The Conservative. (M'connelsville, Ohio) 1866-1871, 1867-10-24
PAYING THE DEBT IN GREENBACGS.
How it Can be Done.
Hon. George II. PendIeGon,s
Speeches.

The following extracts from MIR.
Pcndleton's speeches, at Lima and
Cleveland, embrace tho substance of
what was said by him on the subject Of
paying the debt in greenbacks
From the Lima Speech, Aug. 15,ls67.l
FEDERAL FINANCES.
The revenues Of the Government do
rived from taxation in 1866 amounted
TO five hundred and sixty millions of
dollars Tins was year of peace; tho
army had been reduced; the navy had
been diminished; the vast military
movements had ceased. Yet, the cx-
ponditurc was ono hundred millions
moro than that Of England, and one
hundred and eighty millions more than
that.of France. The greatest expen.
d iture of England during the Napo-
leOniu wars, when oven Russia was
stimulated by her subsidies-whcn
largo armies were kept IN Spain and
on the Continent-never reached one
hundred millions Of pounds-!css than
five hundred millions Of dollars Eng
land has thirty.siX Thousand millions of
property as 4 taxable basis. France
has forty thousand millions. The
United States have sixteen thousand
millions. With less than two-filths of
the taxable property, our people pay
largely y moro taxes. Two years have
elapsed since the war ceased. Two
regul, r sessions two extra sessions of
COugrcss-have been held Has any
scheme of ecnnomy, has any reduction
of taxes been proposed On the con
trary, has not the only scheme of
finance looked to the increase of the
Understanding debt, and to the in.
, crease ofexpendlture by the increase
of interest,"?
The public debt bearing interest
amounts to twenty-five hundred mil
lions; the interest reaches one hundred
and forty.eight millions. When the
Republican party came into power the
debt was only eighty millions, il, five
years it has grown 40 much, AID this
Notwithstanding tho vast annual reve-
nues. Though the principal is consid
crably less, the annual interest ~ con-
siderably more than that of Great
Britain; and the highest reach of Re-
publican statesmanshp hai been to
propose the conversion of groenbacks,
which pay no interest, into bonds which
pay interest in gold, and thus to increase
the number Of those who do not pay
taxes, and to increase the burthens OF
those who do.
The amount Of uniundcd debt has
been estimated at $500, 100000. If It
shall be converted into bonds the in
teI est will amoung to forty-eighJ mil
hons in gold, and this sum will be ad-
dcd 20 the expenditures. In the mean
time the number of National backs
will be increased, and the place of tue
grcenbacks supplied by bank currency
Our Government pays higher rate
Of interest than any in Europe. Every
dollar of its indebtedness is TO be
made to pay that rate; and no pro-
vision whatever is made for it's rcdOmp p-
tion.
This process should cease instantly
These torty-cight millions annually
should be saved. Tho fivo twentes
should be paid in greenbacks as they
mature, or as last as can be done with
out too great arrangement of tho cur
rency. Nearly four hundred millions
Of them are deposit I'd by the banks as
security for their circulation. These
can be redeemed without adding one
dollar to the currency. The interest
on these bonds amounts to twenty -four
millions OF dollars annually. Add this
sun to the f0rty-eight millions above
spoken of and we have seventy.twC
millions IN gold. Create this into @
sinking fund, and you can pay the
whole debt in sixteen years, without
adding It dollar to your taxos or in
creaslng your circulating medium.
But the condition Of tho country
could bear TN increase in she currency
The ravages of war at the South the
destruction of capital there the loss o.
houses, orses, cattle, agricultural inn
plements, the scarcity of provisions
the enfranchisement of the negro, the
Importance of setting the whole popu-
la.ion TO labor ut once create do
mand for moro currency. Every IN
terest there would be more advanced
by the stimulating effect OF an enlarged
currency. AS fast as this increase coulC
be wlsel y made the bonds should bC
redeemed-the interest should he re.
duced, and the amount thus saved bt
added to the sinking fund.
This is reputation hear somebod,
say. Not at olll The hve~twenty
bonds are all payable at the option o
the Government after five years. Thei
very name shows it. They are paya
Bile by the law undor which they wer,
issued, and according TO their face, il
greenbacks, They are not payable il
gold The interest is, according t.
the provision of law, and the Language