Year: 1867

in the hands of the last holder, cannot
be sustained by making it legal ten
der, or by any other legislative cOntri-
vance. Not one dollar of the bonded
and it viii then become due at differ
eut periods, running down to 1904.
Can any good reason be given for pay
ing it of 80 long in advance? The
country has not recovered from the
war. Trade and commerce still Ian
guish throughout the land. Nine
States are disOrganized and desolate,
and can scarce pay anything for years
to coms. The rehelliOus South caused
the debt to be created, but whatever is
paid in the next i've or six years must
come almost entirely from the North.
Why not wait until the country has re-
covered from the shock and waste Of
wRr2 Has not this generation put
down the rebellion and done its part,
and may it not justly leave the payment
ofpart of the debt to the next This
generation has to discharge a large
State, county and municipal indebted
ness growing out OF the war, and with
not less than 100000, 600 for pensions
and bOunties, besides extraordinary eX.
penses for Indian wars and other
causes. In ten years our population
VIII have increased ten Millions and
our taxable property nearly doubled in
~
amount can be borne easier than the
tax of to day.


Within ten years the Southern States
will be reconstructed and in the enjoy
ment Of comparative prosperity. With
in ten years, and perhaps within five,
the increase Of population, wealth and
capital will enable the Government 10
sell at par bonds, bearing much low
or rate of interest than the present, and
thus consolidate and reduce the debt.


Should the Government find itself at
any time in possession Of coin or cur
rBncy that can be applied to the reduc-
tiOu Of the debt, it should, of course, be
promptly applied but to pay the
bonded debt in advance by heavy tax
alton, or by initiating the currency, will
be unnecessary, unWise and injurious.


I would pay the interest promptly.
according to contract. would pay on
our currency obligations and other
debts as they mature, and see to it that
the public debt should under no cir
cumstances be increased.


I would reduce the rate of taxation
to the lowest point that would defray
the expenses of the Government, eco
nomicaIly administered, and pay the
interest and maturing obligations, and
leave the principal of the bonded debt
to be discharged in other and better
times.


who ever before heard of a nation
while still exhausted from war and
with wounds unhealed, attempting to
pay off a war debt2 Foreign nations
may admire our ambition in this res
pect, but would despise our discretion.
The national taxes can be reduced by
the adoption of the policy I propose, and
bV the honest and faithful collection OF
the internal revenue.


In fifteen years and possibly in five,
the difference in value between gold





ist, by a gradual return to specie pay
ment, and the question Of the mode Of
payment of the bonds, whether in gold
or greenbacks, viii have become unim-
pOrtant. Specie payment can be reach
ed without contracting the currency, by
waiting 8 reasonable time, until success
fuI reconstruction and the growth of
wealth and business has brought the
country up to the existing volume OF
currency without a financial -convul-
SION.


The decline of gold from 200 to 40
brought a corresponding reduction in
the price Of property attended with
great loss end deraugementO of business.
Another imitation of the currency
would be attended by another ascent
and descent of prices, and with inn
mense disasters to the nation. What
the country needs is repose and stabii-
ity in our financial policy, and without
y
guish. When our debt was contracted,
the men who now clamur for its imme-
diate payment denounced bonds and
greenbRclks as alike worthless. and dis
suaded the people from lending their
money to carry on the war; and my
opinion is, they mean no better TO the
country now than they did then. Now
as then their effort is to destroy the
public credit.


The proposition to pay the public debt
in advance is unnecessary, imDractica-
bic, and destructive. and would result
in benefit 20 none, unless it would be
the gold gamblers, and they would ul-
timately be ''hoisted by their own pc
tard >" as they were at the close of the
war.


The national debt can be paid with
out expressing the country, not by
"hot house" experiments, spasmOdiC
efforts, or violation of the public faith.
but by the solid growth of the country
in population, wealth and prosperity.
under the administration Of a stable
financial policy.


o. P. MORTON