Custer chronicle. [volume] (Custer City, Black Hills, D.T. [S.D.]) 1880-1890, 1886-12-11
PAYMENT OF THE NATIONAL
DEBT.

Cooke, who prior TO 1873 was supposed
to be one of the greatest i~inanciers in
this country, and he borrowed it from
Sir Robert Peel, that "A national debt
is "A national blessing" This view vas
not held by the great statesmen Of the
republic before the war. 1t was not
until after the national debt became the
bonus for bank currency that il was
supposed to be "a blessing. Debt pay
ing has been the traditional policy of
the government.
In his farewell address, Washington
urged the payment Of the then existing
debt, "Not ungenerously throwing up
on posterity the burdens we ourselves
ought to bear"
In his second annual message 10 con
gress Jefferson advised 1.-THE payment
ef our public debt and and the enamel
patton of posteritY from that moral
canker."
General Jackson, in his first inaug-
ural address, declared that a national
debt was incompatible with real indie
pendence.n In his fifth annual message,
he referred TO payment of the national
debt as IN occasion for rejoicing that
the public servants who come after us
could enjoy the rare blessing of "A rev.
enue unencumbered with any burden
In his message vetoing the United
States bank bill, he said: Pay the
national debt. Let no surplus be al
lowed in the treasury. Practice the
closest economy in the expenditures the
government"
The elder Adams warned the coun-
try against the funding system of
Europe.
Madison and Monroe advised the
payment of the debt.
The younger Adams insisted in his
inaugural upon prompt discharge of
the national debt"
In 1924 Jackson wrote TO DR.. Cole
man on this subject, using the follow
ing words: "A national debt is a curse
to a Republic inasmuch rs it is calcu-
lated TO raise round the administration
ii moneyed aristocracy dangerous TO
the liberties of the country"
The treasury of the United States is
overlooking with money. Statesmen
are troubled TO know how to get rid of
the vast accumulations. The receipts
from internal taxation On beer, spirits
and tobacco for the fiscal year ended
June 80 last, are upwards of $llS, 000,-
600. In some quarters it is urged that
they should be abolished; but as they
fall upon Injuries they afford the least
oppressive means of raising revenue.
If taxes are lifted they should be from
articles that yield no revenue to the
government, but only increase the
prices Of prime necessaries.
Probably one of the safest ways of
managing the surplus would be TO
create a sinking fund to be applied to
the payment Of the national debt as it
becomes due. During the last war
with great Britain, Albert Gallatin, M
of the greatest i~inanciers this country
ever knew, provided a sinking fund for
the payment Of the war debt. Sccre-
tary Chase did the same thing.
The best position for the nation rs
for the individual is to W no man
anything. The London Economist,
speaking of the resources of the Uni
ted States, says: The grandeur of
the American Republic, considered in
its external policy, has been greatly in
creased by its debt-paying policy
The London spectator pays this just
ribute to American credit:
That groat republic has no feet. and In the
water could hardly fight Spain; hat she has
ltih'th = htb ny EllblubA.N pay il1, anu
every one Elows that If she wanted a feet to
blow Spai- out Of the water, or to contest the
seas with us, She could buy and complete one
in twelve months. Her payment of her debt
Is not only an Insurance against defeat bur
against attack.
The payment Of the national debt
would so strengthen the public credit
as would fortify US for any attack. 1t
would be the best preventive of for
eign var The policy of this country
has been from It's existence to pay its
debts as speedily rs possible. 1t is a
policy that has the sanction of the
greatest statesmen of the republic, and
one that the people will not and canno
safely abandon.
There was recently paid in England S, 0,5
for a copy of the sermon preached by John
" lis