Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-12-06
snxRaAN-s nEFUNDfka BILL AND
"A PERPETUAL DEBT

-
b Secretary SHERMAN comes promptly
forward on the first day of the session
of Congress to endorse the wisdom of
the Wood refanding bill which the
Democrats in the last Congress endeav-
Ored TO pass and which SHERMAN as
Secretary, and his Republican assoei-
ates in Congress backed by His Fraud
ulency r. Il. HAYES, succeeded in de-
feating, by now offering bill to refund
the 81 bonds at 3 per cent. 4
There never was more wretched
piece of bupgling than the Repubtcan
defeat of the per cent. bill OF the last
Congress, at the dictation OF the banks
and other bondholders,; aided by the
fmbecile, r. b, HAYES. The people
have been paying for this magnificent
stroke of Republican wisdom at the
rate of three millions of dollars year.
and praise is actually claimed for WIN
DOM for his part in the operation. Ii
anything were needed TO demonstrate
the unwfsdom of the Republican record
in this connection, Mr. SHERMAN, as
the ex-Secretary of the Treasury and
one of the leaders of the Republican
finaneiers, now furnishes it in his 3 per
cent. bill.
Mr.. SHERNAN's bill, the full text of
which appears in our dispatches, pro-
vides for the reftInding of the 81 bonds,
by issuing bonds ola small denOmina-
ton, the minimum being fifty dollars,
and graduated to one thousand dollars,
the purpose being to make them access
ible to people of moderate means.
This is only one of many like meas
ures which will probably be discussed
during the session for relieving the bur-
den of the national debt.
There is a strong inclination growing
up, as We pointed out the other day, to
S6sats PSSBstYfl Pa558na Me debt T ts
country, the need of sound, safe seeuri-
ties to invest il in, and the further need
of such securities as a basis of banking,
have developed large classes of persons
who believe that our national debt, or 8
large proportion of it, ought to be per-
petuated.
They regard the public debt as bal
anee wheel to our monetary system, a
promoter of individual thrift, and a
more convenient safeguard than saw
ings bank, to that large class of the pop
ulatiOn, like Spinsters, widows and or
phans, who, not being able to manage
their money, may safely investit in gov
eminent funds and live on the income.
These are the classes of our population
who believe that national debt Is a ma
tiOnal blessing, and, as we have said,
there is sentiment in favor of it that
makes il quite certain that propositions
for the peTpetuatiOn of it will be present.
ed and warmly urged during the session
of Congress.
The present debt less the greenbacks
and cash i'll the Treasury, is 81, +l3,OOO,-
coo. The advocates OfperpetuatiOn will
probably propose that when it shall
have been reduced to 81 ,20O, 00O, 900, the
reduction shall cease, and il he gradual
~ refunded in irredeemable bonds bear
ing 3 Per cent. interest. This would
supply the national banks with a per-
petual basis for their circulation, and
afford stock of good securities beyond
the reach of taxation, for the invest
ment of trust funds, the reserves of
banks and insurance companies and of
legacies.
There is, of course, another side to
this question. That perpetual debt,
the representative bonds of which could
never be called in for payment, would
be great convenience to these classes,
is not TO be denied; but whether the
masses of the people will consent to pay |
perpetually So, 0O0, 900 a year in inter
est for the convenience of these limited |
classes, and the other benefits that |
might accrue from such scheme, is a |
matter that will bear discussion.
Our practice heretofore has been to re- |
gard public debtju rs redo private
one, as an obligation to be got rid of as
quickly as possible, and there are many |
who do not take kindly to the European
idea of viewing it as u perpetual bur
den,
1t would ease the payment of our debt
very greatly to distribute it through sew
eral generations, and all men are always
willing to have our taxes reduced to the
minimum. But our present surplus rev.
enue is from SlO0,000,0O0 to S160, 900
a year, and even if We reduce our reve-
nue. system to the lowest permissible
limit, increasing population and con-
must ever cause it to yield
liberal surplus, which can only be APP
piled in payments on the debt, and the
burden of our debt will thus be gradual
" relieved. And in this view of matter
it is better to get rid of it as we can
rather than perpetuate any part Oft.