The daily gazette., 1882-03-22
rnEsnATIONAL DEnr.
Prom lhe Newark AdvsrlIaer.

EEOtu Tue NcHUfk AuN6rtlHof,
Public opinion Is crystalizing towards
point, and that 10 our national debt can
be utilIz d like the consols Of England
or the renles of France. This theory or
belief comes from money sources and
may be cor sldered outside of politics.
IL has not much party aspect. Mr.. Wat
lersoD, In bis speech At Chicago the 9TH
or night, urged that we were taxing too
heavily, paying of the debt too rapidly,
and not only inflicting upon the present
generation penalty too severe, but clt s.
log up safe refuge Of investment, .
basis 0f capital for banks aBd for estate.
He is very clear headed Democrat, but
be reasons that IL we break the debt We
break the backs, and that means 10 break
all the trusts and condolences In the
country. He says that we ought to de-
crease the revenues of the Government,
slow up on the payment of the debt and
leave a mortgage ON the nation for at
least $1,000. 100000 TO sustain the re-
sources Of safe Investment.
We will quote another authority, not
az all Democratic, but entirely concur
rent with that Of Me-. Watterson. Mr..
Frelingbuyssn said . dozen year ago
that while national debt might not be
q national blessing it might be q nation
al neces si,y. He could not devise or
guess or imagine how our excellent sys-
tenn of banking and thu Is could be
maintained without q national debt at
the back If II. His estimate OF that time
was that the safety OF cur currency,
then aud now 30 safe that no man cares
to look twice 81 q bill or cares whether
1t comes from Oregon, Texas or New
Jersey, would require the maintenance
Of q national debt Of not less than ST.
500 100000, an amount third larger
than that given By Mr.. Watterson. We
have no doubt that Mr. FrelnghHyseu
stills holds the same theory.
As between the two there 10 q differ
ence 10 degree but net in kind. Still
another authority is ex-senator Morgan,
q man largely versed In finance. He
says: "As an American citizen, II II
pleasant to sea the debt diminish hun
dred millions . year, or more; but 1t II
bad policy. The country Is uneasy or
account of the large amount Of coin helt
BY the Government, aud plans are con
stantly being put Tward 10 get the
money cut Of the United States Trea
aury which are sometimes doubtful. i
would be far better that the money
should not go into the Treasury, AMI
this can only be done by reducing thI
duties on imports, and bV largely d.
mlnishing, VI not doing away altogethe
With, the internal revenue iaxts, excepI
on whisky aud tobacco. l want the pay,
ment of the debt spread over a larg,
number Of years, so that the people
the South, who are chiefly instruments
IN causing twill have more alb lity thar
they now have to help us pay It,"
These considerations came up in tt'
Republican Congressional caucus tn
other evening. The feeling was prevail
ent and almost uuanlmC US that the rev
enues Of the Government are excessive
and tend towards extravaganza In ex
pendiiuTe. The Q is no fault To be toun
with the pas. Republican policy. 1t wa
manly to ktrllm hard at that vast del
of he war and bring 1t down to eas
J terms. There Is not In the history {
any county more cleanly transaetio
than that Of the successive administIi
tions which have buried IN 30 few veal
: more than thousand millions Of debt
and reduced the rate Of interest to
, point lower than Is known to any othe
country. 1t was grand assertion {
national honor, pure, simple, and NJ
BILE, true in Its every step. But there
limit to s,lfslcrlhce, and the time hA
. come when We musL think Of what "
are to do without the debt and why "
should sink active capital fJr the SAX
Of paying q mortgage. The income {
the country has outgrown It's necess
LlaI.