The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-10-21

foreigners had not been assured and convinced
that the Government bonds would surely be
paid, principal and interest," in coin.
What is the meaning of payment? A man
owes General Butler debt, drawing interest.
The debtor offers to give him therefor his note.
payable nowhere, in nothing, and drawing mo-
interests would he consider that a tender of
payment2
The resort to 'legal-tender" at all was only
justitiable by dire necessity. If the Govern
ment was able to pay in coin, then it was ras-
cally to make its notes legal tender. War
and its fearful burdens absolutely compelled
the resort. But nobody then talked of per-
petuating the makeshift after peace should be
restored; hence, little was said about the
medium in which loans should be paid off. We
all expected TO escape from the slough of
'legal-tender" long ere this-as we ought to
have done.
Again, the Government borrowed in a short
time large sums in currency, stipulating that
these 7'3Os should be convertible at maturity
into Skies, the interest payable in coin. What
a swindhng mockery was this, if the Skies
might be paid off in '1egal-tender," "A per
cent. below coin
General Butler threatens the Republican
party with defeat if it holds with us on this
subject. We can only answer-Better defeat
than dishonor No party can be always in
power; and if the Republican must go down,
let this be inscribed on its tombstOne-'It
sacrificed power by daring to be sternly iust.n
Now, as to high interest exemption from
taxation, ETC., seven. eighths of the national
debt is within the immediate control of the
Government. The Seven-thrtes may be paid
off in cash or Five-twenties very soon; the
Five-twenties may be redeemed at par, as they
shall respectively have been five years issued;
and any or all of our public debt can mean
time be purchased with coin for far less than
its face. IT, then, the rate of interest is high,
oaV, ha q fnef as oar hn
to take new bonds; and, if it be wrong to ex-
empt bonds from taxation, we may subject the
new bonds to taxation of every kind. We be-
lieve our whole debt might be funded in a
taxable six or non-taXable five per cent. but
for the fear of some Butlerian dodge which
looks to us like repudiation, whatever the
General may call it.. We hold, therefore, that
every such letter or other manifesto as Gene
raj Buffers is costing the country millions on
millions by keeping our Skies down to Il or
thereabout in London when British Threes sell
at 94-twenty- three per cent. higher than our
Governments promise to pay twice as much
per annum. Let all unite in supposing
debt shall be paid, principal and in interest to
the last tarthing !" and we can sell Fives as
high as Great Britain could sell Fours-that
it, above par. And then we may have all but
fraction of our debts funded at five per cent.
within five years; and the saving of interest
would soon pay off the principal. We object
to General Buffers scheme-frst, that it is
| rascally; next, that, like most knavery, it is
| ruinously expensive.
We think General Butler wise in declining
to discuss "moral considerations" but less
! happy in his decrial of 'public consci-
enoe." The "public conscience is an ag-
gregation of private cOnsciences, and only
to be understood and appreciated by those
who make some contribution thereto. Let
each coniine himself to such topics as he COM
prehends.