The Delta independent., 1891-06-24
TAs Puhsle Nsbs.


idsa how i.psrta.d wsrs the qusssioas rsis-
ID y she sectional debt dsriag she ysars
inasdistsly sftsr the Civil WAs. When the
Uaissd Saasss satsrsd iatS that great contest,
It va slmost frss ffen debt. Ninty million
dsilsrs vsuld have paid every olsi,A against
the treasury sud lsh . balsnes.
Fsur ysssp isssr there bad bssu piled up
sdsbt thirty tisass y srsss. II Amounted u
more than twsnty ssysa hundred sad Afty
milliess. The iatsvsst charge was enormous
for the money had bssa borrowed ct sxsss,
sivs rats Of interest. Oaly o.s tsnth Of shs
debt bsss iatsesss ~ ies - lvs per cont,
snd the rest had bssn berrswsd st six sad
sevsa and thrss.tp per cent,
In sas year Tie interest paid smsastsa u
mere than ons hundred sad forty million
dsllars. Taxss, and high taxss wsrs 'assss.
ssrily laid whsrsvss anything could -
found that so4ld bsas taxation, 70 meet the
expenses sasailsd By the var.
A. soon ~ The var was ever. shs wsrk Of
paying "a ths debt, sad Of rsaswins every
Loan that fell due ss lower sass Of iasersst,
was begun In earnest. 10 1865 the lest Of
the Treasury ustss hearing more thaa six
pr cent. interest wess Refunded as six Per
ssat., and in that came year the total debt
was reduced 70 les than twenty Eve huadrsd
millisns.
In 1879 as not vas pssssd authorising The
essrstasy Of the Treasury 70 Issue beads TO
che smount sf Avs huadrsd million as I've
pr esat., shrss hundred million q four and
. half per ssat., Aad eas thonsaaA milliop
n four psr cent Rouds Of these issues
were 70 b srshanssd far sig per cent. bouAs
II the holders u theas beads wishsd 70 make
The exchange; or they vsss u b sold, and
tie Proessds used 70 redssa The six per esass
waen they shssld fali dss.
It vas not sntil 1879 that the credit Of the
DATED 1sAtss bssaus y God shas The saie
sfavs per - sssds ssassd. aud that Of
6sur saY bsssa. Bat within two
yssss ~ :, stop selling The fsur
and 70 begin the fouss.
tie VII vas taksa up In
Ahost
Ia afbsi u ssnts. and
A,s - ssg r, rather,
W hsldef -foilsrs'
worth Of d u
reduce III and
then v thru yss
bsnds 1t 4 .wsr.,
Then the "a. isn} AN in..r...
bsarisg dsbs Of = hxsdrs I'd sny mil.
liens ss s.ur ssAs AifJ cont. which
eo.ld net bspaid s.ill aud seven
hundred and thirsy.siskk iioss At four
pr ssas. which ths sovs nmsnt cannot
tsush, without buying the bsads q prsni.
N. until fths ysar lse7,
0iAes thas tine vhstsver nsasy hAs bsse
svsilsbls Sss ~ rsdsetiss sf the dsbt has
bssa APPLIED y he psrshsss Of thsss two
slassss sf hsads. o. the arst q Nay there
we're lst bat Afsy-sns Ailiisns Of Sosr sad .
half pr ssnts. sad Avs hsadrsd ssl dry
nillioss Of Sburs. Ii June the Secretary Il
the Treasury savs nst'ss that all the fsur
and I've per osat. bonds will b paid vhsa
they mstsrs in sepss@ber. PrsAaps, hsv.
ever, some Of thsa Hsy bs sstsedsd n sss
Or enc sad . half per eeat.
Tbus the huss patieasl debt iaeurrsd
thirty yeas aEe-se far ~ that part eft
which besn Interest 10 espesrnsd-has hssa
reduced y absus six hundrsd aillieus, aad
tbs interest charge 10 ssssidsrshly isas thap
hslfa dollar year apos sash psrsos Of the
population.
There ass. very ssw u tie soversnsnss Of
world which have - small debt 4.
prspsrtioz - pspulseion ~ that u The
Omitted Gtsssa, aaA whss De ahiiity ~ the
People 10 pay 10 sonsidsssd there 10 ~
esassy whsss he pabilo debt 10 . lighter
harden than u is hsss.-z1s YsseA's Cbm.
Sssts~.