The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1891-06-26

The significance OF the dcncit OF nnlf I
: million revealed by the May state |
ment Of the federal treasury is cmpha-
sizcd bv the circular in which the
secretary announces the approaching
maturity OF the fonr-and-one- haif-per-
cent. bonds. After stating the "a OF
September next a the date when these
obligations are due and payable, he
makes the following suggestion OF q
default on them for the purpose OF
forming . nucleus for : permanent
debt:
Suggestions have been made on the pnrt o.
the holders ~ some OF these bonds 81 desire
10 extend tho payment thereof AZ the option OF
the United States NJ the rate OF oae or one
and one half per cent per annum. aud
the secretary 81 the treasury will hereafter
consider whether the acceptance ~ such Offers.
or any Of them. will be profitable 20 the gov
eminent and. in that event. reserves the right
20 accept such bonds from this call.
CHARLES FosrEn. Secretary
II Il unquestionably the desire OF
the capitalists who control the repub-
lican party 10 find some way of creating
. permanent debt. and this desire was
not lost sight of in the policy which
was acted on by the billion-dollar con-
gress. In the seeming lack Of method
OF its extravaganza there was always
the idea that with deficiency instead
Of a surplus il would be more easily
possible to perpetuate the high tariff
and the national debt
The pcrpetuation Of the debt viii
give capital invested in money-lending
or in trade in money Is q commodity
the enormous advantage OF a system
of controlling circulation in which
there are two distinct features of adj
vantage. either Ct which would be very
great without the other.
/. The delegation Of the sovereign
prerogative of issuing money from the
government to private corporations.
?. A system of issuing money under
which the basis for the note is reen-
forced with an interest bearing capaci-
ty apart from the interest bearing
power of the note itself.
III gold or silver bullion is deposited
in the treasury, gold or silver notes are
issued on it. These bear interest If
loaned. The gold or silver bullion on
which they are based does not.
ted in the treasury as basis for notes,
the bonds bear interest for the hypoth-
ecation as well as the notes based on
them.
This makes such notes the most
costly form of money ever devised, be-
cause. to use a common phrase. II bears
! interest lat both ends" as the gold
note or the silver note does not. To
perpetuate this system, to keep in pri-
waite hands the sovereign prerogative
I OF issuing money. and TO collect inter-
est both on the notes themselves and
on the basis for the notes-as il We're,
to make the hypothecated bar of gold
bear interest as well as the gold note
I issued on it, is surely worth the ven
ture Of desperate risks by those who
would benefit by this magnificent priv
ilege-the most royal that was ever
accorded to capitalism.
1 But il Is not on this alone that the de-
sire TO perpetuate the debt depends
The millionaire class. already large, is
constantly increasing. What the mil
lionaire who has made his fortune
breads most is the risks Of business,
which for ct least six in every ten cases
mean an impartial redistribution Of
these immense accumulations What
this millionaire class with its fortune
made desire most is that the govern.
ment shall by law save them from the
risks Of investment in which either
they or their children have under the
laws Of trade the odds against them
For without law to prevent natural re-
distribution. these boards cannot bs
held AS far as our national debt ha'
been paid. the payment has, in tina
proportion, deprived money Of IT
power Of agglutination. None,
makes money" but one dollar will no
stick to another until there is million
OF them permanently solicited in
conglomerate mass unless they are un
naturally fused together by some proc
ess Of law As the debt has been pai'
there has been . quickening in the &C
tivity Of production and distribution
and special activity in land, becaus
next to national securities, land seem
TO the money-holder the safest invest
ment. But no judgment is required I
put money in national bonds on whic
all the people are bound to pay tn
. profits. and great deal Of judgment !
required on the next safest investment
} Every mistake made in land dealin
helps to redistribute the money OF tn
millionaires. As the debt has bee
, progressively paid of land specul'
} ton has increased. II Is not goo
thing in itself. but. compared with tn
giving Of national bonds for princip'
(, and interest Of investment, it Is goo
y thing. because it makes the possibilitis
: Of boarding wealth depend on priva'
: Judgment. which. by its failure, redi
Y tributes the hoard into the channels
productive activity
A national debt is as great curse |
the high tariff Of which II is the compl
! ment. What the tariff enables q
privileged TO get without earning, y
: national bond enables them TO ke'
without risk. II is nothing more n
less than the agreement Of sixty m
n lion people that II you are a millio
n aire they will give bond and go ba
n that you shall remain millionaiI
holding unimpaired the principal
!. your wealth. and drawing continual
= on their labor for interest on form