has
been manifested 20 press his
bill to It's passage: Why should
there be such anxiety TO place
five hundred millions OF the
lGbt beg oud control and reach oflay-
meat 80 long before the bonds them
selves are payable: WHY SHOULD re
funding 4 debt, the greater l,arl Of
which Las been twice refunded be
fore, take such prominent precedence
over all other measures within The
jurisdiction OF that committed What
valid reason can be urged why this
proposition should be pressed upon
the attention of congress 10 tao CX-
clusiou Of all attempts to reform the
most oppressive, unjust and prohibi-
tory tariff, that eyer disgraccd the
statute book of a civilized and com
mercial people. The debt proposed
to be refunded and postponed, with
slight exception is moi payable until
after The adjournment Of the next
session of congress, except at the de-
rtand of the government and it viii
depend upon the action of congress
whether we shall then pay, refund or
continue 1t on interest. The credit
Of the government cannot be effected
in jilriously, if we neither pay on re-
fund it when il natures, provided
the interest is paid a. it falls due.
in the interim bctWiXt now and
next December, we shall have oppor-
tuIity to consult the taxpayers and
producers from the earnings OF whose
labors this debt must be extracted.
as well a. the comparatively insig-
niilcant class Of capitalists, bankers,
brokers and stockholders that have
heretofore moulded and fashioned
our financial legislation and WHO
contribute so little comparatively TO
the discharged OF public burdens. y
postponenlent of action on this bill
until the next session will furnish lis
time to acquire Il knowledge Of the
wishes of the people, AS to whether
they will prepare to pay the larger
/ go fi ,,, Of tII- .Jnif ,rIal.y, H., -,
ing decade or transmit to their child
rem and their childrcn's children that
greatest of curses, a perpetual ma
tional debt. In addition to acqiir-
ing this needed information, by that
time, we shall know with some de-
gree OF accuracy what portion of this
debt can be paid by the increasing
%trevcnucs of the treasury; what con-
tributions will i'll the meantime be
made from surplus revenues to the
sinking fund, and what is still more
needfui, it will be demonstrated
whether the unexpected and mex
atnplcd tide of prosperity that has
setin upon this country is a pcrma-
nent reality or only Il temporary and
eyanesccnt dclusion.
In no probable contingency that
can arise, can the credit of the gov
eminent be injured or it's financial re-
sources diminished to any appreciate
extent, by delaying action upon this
r%efunding scheme until the next ses-
sion OF congress; but we shall then
be i'll a position to act more intclli-
gently, and more in accord with The
demands ofthose that have II right to
exact obedience from their represent
atiyes. l trust after full and free
discussion of this bill, it will be post
Il poned until next December.
NOTE OF EDrroR.-On the next
day the committee on WAYS and
) Means reported the Tariff bill,