The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1866-10-06

| States bonds In Penn6ylVdnla' Inc lol
lowing correspondence will speak forit.
self,
LANCASTER, September 81, 1866
Samuel Fl. Reynolds, Esq.,:
| : MY DEAR SIR IL saw a communica'
tion in the Examiner and Herald of yes
terday, addressed by John Gyger, Esq,
tn the Hon. Thaddeus Stevens, request
inc his opinion as to "what effect the
success of the Presidents policy of 10
construction would have upon our NJ
tional securities
Having some interest in the question,
I should like your opinion upon the sub
iect. Yours, respectfully,
PATRICK MCEvoY.
LANCASTER, September ~, 1866.
Patrick McEroy, Esq:
DEAR SlR:-I answer your inquiry,
"What effect the success OF the Presl
| dents policy of reconstruction would
have upon our national securities" by
saving, in my opinion, their value would
be greatly enhanced.
The Presidents policy, if adopted,
will admit ten States to representation
in the Congress of the United States,
now denied this fundamental right, and
stimulate the people to develop the
great resources of the South, and thus
increase our ability to pay.
That the people North and South are
willing to pay the national debt, can
not be doubted since the meeting of the
National Union Convention, held at
Philadelphia August Ia, 1866, which
gave us a platform upon which the
President and his friends squarely stand.
That Convention passed the followir 6
resolution:
"S. While we regardas utterly invalid
and never to be assumed or made OF
binding force, any obligations incurred
or undertaken in making war against
the United States, we hold the debt ct
the nation to be sacred and inviolable 4;
and we proclaim our purpose in dis
charging this, rs in performing all 9th.
er national obi cations, to maintain un'
impaired, and unimpeached the honor
and the faith Of the Republic"
This resolution was adopted without
dissenting voice. The Convention
contained more than three hundred
SslsgssssfF7 tfE E4R the 1ss 81 tie
national, and repudiate the rebel debt.
II was voluntary expression
| of ouinion on their part, and Is
equivalent to an express assumption
| of the debt by themselves and those
whom they represented. No part o.
the people of the country advocate re-
q nudiation, nor Goes the President oeny
, The validity OF the legislation OF Con
gress during the time the rebels rga8ea 10
sart;oipste in it's action. During this time
the whole national debt Was n"SSs Senator'S
1t is .9pEgsentatives are deniedtheir seats
[ in violation of their constitutional rights,
that any one has questioned the validity
of the acts of Congress. | submit that
no question can arise in the mind of an
honest man as to the payment of the
| national debt, unless discomfort is ere.
ated 10y the imposition of obnoxious
conditions anu the unreasonable and
exaeting dema Dis Of the bond holders
themselves fol security.
There is 10 security fol a national
debt but natl ,ual pride and honor
There is no t1i Nunal known TO the law
! for tie collect n of national oLliga.
ton Neither ,1gislation nor constitu-
tional amendn 0n:s can compel an un-
willing peonle TO liquidate national
debt The only security Of the creditor
is in the willingness and ability of the
debtor TO pay. Of this we have abund-
ant and conclusive evidence.
If the nation Il creditor has any occa
! sion t. be app, aensive that his security
is not what it 1ould be, it grows out of
- prolonged disorganization of the
government a. d its consequent insta
bility for until all the States are re-
stored to thei proper relations to the
Uniou. and ha mony and good feeling
are 10 establIs. ed throughout the coun-
try, there is 10 safety for the government
or its obligatio ). This security may be
endangered. if ear government continues
in the hands al the extrayagant and
reckless CongIe1s led by Mr.. Stevens
No friend OF the President has ever
proposed to pay either principal or in.
terest of the funded debt of the United
States in paper, while Mr.. Stevens, I. k
| less as to the faith of the Republic, has
advocated the payment of both in what
| he terms LAWFUL MONEY 1t is now
understood that he favors the payment
of the principal of the $50 loan in
greenbacks, although the face of the
coupon, which is redeemed in gold, no
more calls for payment in coin than the
body of the obligation which he pro-
poses to pay in currency. In my humble
Judgment it would be disgrace to the
United States and a breach of public
| faith 10 redeem its permanent loan with
| ANYTHING else than gold and silver. This
can readily be done long before any of
the POS are g mandable, unless by eX-
travsgance apd corruption we dissipate
the means of paying our debt, or render
| the people unwilling to contribute the
taxes that are levied to meet it.
The action of the present Congress
affords abundant reason to fear this dan
ger. 1t has squandered 100000 on
the Freedmen's Bureau to support the
negroes in the South in idleuess. 1t
maintains sanding army of $1,000
men for the purpose of holding in sub
| lection conquered, weak and submissive
| people, taxed without representation,
and denied the protection Of the Copsti-
tuition and laws; and it has appropri-
ated more than 100000 to increase the
pay of its own members beyond what
they agreed to serve for.
The repeal Of the Freedmen's Bureau
Act, and the decrease of members pay,
ard tie reduction of the standing army
to something near its number before