The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-11
-. Tbaddeus stevens on the Finances.

rLoddeus stevens on the Finances.
- FvrN1Na TKbBeRAPH Of Saturday we
1j,.bed in full the long letter from Mr..
S'a~ors m the condition of the national
a..roas. and the true policy which should
marx our conduct Of them in the future Mr..
stsvens holds views on the subject which, to
nry mind, do not materially differ from those
ovrressed by Mr.. Pendleton or General Butler.
Although both these gentlemen deny the
identity Of the policy, yet it takes too refined
an intellect to detect wherein they substan-
tiallv differ. The whole of Mr. Stevens plan
appears to be expressed in single paragraph,
when he says:-
"Afer the establishment of these banks, and
their palpable injury to the country, brought
in, as have already said, two or three bills at
different sessions of Congress to borrow sufi-
cienJ quantity Of money in greenbacks, and as
fast as the Five twentes fell due to redeem
and principal in money. That day has now
arrived and had that law been enacted the out
not purehased at the rate OF their lowest figure,
and might have been bought. have no doubt,
al q much less sum some time back. Here,
then. would have been the payment of the ma
uonal debt at the rate Of 500 for what is now
worth Sl4S."
In other words, the writer favors the pay
Yent Of the national debt in currency, not in
specie, and the redemption of it by flooding
the country with non-interest bearing notes,
which we're intended only as a circulating
medium, and which would be utterly worth
less as an investment. Now this may be
sound policy in political point of view,
although we doubt if even in that sense it can
stand examination, but as moral expedient,
ifit was done by any one but Government,
inplain language we would call it theft. If an
individual was to raise gold by giving mort
gage on his lands, and when that mortgage
fell due was to compel the lender to surrender
it to him, and receive in return his due-bills
which would not bear interest, and which were
worth but 10 cents on the dollar, would we
not call him a Swindler9 He might indeed
say, like Mr.. Stevens, that he saved 80 cents on
every hundred, or, as the writer puts it, $43 on
every $l43, but what he saved would be really
only what he cheated his creditors out of. This
is the way in which we look at it. The United
States Government, in an extremely critical
condition, tried to borrow money upon Sc
0urities which were contingent on our success
on a doubtful struggle. The risk was great
and certain capitalists, foreign and native, &C
cepted the chance of payment, and, like an in
surer Of ship, got larger rate of interes
for the money than if they had invested in
perfectly secure undertaking. They bough
500 worth of United States bonds for $72
This was due to the risk they ran. 1t nov
turns out that their confidence wa
shrewd, and that their ship will come
through a perilOus voyage safely. Il
it just for the owners of the vessel t.
say that they will not let the insurers make
this profit and that they will only pay the
legal rate of interest on the sum advanced
Clearly not. The holders of the United States
bonds ran risk in advancing their money
and as lucky spectators they are entitled t.
all their fair gains. We are, therefore, opposed
TO this violation Of the spirit of the nationa
honor. II is taking advantage of legal quib
BILE to cheat our debtOrs and if we play what
on moral grounds, would be called "a sharI
game" we deserve to lose all the confidence
and respect of both our own citizens and
foreign capitalists.
Mr.. Stevens WAKES very wroth over what he
calls ''mOnstrOus proposition" He OK
Claims:--
"This Is what they call honor, conscience
W.
Tell the farmers Of America that they were
pound TO pay the money dealers OF Europe
thls enormous rate to save their property from
obstruction, and the moral men Of New YorI
nenoonce you and me and others as dishonor
Aple roppers and swindlers If we do not IL
IQry years quadruple the capital OF the Roths
SnaIa, Sos, ,SOlosmiths, and other large money
1t may be, as Mr.. Stevens saws, a hare
situation, but it is unavoidable without dis
honor. 1t is hard for merchant to have I
surrender all his goods to pay the creditor
Of one for whom he has endorsed, vet unles
ne does so, he must stoop to dishonor. 1t
clear 10 us that even if we have to have NOR
taxes and larger than if we repudiated
part Of our debt, it is better for us to bear th
burden than to consent to hold ourselves II
TO the eyes of Europe as a nation which doe
not honor its obligations. "Let Justice b
done though the heavens fall'' is a har
mO'.o' YET We think the people of Amerio
would rather obey it than save the taxas h
dishonoring the fair fame of the country ,
which we are all so proud.
TIE ROCKY MOUNTAINS REAcupn, H.. r..
Pacific Railroad has just touched ,bo g..