Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-12-07
THE PUBLIC DEPT.

The people,at the heavy rate of taxation
in vogue, keenly feel, as well they may, the
excessive burden of the public debt en-
tailed on the government by the war of the
rebellion. That its absolute payment
should be provided for, the credit of the
government required; but that credit did
not require its rapid extinction. And
yet its rapid reduction seems
to have been pet measure with every adj
the rebellion. Monthly statements are
made to show how fast the process of
liquidation is going on, and the larger the
payments made, the more credit the gov
eminent takes to itself for its skill in
finance and conspicuous integrity in pay
ing debt that has just and undisputed
claims upon the national exchequer.
Meanwhile the people groan under an al
most uncomfortable burden of taxation that
administrations may glorify themselves,
and that finance officers. like John Sher-
man and others, may have their praises
sounded as among the first, if not the first
Of the worlds great financiers.
The policy of the rapid extinction of
the public debt has, at last, come to be
questioned. The propriety of postponing,
not repudiating its payment, in the interest
of lighter taxes is being discussed, and
looked squarely in the face. 1t is an idea
of English statesmen that a national debt
is public blessing. England seems to
be no way concerned on account
of the existence and perpetuation of her
enormous public debt, and is always ready
with additional millions to sustain her
supremacy, whether in India, South Africa
or Egypt, or elsewhere.
A government without public debt is
in quite as much danger as a government
with one, perhaps in greater danger. It
has not passed from the memory of
many, that some years ago the United
States government was out of debt with a
large surplus fund in its treasury. It was
perplexing question Of that day what to
do with that surplus. 1t was not needed
for the current expenditures of the Coy
eminent. and there was no legitimate en-
terprise that could be devised for its alb
sorption. 1t was finally decided to apportion
it out to the then existing states as loan
pro rata, according to population, under
certain restrictions, provisos and terms de-
vised by the wise men of congress. The
surplus millions were thus disposed of,and
permanently disposed of, for no State has
ever restored dollar of that loan, or been
called upon to do so.
The English opinion that pub
lie debt is public blessing
rests upon the idea that it has cohesive
power in the pledged public faith to main
tain the honor and integrity of the govern
ment, enlisting in that direction the inter-
est of the people, and developing their duty
to sustain the government that gives them
protection. No loyal citizen will object to
meeting his fair share of obligations in
supporting the government Of his choice,
or under which he claims citizenship.
But government out of debt is liable
to be led into extravaganza and a misuse
of the public funds. Temptation will lead
to corrupt practices and an unlawful
absorption of the national treas
ury. This will weaken the attachment
of the people to their government far
more than burdensome taxation with well
ordered and economical administration.
This is not an argument for heavy taxa
ton, for we'll and honestly administered
..overnment, with large public debt, need
lot. necessarily, and will not atflict PEG