The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1881-02-02
Let Us Pay the Debt.
THE HON. D. WYATT AIKEN'S VIEWS
on FINANCE.
discussion OF the Bill to Facilitate the
Refunding Of the National Debt-The
Cash Balance In the Treasury should
be applied to the Purchase of Out
cfondiuu Hands

be applied to the Purchase OF Oat'
standing Bonds.
In the Iluuse on January 18Th. on the bill to ihcili-
tate the rebuilding OF tue National debt, Col. ID. Wyatt
aiken. our meIuh-r from the Third Congressional DIS.
trict Of south tarulina, spike Us follows:
Mfr. Chuir1nan-l have been An attentive Listener
IL this prutractrd debate. and though from the outset
open to c0nviction, | AIN not yet convinced That It
will bc either wis" or economical to refund 80 much
OF the public debt rs INA ures during the year 1851.
| believe the prosperity Of our cnun,ry will warrant
our liQuidatibg tha b and . per CENT. hords MS they
mature. or In too short u time After maturity to I'M
pose upon Us the necessity Of attempting t. ti"at o
new 10 n u. lower interest and short time. III" only
question. then, Is. can We pay this dent? believe We
can, and will assign sue inc,ly the reason for the
faith In me.
4 prLrsloS ANb A SNARE
The secretary Of the treasury tell US that on the LIST
dny OF November Last there were III the trrnsury
.2lS.7lo,IH IN coin, Of which amount sl4l .59I.Ol$
were .au available. cash balance" This latter sum had
iucr a,-d by the 3lst Of December 81 fur as to became
at that time sliS.an3, 6l5. With the same rItto OF IN.
crease this available Gin will amount to $2p0,0iO.00O
he ore he expiration u the present year, aud would
bc All amount equal To the entire 6 per c mt. in'lcbt,d
ness. Then why should it lot he appropriated tor
tn. purpose Of cancrll'ng that portion Of the public
debt? Gentlemen reply. b. canse II Is only hralab!e
for specific purposes. to wit. resumption anu rehe'ni'-
lion. Why. Mr.. Chairman, until | heard IL asserted
on this flo r q f"w dn. 3 ago that 1t WA a "slclnsi"i"
and u SNARE" thought that resumption wns u fixed
fact. The secretary Of the treasury tells us In his re-
port that "while no distinction US 10 value Is made be-
~ cen coin and mites In business transactions. n mark.
ed preference Is shown fur notes, o." ing to their supe-
rtor convenience In converting ard carrying" And
he further assures us that limited States Notes are
readily taken at par with coin In all parts Of this cUuh-
try and IN the chief commercial marts OF the world"
lf this BE- not resumption. Mr. Chairman, v hat Is III
We are told by the gentleman from Ohio MIR. Hurtll
that resumption Will be- assured when all debts are
paid in specie. Practically. sir, that time meyer has
been and never W II b.. Indeed, & the monthly sala-
ry III that gentleman were protrrrd him by the Gov
crnlIe:.t in SPECIE. In gold. 10 assure him that rrsump.
ton was an establish, d fact. We know very well TINT
he would rebel II. ninst such payment Of Government
Indebtedness. To all practical purposes specie pay
incntg arr ma n.ain'd 20 dag. and the much. abused
silver dollar has the same purchasing power that the
gold dollar hns. II will buy rs many yards Of clothing,
rs many pounds Of foul, rs many plugs Of tobncco,
and rs many drinks of whisky; and W. all know
that in the mind Of the average American citizen. |
will not say average American Congressman. these
Tour articles are essentially necessary t. sustain hu-
man comfort. No. sir. | would not hold this amount
for resumption. hrca,lsr as he secretary Of the treas.
nv Well SAYS Tin = supreme emergency the power
granted to sell bonds will supply any pnssihle def
cielcy.' and he has in the treasury authorized to he
sold. INT not sold SlO4, $50, 200 Of 4 per cent bonds
ava liable for this purpose. ,
But then we are told this '.availahlc cash halancc'
Of sl4S,Jj3. els must BE- held for redemption purposes.
Mr.. Chairman, during the year lSSn there were held
in The treasury for this pnrI"sc sl4l,5U .nlS, and the
secretary tells us sIu6 65S worth ~ notes were pre-
'stUlCu " TSitLuIllbU. hH FHbI " lTap z lI
very little game, surely. And / venture the sngscs.
ton. that twelve months hence We will lear . similar
report simply because Unit'd states notes are now In
form, security and convenience the best circulating
medium k nwn. Hence | conclude, Sir. that this re-
serve fund he used to cancel the 6 per cent indebted
ness of the country during the current y-.r thereby
saving to the las.Iaying ~citizcns Of the country al
annual sum of Sl2 0r0,GGc.
