The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-09-18
9Rittlmond 1ispatrh.
WEDNESDAY. SEPTEMBER IS. 1867.
Old Way to Pay New Debts.

Old Way to Pay New Debts.
Tho politicians seeing the cmbarrass-
mcnt of tho nation and the burthens
accumulated upon the people to meet the
war debt, and the wasteful expenditures
of the Radical Congress with bureaus and
military occupation and pensioning of SOL
dicrs in order to pcrpetuate their loathed
misrule, are active in framing schemes
as we'll to relieve the people as to get
themselves into power. There is short
way to accomplish tho object of paying
the public debt and reducing the tax; but
that short way is never adopted by 60
vcrnments whose corruptions and vices
have brought upon their people intolcra-
BILE taxation and general oppression. That
short way is to retrcnch-aboli>h all use
less agents and unnecessary establish
ments. and reform abuses and turn out
corrupt men-to meet expenditures by
taxes equal to the wants Of the Govern
ment, and to appropriate the money of the
people to the honest payment OF the pub
lie debt and the cost of administering the
Government upon simple and economi-
cal scale. But this short way, which would
soon relieve the people and redeem the
honor along with the obligations of the
Government, is never adopted. Paper
issues are the ncver-failing re sort of cor
rupt and wasteful governments which
never have virtue enough for the reforms
that are necessary to avoid that sort OF
financicring. So our political financiers
arc only doing what is ncvitabie-hlstory
repeating itsclf-issuing paper to take the
place of paper.
We presented to our readers the other
day one advantage that would accrue 10
the South from the redemption OF Federal
bonds with grccnbacks the increase
of the circulating medium-the making OF
land more and more sought as solid and
sccure means of investment-the increase
Of its value, and the consequent ability OF
our people to dispose OF their surplus
lands and pay their debts, and the stlmu-
lating of enterprise and the encourage
ment of industry. In this way quite
new face would be put upon southern al
fairs. and we would be in time fortified
and strengthened for that trying period OF
the return to specie payments, which,
sooner or later, must come.
Let us look for moment into the imam
cicring economy Of politicians. We have
seen leading Democrats aud leading Radi-
Gals alike putting forth their views. Mr..
PESDLEToN, Of Ohio, one of the brightest
lights in the Democratic party, has boldly
announced himself as the advocate of the
system Of alienation by conversion OF
bonds into notwithstanding the public
debt as it falls due with grcenbacks.
General BUTLER, the most astute and far
seeing amongst Republicans, as he formerly
was amongst Democrats, has presented
paper system less beneficial to the tax
payer and equally unfavorable to the capt.
talist. THAD. STEVENS, some four years
since, had in principle taken the start OF all
the papcr-money politicians by contendug,
and with unanswerable force, that the prin-
cipal of the Federal bonds was payable in
whatever sort Of currency might prevail
when the time Of payment came.
General BUTLER, in explaining himself,
declares that he is for issuing new loan,
the interest payable in currency, in the
form of "bonds payable at long date, to
(Which all future issues Of Government
"loans shall be assimlated, SO as to make
Zone class Of Government securities only,
"iustead of the nineteen different classes
eve now have" The General goes on to
say that he further proposes to redeem all
obligations of the Government as they fall
due, in currency; determined that men
who loaned money to the Government
when gold was 200 and 2S5 to 100, shall
not now be paid their claims in gold.
The difference between Mr. PENDLEToN
and General BUTLER is: Mr.. PENDLEToN
proposes to redeem the bonds as they fall
due in grcenbacks-i. c., to put the press
to work multiplying greenbacks for that
purpose, and placing greenbdchs IN circula-
ton, not bearing interest, in lieu OF the III
terest- bearing bonds Of the Government.
General BUTLER proposes to Oorro,o money
to pay the bonds as they fall due-and to
borrow money on other bonds, to be of
uniform kind, bearing interest payable in
currency, and taxable. Upon Mr.. PEN
DLEToN's plan We get rid Of interest. Upon
General Buffers we do not. BY the
former the currency ailoat will be i'm
mensely increased by the latter there
will be no increase Of currency. 1t may
be argued that by the increase of currency
Government credit will be seriously i'm
paired, as will be shown in the depreciation
of currency. On the other hand, the new
taxable bonds, the interest on which would
be payable in currency, would also be de-
precated. They could be no better than
currency at any time and, subject to taxa
ton, they would be seriously deprecated
in value, and always bought and sold with
reference to that liability.
We have thus explained the difference
between the two prominent paper sys-
TENS presented to the public by leading
politicians-to both Of which the Wall
street capitalists, the spectators and bond
holders, who grew fat on the national
troubles and who want gold for ma.
tional bonds, principal and interest, are