Year: 1868




As questions of Finance have be-
come of primary Importance in our
Government, and are destined to be
largely influential in our politics, we
desire to fix in the public mind GER
tain elemental truths which all citizens
should know and comprehend. These
truths are briefly set forth as follows


|. Our country owes National
Debt of about Twenty-Five Hundred
Millions of Dollars, most Of which
was incurred in putting down the
| Shareholders Rebellion, \ small
portion was incurred fifteen years
earlier, in prosecuting a War with
Mexico; but most OF it is the cost Of
our gigantic War for the Union.


II. A large minority Of our people
condemned, and still condemn, that
War rs needless and aggressive. Presi-
dent Buchanan's Attorney-Genoral
Black now squat like toad" at the
ear of Andrew Jonson) officially de-
clared that, though no State had q
constitutional right to withdraw from
the Union, still, ifa State saw fit to
withdraw, there was no constitutional
power in the Government to prevent
or resist it. And very large pro-
portion of what is now called the
Democratic party held that it was
unjust and unconstitutional to "coercC
the "South." Those who so thought
and folt-who believe that the Con-
stitution was violated in putting down
the Rebellion, and who recognize in
the loans made by citizens and aliens
to our Government an indispensable
element of "coercion"-will naturally
be disposed to get rid of paying the
Debt if they can. They will catch at
every pretext and magnify every ex-
cuse for defrauding the public credi-
tors.


III. The National Debt is mainly
due to our own citizens, though con-
siderable proportion of it has been
transferred to Europe. Whoever
holds National Bank notes is indirect
| ly public creditor, since the payment
of those notes is secured by deposit
of Government bonds. Every widow
or orphan who has property in the
hands of executors, administrators, or
trustees, is deeply interested in the
Debt; for the Currency must neces-
sariIy be debased as the Debt is likely
| to be repudiated. Let it be officially
declared that the Debt is payable in
greenbacks, and that these are to be
augmented in volume in order to
make such payment easy, and cum
ming, crafty, unprincipled men will
enormously enrich themselves by pay
ing off their trust obligations at twenty
to thirty cents on the dollar. Every
one who has money in savings bank,
or in bonds of any kind, has a direct
and vital interest in the maintenance
of the public faith pledged to the
bondhoIders. 1t will not be found
possible to repudiate the Debt without
unsettling and upheaving all the
foundations of property and industry.
Every man who has anything to lose,
or who tries to live by honest indus
try, has vital interest in the main-
tenance of the Public Faith.


". The Debt is too large to be
conelusively repudiated. A popular
vote to cheat the public creditors
might stop the payment of principal,
and even of interest, for year or two
it might destroy the public credit
and deeply disgrace the National char
but the Debt would neverthe-
less remain, and would ultimately be
paid-for this, if for no other reason,
that more persons 'cotyd lose ethcn
,could gain BY It's reputation.


V. Our own decided choice was
and would be to pay the Debt prompt
ly. We have no faith in financial
expedients or devices. We do not
believe National Debt to be bless
ing any more than any other debt.
Incidentally, it may have some good
influences; nevertheless, we regard it
as burden, to be borne with patience
while it must, and paid off so soon as
it can be. And we have proved that
it need not be perpetual burden, by
paying off Two Hundred and Fifty
Millions of principal since the War
ended. We have done this while
struggling under heavy load of local
debts for bounties, &C., which we have
also in good part paid off. At least
Five Hundred Millions of War Debts,
local and general, have been paid of
since the Rebel armies surrendered