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Debts And Extravagance

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The rebels vvatc-h the in the prico of gold at tho North with as much apparent interest as the progresa of our armies. Every successive depreciation of tho United States paper they look upon as iuereasing the chances of southern independence. And they are right, Not long ago a rebel wrote home to Richmond from New York, de-eribing the astonishing public and private prodigolity prevailing thero, and i xulling in it as an iodioation that tho North must soon exhanst its means and beooma bankrupt, io which Oftme he feit sure we should "let the South alone," as he did not believe we care enough about preserving the Union to suffer for it any length of timo, It is tu w ful to be instrueteó! by tho enumy, and although the rebels have shown little skill in the management of theil own finalices, it is quite possible they may coinprehend the drift of things among us better than we do. It is evident that the nflation of the currency has made us reckless in our expenditurès, ind that geat perita are involved in tbis recklessness. How lavishly the general government poure our its money. Appropriations of hundreda of thousands of dollars are oí so little account in these days that Congress does not trouble itself to ask queslions about them, bui pushen tht-m thruugh at sight, and indeed the millions are not thought vvorthy of much Aeliberatioo. What's the difference ? With a debt already touching thousands of millionp, of what account, are a few milliuns more or less? Is Dot the rnoney "raised" very easily by a vote of CongresSj and paper and ink pre not so scarce but we may manufacture all tlie money we want ; pass them along, and keep thegreenback printers busy. And the national debt is but one large iti-rn of the burden we are rolling up, to be paid, or repudiatad bv procperity, Tbe States add inilüons to their debts with the greatest ireedom, and counties. cilios and towns follow the easy example These mountains of debt, Pelion upon Ossa, rest upon a single basfl - the backs of the people. The interest must come out of their hard earnings, and the principal must be paid from the same source. Tl. ere is but one alternativo - general repudation, and that in volven disgrace and ruin to rich and poor alike, and national disintegratiou and irnbee lity, from which a century would not recover us. Not only does this recklessness of expendil ure prcvail in all our governments; the people have caught the infeutioft, and those who have money tnake haste to Kpend. Never was ho much squandered in luxury bef'ore, and the old fashioned virtue of economy is practised only upon compulsión. Th ere ia no need to go into details in illustration of this fuct. Every man with his eyes open sees it. We cannotgo on in this way. The loyal people are willing todo and suffer all that iiieu can to save the Union, but they kiu.w there is a terrible possibility that national bankrupcy may fall upon us, and ill our labor and sacrifica lie lust. Do our r uiers see this? Do they understitnd with what fuarful rapidity the avails of our present and future i ndus;ry are being swept ftway ? If they do lhe:i they know that this recklessness of' expenditure must be checked, or all is lost. The graat nece.-iiy at the moment is economy - in the expenditurès of this general government, of State and local goverinuents, and of citizfiis. Men who are groiving rich out of the war, or by other iiieans, liuve no right to send that weihh abroiul to punchase luxuries. They shouUl invet it in produf.tive enterprioeii, froin which labor may make new wealth', aiui so aid in iightemng the ijeneral burden. Ust'less expenditure and niiser y hoarding are alike hostile to the geneaal elfare at such a time as :his Evi-ry dollar should be made to reproduce tteelf in material values of scuie sort, and in the quickest posil!e time. In no other way can we meet the vast and daily increasing draft upon the resources of the r.otintry. Congress h.vishes one dity of its brief week upon buncombe speeches ; if it wonld devote as much time to the hone&t cousideration of Wajs and means for averting general ñnuncial rutn, the country wonld have more hope This mat'er will soon press upon us in n shape to fvirhid furlher evasion. It will n;tturally becorno prominent in our nattorval politics, and if' there were a party, ncw or old, that could guarantee to the country an honest and económica] dministration, that party would prevail boyontl a peradventuro. The people would trust to ts soundness on all o! lier points, only issuro them on this. But they want a duad certainty ; thoy have too ofteu been cheated by the demagogue ory ofeoonomy; they want to bo Mire of an honest and prudent ad ministration of iffairt-, and liy next November other qiiestiops will bo in such positions that they will care for Httle hesidts Let the out and the ins wt-igh this, and seo which can bid hitrhest. -


Old News
Michigan Argus