Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1867-12-12
Che gepnblirsn.
Our National Finances.

United States, wherein he discusses our
financial situation, and sets forth his ideas
of the proper policy to be pursued to lead
us back to a safe system. Mr.. Walker
claims to heard on the question not only as
a citizen, but because as financial agent of
the government in Europe, he was per-
sonally instrumental in getting foreign cap
italists to take our loans. Referring to his
operations in Europe, he says that he pub
lishcd there numerous essays over his sig
nature, showing the wealth and resources
of our country, and how untarnished was
our national-faith and honor. These essays
in English, French and German, were sent
to all the European bankers, through whose
advice investments are made. They rep
resented the certainty of the punctusl pay
ment of the principal and interest of
our five twenty six per cent loans in gOtd.
He visited nearly every city of Holland and
Germany, giving him an opportunity to
discuss the question personally with these
bankers, and enforce the written arguments
already made The result was that in a
brief period the people of Germany, en-
phatically the great masses of the people,
took several hundred millions of our loan
at the same rates as our own citizens. Let
it be remembered that this was period OF
great apprehension as 10 the result OF our
contest, and that the credit, of our green
backs rested mainly on these bonds, in
which they could be funded, and that the
demand for them in Germany, as well as
here, to organize the National banks, pre-
vented our currency from disappearing in
the gathering aists of depreciation. Our
greatest peril was financial and although
the glorious deeds of our army and navy,
and their gallant leaders, saved us on the
ocean and land, yet the Secretary of the
Treasury was the real gencralissimo of The
contest. These German and other loans,
based upon these United States Five
Twentics, constituted to a vast extent, the
price IRE agreed to pay TO enable us TO
maintain the government and preserve the
Union. And, now, says Mr.. Walker, shall
we hesitate about the payment of such
loans as these? But especially can |, on
whose representations so many hundred
millions of these loans were taken, now.
while the great issues are being discussed,
and soon TO be decided, without burnir =
sense of shame and dishonor, remain longer
silent?
Mr.. Walker then states the items of our
public debt, and sets forth as his grea point
the policy of borrowing S250,OOo,ODO of
gold in Europe, which, with that now in
the Treasury, would enable us TO retire the
legal tender notes and resume specie pay
ments. The gold cannot be got here at any
reasonable rate of interest, il at all. He
says:
"No, this must be Il foreign loan, so as
10 bring the gold here to create an expan-
sion, not in paper, but in specie, and to
infuse new life blood into the channels of
industry. 1t is contraction, without re
sumption, that is driving the country 10 the
verge of repudIaiion, and threatening mosl
disastrous consequences 10 the honor and
interests of the nation. Tie ru.cs which
often force banks 10 contract have no bear
ing upon the operations of the government
a. this time. So far as the value of our le-
gal tenders is concerned. we are much
more remote from resumption than we
we're when the war closed. Noonc thought
Of repudiaiion then, but the idea has be-
"a. cln yalx-
out of forced, artificial and unnecessary
contraction of the currency, connected with
a most Oppressive and intolerable system
of taxation. | say the contraction was and
is forced and unnecessary. because we
could, by a foreign loan, then have resumed
specie payments and, with a proper change
in our revenue system. and the restoration
of the Union, now be in a condition of un-
bounded prosperity. No one, before this,
has ever threatened to stain the faith and
honor of the nation, and but for this sys-
TEN of contraction and taxation, the spec
trail shade of repudiation would never have
been evoked from the dark abyss of in
fanny and crime Contraction is only ad-
vocated with view 10 ultimate resump-
ton of specie payments. But why contract,
and thus depress all ouI industry, when we
ton? If We are not to resume until the
whole paper currency is gradually taken
in, how many years will it take to accom-
plsh il? What will be the condition Ofthe
country in the meantime, while the con.
traction is constantly going on? And what
will it be when all our legal tenders shall
have been thus exhausted, together with
the National Bank currency based upon
Nv 10 Urn
| ing worse and worse every day, and at the
close we would be LETT almost without any
currency whatever. Why should our peo
pie be thus oppressed, and dracked, and tor.
tured by forced contraction of the cur
rency, which is the life-blo~d of all our in
dustry? Why this constant drainage of al
the veins and arteries of our industrial sys
tenn? Do we want bleeding now, and dc
we want it continued from month TO month
and from year To year, until we shall have
exhausted the system by this SangradC
policy? But there are two kinds of con
traction-the one by the gradual exhaus
ton of our paper currency, and the Othel
by domestic loan, draining from the peo
pie all the available currency Of the cOun
try. i, then, am for a foreign loan, so as
at once 10 supply the vacuum, to replenist
lOul CAiluucttu lNcfuitNo. oho itcN1iD CifN
Gle payments. with all its incalculable ben.
efits TO our faith, our credit, and our indus
try"
He feels certain that on resumption o
specie payments, the loan of S25O,O00,O0o
at six per cent, would be taken in Germany
at par, il not above, and then the COLDER
current will rush westward, replenlshins
the channels of industry with a specie cur
rency, reviving our dropping business, aut
abolishing the Gold Board and gold gamb
ling in the only practicable way, namely
by an immediate resumption of specie pay
ments. But if we do not now resume. and
while the reputation question is hanging
over US undecided, we attempt a loan, a
home or abroad, it will be either an en-
tire failure, or the rates will be so ruinou: