Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1882-12-12
THE DEBT MUST BE PAID-THE
JUDGES DECISION.
Shall Uncle Samuel Discharge His Bonded
Indebtedness, with the Surplus Money
in His Treasury

Indebtedness, with the Surplus Money
in His Treasury?
This question, involving many millions of
dollars, is before this court Of first instance
and of last resort--the people-for deter
mination, on the petition of he CHRONICLE,
of this city, to have the bonds paid, the
same being opposed by the Tribune, and
asking that the petition be disallowed and
dismissed
The petition sets up, among other things,
that We have the debt to pay; that money is
plentiful; that we are on high tide of pros
perity; and that there is large surplus of
money in the treasury that should be used
in hquidating and retiring the bonds, and
thereby save large sums to the people in
cutting off the constantly accruing interest,
as well as losses in other directions under
such circumstances. The petition further
shows that the money Ii the bonds, if put
IN circulation, would be felt In all branches
Of industry, and increase the volume of
wealth among the people at large and tend
to prevent the idle accumulation of
capital II the hands of the few.
TO this the Tribune opposes the fact that
the bonds are not due; that the holders do
not want the money; that il viii be time
enough to pay afterwhile; that posterity
should help to pay the debt; that the money
paid on the bonds would not be used IN the
agricultural and manufacturing depart
ments, and that the surplus money In the
treasury should be used by the States, or by
the United States, IN the interest and pro-
motion of education among the people.
The court, without going into minUtia,
and following the contestants, step by step,
to commend common sense and expose fall
lacies, viii submit a few leading observa-
tons and decide the controversy
Some philosopher has sailor ought to
have said-that the best time to pay debt
Is when you are able to pay. That there is
philosophy, as well as good sense and COM
mon honesty In this aphorism, no one viii
deny. The greatest philosopher that ever
lived, told US that the borrower is servant
to the lender" Every man who has ever
loaned or borrowed viii attest the truth OF
this proverb. II Is not only true among
men, inter Sc Sc, but it has examples among
States and nations, on the one hand, and
individuals and companies loaning them
money on the other hand
As sure as 4, who borrows money from
B, Is servant to B, just so sure viii the
State or nation who borrows money become
the servant of the lender
All the embarrassing and overpowering
Influences that accrue TO the mortgagee,
over the mortgagor, exist between govern
ment borrower and individual or company
lenders. The feeling of obligation and
on the part of the mortgagor
Is inevitable. The bonds IN question are so
many mortgages on the government, and
on the people who constitute the govern
ment- The mortgage may not foreclose
and sell our farms and our homes; but ex-
amples are not wanting where, under like
circumstances, that which is more than
lands, liberty, has been sacrificed to interest
bearing debts.
Against the arguments and the facts set
forth IN the petition by the CHRONICLE,
and other reasons obvious to every enquir-
ing mind, the reasons offered in opposition
By the Tribune cannot avail It is admit
ted that we owe the debt, and that we have
the means to pay it follows then thar it is
the best for the people that they be released
Of debt and interest, to pay which they are
constantly taxed In view of al this, the
conclusion to which we have come seems
inevitable.
The court is therefore of opinion
nearly unanimous that the weight of rea-
son is favor of the petition of the CHRoz-
IcLE to pay the debt.
It is therefore ordered adjudged and de-
creed, by the people, that it is best for
government, as for individuals to pay as
soon as they can, and keep out of debt If
possible. That Uncle Sam is able to paw.
= That he has large surplus OF money
now on hands, and having no immediate
use for It, should, as any prudent man
would, invest It IN his own bonds, and save
the interest
That this large surplus of money tends
to corruption IN high places; invites fraud
promotes peculation and unnecessary ex-
penditures.
That It's use IL paying bonds would
greatly increase the amount of currency IN
the hands of the people, and make idle
capital subserve the interest of those for
whose benefit 1t was made
As to adjudging the costs of this cause
We have had some trouble But inasmuch
as the CHRONICLE has.had hard time all
summer and fall, and the Tribune, without
pay, has enjoyed the fun, We tax it with
the costs, but viii allow it to execute bond.
with coupons attached, payable on the
Inauguration of the next Democratic Presi-
dent Vox PoPuI.