The national Republican., 1867-11-14
Interesting Reading o" Every Page.
THE NATIONAL Debt
AND THE CIRRENCY.N

AND THE CURRENCS'
Tho New York Herald Of Tuesday has an artisl,
Of more than q column ofunmeaning generalities
pointless diatri6cs and wholesale charges against
different parties, which 1t evidently imaginos 40,
initiates everybody who has anything to do IL
the government Of the country at this time
Especially is 1t directed against Mr. CHASE, the
former Secretary Of the Treasury, and Mr.. Nc
The article is eminently characteristic, and 10
true Herald style. II deals in sensolesS aings,
unfounded arguments, and unmeaSured abuse,
but We have looked In vain for single proof Of
one Of its many accusations.
Doubtless there is much 10 our financial sys.
TEN, both in respect to It's features application,
and workings that need correction, but the Herald
proves mono Of its numerous charges. and sug-
costs no remedies for the real evils. To search
for one word Of instruction In this mortal column
OF words, which the Herald produces, 10 like
seeking for 1.-TWO kernels Of wheat in three
bushels Of cbafE."
The upshot of tho Hcraiiy article amounts to
this Mr. CHASE is all wrong, Mr.. MCCuLUoCH
ditto and Congress little more so. 1t is the
easiest thing in the world to indulge in crimina.
tious Anybody is competent to a work Of this
sort and, If disposed, may go it to the top Of bis
bent There Is no possible check to pastimes Of
this sort. A vast field for romancing is open to
all who choose to enter the lists. After sitting
he HeraH as lest we can, f6r its article in
question is in the true style of that sheet, We
make it mean this and nothing else We con.
trActed n big debt by the war, and we could not
help it. This debt has saijled upon US onerous
taxation, and these taxes must be got rid Of
somehow. 1t will not do TO repudiate thi,
debt and the consequent taxation directly but
we must seek some roundabout way to accom-.
plish the deed
We can overthrow the national banks, issue
greenbacks to take the place Of our present na-
tlonal currency, and also redeem the bonds in
the same way, break our faith with the bond.
holders, and fall back upon that most miserable
Of all subteriuges, that what the Government
calls money is money, and then greenbachs will
bo as good as gold and in and through this
novel method we shall reach fpccie rynont, be.
cause paper, by decree Of Law, will be equal to
gold. or course there is great deal Of circun.
locution, and mystiacatiOp, and backing, and
filling on the part Of the greatest paper in the
United States, before It reaches this level and
when it comes up to the point, 1t dom do 1t
squarely, bat plsys all round Robin Hoods
barn Just as though it were conscious all the
while that somebody would detect the knAyery
Of the proposition.
The Herald seems to be Of the opinion thai
paper, by 4 law Of Congress, can be made Al
good as gold II It does not so declare in words
its reasoning implies as much Nova child car
see that such notions arc absurd and ridiculouI-
nay, they are pernicious and wicked, and they
are SO because the United States is not eompo
tent of itself to determine the question Of values
Other nations have something to say; and tn,
dollar greeDbrck of the United States is worth
what England and France and continental Eu
rope will say It is worth-just that, and nOthint
more Make more greenbacks than the gold II
the country can redeem, and just to that exten
you depreciate them. When legislation cal
make white hlack and black white, 1t can maxi
paper us good as gold, but not till then. Issu
twenty.eight hundred million Of greenbacks, a
Mr.. PESDLETOS would have US dO--and thu
Herald seems to approve the plIn-and We may
by that means Tepudia,e the national debt, bu
We shall not pay ii. In this way We should ir
all probability avoid a very OneTous burden il
the shape Of debt and taxation, but we thoulC
make 4 very few men rich and all the rect Of th,
people poor.
We trust Congress will keep the faith 0! tn,
nation with the public creditor, provide fyr th,
payment Of the debt as fast possible, and al
ways meet promptly the interest thereon And
moreover, We trust that whatever amendment
they may deem it necessary to make to th
present system Of banking, they will preserve al
the main features as they now exist