The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1886-01-19
COMMENTS ON VARIOUS, topics.

ment of the pufliS debt, begur so wig.
orously by Senator Bees ip.tbe s nate
promised 10 be continued 10 The House
with equal ealnes,riess and ability.
T The assertion that"a N .tioual debt is
"a National blessing" is no longer ac-
cepted as wise maxim. 1t is, ia fact, a
most obvious fallaCy To esetv one, ez.
cept perhaps q hondholder. The truth
is a rublic debt Is calamity aud curse
iHsea OF q blessing. II is % burden and
a perpetual blight upon honest industry
and productive labor. Il means taxa-
ton, ard taxation consumes the earnibgs
Of 'sAorr
The ownership OF oil publis deb's
must necessarily go into TIE hands OF
Those VITO have money With which to
6uf tie p. This class might naturally
be expected to pursue such policy as
would give TO lie members tie best pos
sible protection and advanisse. Hence,
The hondBol6c,s apply to Congress when
i'tHey want special favor. Having pos
session OF the debt. they would control
all legislation affecting it. And they
have controlled Il in several memorable
instances IN the past, always for their
iown benefit and aesinst the interest OF
the people. They now seek 3 consum-
nation of their schemes in measures
looking to pc-petuatiou OF the debt.
WHITTIER our National debt shah he
paid in q reasonable time, or whether |,
sball be perpetuated for all time, like ite
debt of England, is question which
must soon be met and answered.
Ia ordinary transactions it is usually
The creditor who ts insisting upon pay.
ment; bat, in the esse OF the National
debt, i, is Just the feSers., for there is
the creditor, the bondholder-who insists
on not being pail.
One reason Why the bondboliers are
opposed to the paymeB. Of the debt is
that it would put them to the tror6le o.
seeking other Investments If their hrnds
should be redeemed. Those who have
large snrns ID. inv 81 prefer to loan or
IloDg time, and they d, not desire re-
turn Of the principal so long as the in'
terest is secured The consol holders'o 'o
England do not sire or expect re.
turn Of their principal, and the bond
holders OF this country aim to place ou
debt In the same condition.
| Another reason Why they prefer not t.
have. the debt paid is, that the fixed rat
Of interest on the bonds is higher AM
gsafer thsn the profit yielded by ordinar,
investments.
A permanent investment with . fxe,
income, is the bnndholders' motto, an
they may be relied upon to use ever
means within their power to secure th
condition OF affairs most desirable t
them.
The warfare sgainst silver and The vs.
rious schemes for the disposition OF th
surplus revenues other than IN pay mer
! tof the detrs are irs,fgaed, principally
in the bondholders' interest. and al
merely excuses for legislation inten,le
TO ultimately perpe,uate the debt.
The right to pay is equally as meritt
rious as the ligh. to be paid, and It wi
e he sad day to the Taxpayers OF tb
4 countrr and 10 their posterity, when th
r right is lost,
ARArr0 payment Of the N4tionsi de-
is not now psaeticsble. II it we're, Sou
would NOT: favor it because they ms
think it right and proper that posteri
e should be permitted to bear portion
: the burden. But it could easily be shov
: that fHe nost prosperous times ID
!" county has had since the war have he'
y when the debt was being most rapid
$ paid. The reason for this, is that 4
payment OF the debt charged dead capt.
into active, living cspilaL When I
=. holder OF large government bond
paid, be is compelled 30 seek fnrest ne
,e in something else, or let his money
6. Fidle. n he bays railroad Bond. I
ne money goes out to pay for building
Of railroad; If he invests it In real ests
e mortgages, or other securities. it CIV
in capital for employment in business G
en- yterprisos. End the employment OF CO
lie i,al creates q deEsana for nore cspit
ee Every railroad that is beAlt, every mi
ed that is opened, every factory tina. is sta
ne ed, creates fresh opportunities for inve
ed men,s lnves, Mentr thus made. incre'
sr. the activity and profits OF all induNr
nter2rises, and labor is thereby bst
IL. remunerated.
ed "More than two genefAfnrs sg'
'or says an eminent writer ON this suhf
EN- "lhe same question which now sgita
on America, was being fought out in
ers British House of Commons. between
bis perpetuation OF public debts for the 81
Of maintsining q high rate of inter
ia. upon all Investment securities, and
,ss contrary policy OF returning to
u. ehanBels OF active industry and en-,
Sprise the capitnA locked Bpin such del
10" In England the contest wss decided
to iavor OF deb, perpe'uslion, Esd the pl
The cipal function of the Government Of t
ga country since the battle OF Waterloo,
been to collect from one set Of mem 8
pay over to another an interminable
Inn nuity OF Sl30,000, COO" 1t remains
Itic he seen whether the contest will hay
difcrcn. issue in America.