A FEW ri:cGEs FOR coSslDtRATIoN.
But then, sir, during this tano year Of 1851 the 5
,r ourt t,1,l,fuf1p.k = ar tba fpipfrp m mud
what disposition din wo propose to make Of It? Pay
II nf course, as rapid y as the net revenue Of the
country will enable MS. The secretary Of tho treas.
ury estimates that ne will have q surplus OF &c. 000.000
Add 10 this the sl2. o0O, 600 saved 10y the G per cent.
debt, MS above suggested. anL 1t will he fair to con-
cIndr that VT can 'n;' riJ0,tWO,000. Now, Mr.. Chair
man, IL up"r uebt "f $l7O.u0o. 900 at B per cent. per
anr"ii. &C pay the interest and IN annual payment III
SInr. our, COO upon the principal. We will have liqnidat.
I'd the debt In elk year. and SIX months and will have.
paid ont over :..r" 600 Ia interest. II, on the other
hand. wo fund this d"D. satn 8 per cent. bonds, paya.
bile nrcr Ave years al the option or the G"s, srrient,
We will IN six yra,s and n ha,f have pSid ont over
f9N,0O0,U0n Of interest and Tho principal will remain
un.onrhcd. And the $lUu. COR, ono which We propose
to pay n,,nn the principal annually will have gone into
The sinking fund which. the secretary tells us, will
h we reached some, hing over $S0h, h0N. 900 by the mid.
die of lSSS. But then we are left with = deficit "f
S 7o,nOn.cOo, wh-r.a BY applying our annual net rev.
liquidated the entire 5 per cent Indebtedness at the
expiration Of Fix years and six months.
Mr.. Chairman, suppose these millions Of 8 per cent.
ten year Lends should b" issued, and the various
s.cretar es should find that nat "nal adversely had
prevented the payment Of any portion o! the principal
or even uccumnl-tinr 3 sinking fund. how will We
lind ourselves In 1917 Al that time S2h0,rM 0a Of
4 per cent. bonds MIXTURE. and the government would
then be ~cn,nI~llrd to n"So,iate n new loan fr long"r
time. and thus the people would have laid upon their
shoulders = Emr peiuul debt. which, rs has been raid on
his tnor. is "un-Amei lean"
~. N fy..-.n ,,,x h,t1l Chat .,aL .tnn
nous efforts to pay The public debt wouli produce a
financial disturbance that would cheek the prosperity
of the country. To my mind just the reverse would
take place. Money now wrapped up In bonds wonld
be free and privileged. or rather compelled to seek
other Investments, All over this broad country fertile
lands are lying idle that by a free circulation Of this
bonded wealth might be brought into profitable cult.
Walton. In our Appalachian chain Of mountains. ex-
tend NJ through Virginia. North and South Carolina.
Tennessee, Gr, rgia, md into Alabama, Their" are ineN.
huust,ble supplies Of coal, iron, marble. sandstone
and rich mines of gold, silver, and copper, MI now i'm.
throughout the entire Piedmont section Of country,
extending from the Po.oInac 10 :hr iron hills " Ala.
bnina, inimitab'c water powers. 50 n'jestic that one
feels like standing uncovered In their presence, are
running to waste, and their constant runr' ne sounds
asi IL were a mOurhful dirge murmuring because the
capitalists Of the country would not utilize thu &c
gifts VI nature.
. Yes. Mr.. Chairman. inst, nd Of wrapping M The
peoples money in the country's debt let II b. invested
In the urcnltiratrd lands OF the South and West. and
our exports. which nr our only guarantee If Ir"sImr.
ity, will be incrca cd let II huilI up factories on the
spot where our products are grown, and we will tlrn
export -four instead OF wheat, bacon instead Of pork.
yarns and cloth instead Of c"tton, and our material re-
sources will be- 80 developed thxl our prosperity will
b. permanent and perpetual. while Our debt will be-
short lived our income will be so increased a. to ma
t~crially decrease our taxes. md ours will be the frerst
and happieSt people IN the world. In conclusion, MIR.
Chairman. | would cay, and | speak now only for that
srction where can be found those magnificent water
powers and those invaluable mineral deposits, the peo-
lle there are this day, with ou,stretchea arms, extend
ing to capitalists n welcome, ard urging them to come
over and help them in developing the natural re SOURCES
Of that beautiful country. And II. sir. by paying the
national debt We could effect but this single result I
the country which wonld be ample compensatinn for
III. burdens Of taxation to which the people would be
subjected until the debt was psld; because, sir. sec
tinnalism would then BE- destroyed, anil ours would he
that happy people We unee were. Therefore,, Mr..