The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1882-01-26

that much more to apply to Inc princi-
pal.
The expenditure 10 which 1 have re-
ferred is small. it is true, but i
This is il.esI.po' -sm;itf
things, and the senator from Ohio said
we we've corsiieTing now the funding
Of only $500 600 600, while in 1870 ne
were thinking Of funding SsO0.009,000.
lie stated To the committee en the 9th
Of January, 1881, that file expenses Of
issuing tho per cent. bonds OF 1907
were $2.GI5, S03 GO OF that amount
81 500. 600 were commissions; the bal
ance of il was the expense OF engraving
and printing and other expenses Incl
dental 10 tie preparation and distribu-
tion and sale OF the loan, irrespective of
tie commission; and that lett $685. 900
rs the expenses proper of preparing and
handling the per cent. loan There
were of those "A little over $4,000 !;
there are $2O0O00 of these; and accord
ing TO this calculation We would pay 1t
least $500 600, To he added 10 the eOmpu-
tation, for the first year, IA The expense
of handling this loan.
referring again 10 the question OF
funds applicable 10 the 80 per cent
before the bonds provided for by this
bill mature the government win have
realized from its loan to the Pacific rail
roads all or nearly all Of the obligations
which they are to pay. | believe that
within five years from this time, and
perhaps within four years, the govern
ment will realize from $40,000,OO0 TO
$50, 100000 of that Indebtedness, and
will thereby reduce its annual expenses
on account Of interest to the extent of q
per cent upOn that amount.
We have found every year that the
revenue has outrun the expectations.
Every year the tide has risen higher and
higher. As the senator from Ohio SAID
yesterday, there is not a speck III the
horizon anywhere. When everything
betokens peace and prosperity, full and
free, to our people, shall we
halt IN the march toward the payment
of our debts? We ought to pay it off
just as fast as we can get ut it. l believe
people want 10 pay it. They want TO
pay for all the reasons that urge the pay
ment of debts anywhere.
The payment which has for years
been going on is based upon scale of
receipts from taxes 10 which the people
have accustomed themselves, which
bears unequally, it is true, in some re-
spects, but not crushinglY upon any in
dustry, upon any class, upon any indi-
vidual. The people can bear it because
they have borne it. They have borne it
with generous pride, with wholesome
feeling that by bearing it they were pay
ing off the war debt; and TO cultivate the
debt paying instinct is not a bad thing by
any means. When the people are in q
mood to pay the debt it had better be
paid It should be got rid of in order
that questions of tariff, of taxation, of
national banks, and thousand other
things which now YeX us and which are
constantly interrupting the course of
legislation may be considered fully,
fairly, freely upon their merits, and not
upon the basis of the existence of debt
which is burden and which must be
provided for. There is rising tide in
this country in regard To what should be
the action OF the government concerning
the traffic in intoxicating liquors, ana
that question ought to be considered, as
it will be some of these days, disem-
barrassed by the necessities Of the gov
ernment to realize large sums from in
ternai revenue taxation for the purpose
of paying the interest ON the public
debt. The debt should be paid now
that it may not become chronic. The
Democrats should want it paid so as To
have out of the way reminder OF the
rebellion. The Republicans want it
paid because they created it, and in ere
ating it promised to see it paid.
1t should be paid in order that this
country may present to all the world the
striking contrast which exists between q
debt-paying and out-ofdebt Republic, n
government resting wholly upon the free
consent of the governed, and the mon
archial countries of the old world,
where Il national debt is considered
national blessing and where it
is one of the means whereby class rule
is maintained The debt should be
paid because it is a standing advertise
ment of this country all over the world,
perpetual and persuasive argument
addressed TO every man with small
means and with no means, who las got
tired of carrying q bondholdcr on his
back, to come to this country with his
labor and with his capital.
The debt should be paid because VIC
want the capital of the country used for
the benefit of the country. We want
the men whose capital is now locked up
in this idle Investment to be compelled
10 spend it in building new railroads,
new ships, new furnaces, and in pro-
noting new enterprises everywhere,
whereby labor may have employment
and the country move forward rapidly
in the march of development. AS the
country is spending about $200, DOC, 900
each year in building new railroads and
as much more in other new enterprises,
we want the government to take as
much as possible out of its surplus
revenues and give it back to the indus
tries of the country. And We want this
great sum OF money represented by the
national debt as fast as possible put in a
condition TO bear its proper proportion
of the burden of society by becoming
subject to taxation.
Five hundred and fifty million dollars
of the debt-more than one-thIrd of the
total-represented by what is known as
the Window bonds, is the best possible
condition to meet this desire and deter
mination for payment. 1t can be paid
literally day by day, and thus not only
save interest but prevent an undue and
unwise accumulation of the money Of
the country in the treasury while it is
needed in the channels of business. In
der this happy condition OF things the
debt is disappearing like snow under the
shining sun.
A year ago when this subject was I'M
der consideration 80 per cent. bond,
or rather a and per cent bond extend
ed at 81 per cent. interest. but maturing
at the option of the government and
never at the option of the holder, was
something that bad not entered into the
mind of any person in this chamber or
elsewhere. When the new administra-
ton came in it was confronted with this
problem: Should it go before the people
carrying upon its back the legacy of the
preceding administration that left the
country an unnecessary expenditure of
81 100000 Il month? The then prCsi-
dent of the United States and his con
stitutlonal advisers felt that ii would
crush the Republican party in every
state of this Union if they did SO, and
had to be done to protect the
party and save the country from this
enormous expense. The question was
whether an extra session of Congress
should be called, and the president
halted between two opinions. 1t was
the absorbing question. There are n
dozen men under my eye who earnestly
counseled with the president and his
advisers as to the policy
to be pursued. There was divided
counsel. An extra session was believed
by many to be the only remedy, and
others believed the remedy to be worse
than the disease. But all agreed that
the disease was bad enough. IL looked
like defeat in either event, and all be-
cause of the veto which the senator from
Ohio so strongly commcnds. Mr.. Gar
field felt that he could not at the
of his administration afford to
have an extra session of congress if it
could possibly be avoided.
Whilematiers were in this condition
the then secretary of the treasury, now
in his accustomed seat rs a senator from
conceived the idea of cX-
tending the ) and per cent. bonds on
which the government then had the OPP
ton, and at SO per cent. interest. The
happy conception was put into an
equally happy execution, and all
the advantages which would have
accrued to the country by the
operation of the per cent. bill were
The necessity tor an extra
session of congress was avertcd. The
genius of the new administration had
saved the party and the country from the
effect of the laundering of the old.