New-York tribune., 1867-08-20
REpUDt1r0RLUHO ARE THEY,
The N. Y. Times sees lit to rebuke the Re
pulylicans of the second and third States of oul
Union as follows:

The N. Y. Times sees tit to rebuke the Re-
pulylicans of the second and third States of our
Union as follows:
"we think the Republicans in Pennsylvania, Ohio and
other States where political campaigns are In progress
are making mistake in attempting to ascn upon their
o the T Of srs to e precisely R ,f h true aIS IN
the second place IT. is afpGsH rS ,Ts deneG Siaee 'Is
a bad thing 10 circulate the impression through
out tins country and Europe that party 80
strong numerically the Democrats are I'm Pennsy yania
OHIO, and other States are n favor OF reRnda11ni ~
they constantly charged with they VIII yey ike
really be true and thoy will unconscOusly assume tho
very ground upon which they nave been puse1 ~ uslr
any man OF party tO suggest repudaou, aud there should
attempt to fanaIizc The pubic mlhd Win 10 us
graceful an idca.'
We fully admit that any charge which is
untrue should not be made, and, u made,
should be retractcd but what are the facts in
the case VIII The Times reproduce the rele-
want language of Mr.. Yallandigham, recently
cited in our columns, and maintain that what
he proposes is not Rcpudiationi And was not
that language employed at n Democratic meet
ing expressly to win votes for the Democratic
tickcti Are not the Republicans who hear
such harangues rs competent TO interpret them
as an editor who fails even to quote them'
VIII it be urged that Mr.Y. is an extremist
Then let us consider the more cautious and
moderate inculcations of the Hon. George ii.
PendletOn, last Democratic candidate for Vice
President, and widely known rs an amiable
and scholarly gentleman, of excellent birth and
breeding, and the inheritor of liberal fortune.
See his remarks on this subject, as published in
full in our last, but especially this portion of
them:
"The nvewenty bonds all payable. at the option
Of the Government after five year. Their very names
shows IT, They are ayG by hg c law tdrn under @ which
backs They are not payable IN gold The interest Is,
according TO the provision of the law aud the language
OF the coupon 10 be paid In gold Not with the prn
cipal. The ten-forty bonds authorized by the act OF
March 1862 are by the terms Of the law, made payable
ter and as read the official statement Secretary
McCuloch, very few, any Of them have been issued.
terms h9 Of the law nn3 5 Of it's coSrsc DH pay the
vetwentes In greenbacks at any time after five years
or tins class there were outstanding on the LIST Of
August si,lco,oOOooo, and they mature probably in
This viii not supersede the necessity Tor high taxes,
ior CLOSE ecSRGmy iOr H aS panS %
dom may suggest the burden Will press heavily on You
Of ofG the bonds will soon be gradual the Increase Of
currency slow that values will adjust Themselves aud
which usually attends great changes nanoial policy
But, II 1t were not 40. still the bonds should be con
verted into greenbacks. They were sold for green
backs il Is fitting they should be redeemed In the same
currency This policy would the interest pay the
debt and bring upon the duplicate for taxation that i'm
mense amount OF capital which is exempt. And
these advantages would amply compensate for the evils
which predicted. The debt amounts to onehhh OF
the property real and personal Of the whole country
Onefth all the capital Of the country Is exempt from
taxation Interest eats up the substance OF the people
Exemption from taxation aggrayates the evil This state
Of things cannot last IL oppresses abor IL exces deep
ary adjustment 1t VIII be relieved at all events The
ready believe this curse Is the blight Of deaIh and we
know by experience what they Will do to save the life
| Of the nation"
We do not care to dwell on the gross
misstatements of fact here made-as, for In
stance
/. That the Five-Twenties are payable not in
| gold but in greenbacks. a
| 2. That the National Debt "amounts to one
fifth of the property, real and personal, of the
"whole country
The property OF our people is worth more
than Thirty Thousand Millions of Dollars,
| though it was officially returned in 1860 at
Sixteen Thousand Millions. The Debt is not
eight per cent. of the value of that property.
Mr.. Pendleton proposes an issue of Two
Thousand Millions of additional Greenbacks-
for our interest bearing Debt exceeds that sum.
What wopld they be worth if our Currency
were thus swelled by Two Billions of fresh
paper redeemable in nothing and never
What would these greenbacks buyf What
would oil the mortgages and all the outstand-
ing debts in the country be worth after such
an issue The Public Debt would, Of course,
be spoaged out. and its holders beggared ;
bnt what other class of creditors would fare
better
What Mr.. Pendleton proposes is, in our view,
"precisely" Reputation - only that, and
nothing more"-Repudation of the National
Debt first, and of all debts as inseparable there
from.
Can we be mistaken in this7 Our readers
have the whole case before them, and can forn
just conclusions. How is it with those OF TIE
Times !? If the Republicans Of Pennsylvania
! and Ohio are to be arraigned us false accuscrs