The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-01


public, is 30 revolving that any other ques
tion must remain secondary till that b. |
settled. STILL as said, IL has become pro
minent, particularly throughout the West, and |
it had considerable influence in turning a large
vote at the late elections in Ohio and other
Western States against the dominant Republ.
can party.
A very interesting phase of the discussion
upon this proposition to pay the debt in green
backs, and upon the other COgnate subjects OF
the national banks, taxation, and revenue, is
the position the press has taken. The radical
organs of the East generally denounce the pro
position, and are in favor of maintaining the
iniquitous privileges of the national banks
They are, in fact, the organs Of the bond
holders and the national banks. Their policy
is to favor capitalists at the expense of the in
dustrious classes They would not pay the
debt till the bondhOlders could receive it all
in gold-till the people would be compelled to
pay from thirty to a hundred per cent. more
than they ever received and more than strict
justice require. They must have the pound
of flesh though the victim bleed TO death.
Conspicuously among these organs Of the
bOndhOlders are the greater and lesser radi-
cal papers of this city. They endeavor to
make it party question, ana ring the changes
on all sorts of clap-trap expressions, as "repu-
diation," ''national dishonor," " and the like,
for the purpose of damaging the Democrats.
But this is only a specious dodge. 1t is not a
party question, as parties have been divided
heretofore The organ of the Democrats in
this city, though it has twisted about a good
deal on the subject, holds in the main the
same views as the radical papers hold. The
Ch cago Tribune which is thoroughly radi-
cal in politics; General Butler, of whose radi-
calism no one can doubt and numbers of other
newspapers and prominent individuals of the
| Republican party, take pretty much the same
view as Mr.. Pendleton, of Ohio, takes with
regard to paying the national debt and to the
/ national bank system. The Republicans OF
| the West are with the Democrats of that sec
| tiOn on this issue. No doubt parties will be
| formed on questions of national finance when
| the country shall become surfeited with radi-
| cal negrOphobia and reconstruction be accom-
plished; but then it will be the bondholders,
the monopOlists, the capitalists, and the
| national banks, as one party, against the mass
| OF the industrious classes as the other party.
There will be, evidently, a great popular
| movement-a movement that is swelling i'm
mensely in the great West now-to pay the
national debt, or large portion of it, in Gov
| ernment lawful money. The people begin to
see that unless this be done and we come to
| specie payments with an enormous debt rest
ing upon us, this debt, will remain like that of
England, vast and perpetual burden upon
the nation. The people will not bear such
weight for all time to come, and they have
sense enough to see that this would be the
case if the currency be contracted, specie pay
ments forced, and their incomes and the in
come of the Government reduced before a
large portion of the debt be paid. While there
is an abundance OF money in circulation and
the currency deprecated, and consequently,
while the Government receives large income
is the time to liquidate the debt. To do this
would not be reputation, but in all proba-
bility would be the way to prevent that; for
a people who have the making of Congress
and the administration every two or four years
are not likely to suffer themselves to be bowed
down perpetually by an overwhelming debt.
The bondholders and theiragents are pursuing
a suicidal policy by attempting to fasten this
burden on the people.
No sensible person proposes. we suppose, to
issue two thousand millions of Government
money and pay off the debt at once with that.
What is meant by paying III greenbacks is to
keep as much of that currency atlOat as the
country can reasonably bear, and by no
means to contract the present amount till
all or a large portion of the debt be liqui-
dated. That is the proposition, and that, we
think is what the country will come to. And
what injustice would be done Who would
be injured Nearly all of the bondhOlders
would be paid more than they gave for the
bonds. The country would continue to be
prosperous with an abundant circulation,
and the Government would have its Golfers
full. Why, one-fourth of the interest-bear-
|
debt-could be paid off in year. If the
national bank currency were to be with
drawn and three hundred millions of green
backs issued in its place, with which the Gov
, eminent could buy up and cancel three hun
drea millions of its bonds, the interest bearing
debt would be lessened that amount al
once. Then, Mr.. McCulloch has on hand and
unemployed all the time gold and notes
' amounting in currency to about two hundred
millions. The application of this, together
: with the three hundred millions of cancelled
= bonds, as proposed, would reduce the debt five
hundred millions. This could all be done
I within a year or so. The Secretary of tn,
, Treasury does not need such a reserve; fo
with an easy currency and money market thO
E revenue would always come in as fast as tn,
q drafts upon the Government, or faster. That
, too, would be the shortest way to reach specie
! payments. With five hundred millions of the
debt paid and the process Of payment going on
we should soon return to a specie basis. Blu
with the national bank notes in circulation
. and with the ruinous financial policy of Mr.
q i McCullOoh and the bOndholdeIs, we shall be
long while coming to that. The true cours
is to pay the debt Off as rapidly as possible il
! greenbacks, and with the means at our com
! mand, before we attempt to force specie pay
ments. And this, if we mistake not the sign
Of the times, is what the people will demand