Willmar tribune., 1900-03-28
THE PUBLIC DEBT

One of the purposes Of the financial
bill recently passed is to perpetuate
our public debt. A part Of that debt
becomes due in a few years and, in
stead of making provisions for pay
ing it, the bill provides for refunding
the bonds by exchanging them for new
bonds running thirty years and re-
deemable in gold. The bill also pro-
yides for the issuing Of bonds to help
keepup the gold reserve There is thus
ample provision made for increasing
the debt, and the provision making
the new bonds payable in gold makes
it impossible for the government to
pay it's debt.
Why are the chains of Indebtedness
thus forged on the United States?
The old bonds are redeemable in any
legal tender money-gold, silver or
paper-at the option Of the govern
ment. Under the heavy war taxes
maintained in times Of peace a large
surplus is accumulated, and the
amount is loaned free Of charge to pet
banks, to be loaned back to the peo-
pie. Why not use this money as a
sinking fund to provide for the re-
demption of the bonds falling due in
1904 and 1907? If the privileges of
using those bonds as basis for nation
al bank notes had been removed they
would not have commanded such a
high premium, and it would have been
good business policy for the govern
ment to have bought them at a small
premium rather than to let the Stand
ard Oil Company and it's allies use
the money free of charge What
would you think Of a man who was
deeply in debt, and, while having a
big income, far exceedingt his needs,
should let other people use his money
without paying interest, while he was
paying interest? Wouldn't you con-
slider him a very poor business man?
Why shouldn't the government be run
on good business principles? This
policy Of perpetuating public debts is
a late outgrowth Of our institutions.
A public debt was formerly regarded
as burden to be got rid of as soon
as possible. George Washington eau
toned the country to "avoid the ac-
cumulation Of debt, not only by shun-
ming occasions Of expense, but by Wig
orous exertions in time of peace to
discharge the debts which unavoid able
wars haye occasioned, not ungener-
ously throwing upon posterity the
burden we ourselves ought to BEAR"
The debt incurred by the war of 1872,
amounting to nearly 100000, ,OO0-an
enormous debt compared with the
available resources of the country at
that time-was paid off in a few years.
Andrew Jackson, under whose ad-
ministration the last of that war debt
was paid off, speaks ''of the observance
of strict and faithful economy be-
cause it will facilitate the extinguish-
ment OF the national debt, the unneces-
sary duration of which is incompat-
ible with real independence. James
K. Polk, speaking Of the debt incur
red on account of the Mexican war,
said: ''Among these duties I regard
none as more important than the
adoption of proper measures for the
speedy extinguishment. of the national
debt It is against sound policy and
the genius of our institutions that a
public debt should be permitted to ex-
ist day longer than the means of the
treasury will enable the government
to pay it off. I cannot too strongly
recommend to congress the import
ance Of outstanding all our national
resources, of limiting the public ex-
penditures to necessary objects, and
OF applying all the surplus at any
time in the treasury to the redemption
OF the debt. I recommend that au-
thority be vested in the Executive to
anticipate such portions of the debt
as are not now redeemable, and, to