The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1867-09-23

When the republican partv came into power
the debt was only eighty millions. In i've
years it has grown so much, and this not
withstanding the vast annual revenues.
Though the principal is considerably less,
the annual interests considerably more than
that of Great Britain and the highest reach
of republican craftsmanship has been
to propose the conversion OF greenbacks,
which paw no interest, into bonds, with
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 unfunded debt has been
estimated at $S00,000,000. If it shall be
converted into bonds the interest will
amount to forty-eight millions in gold, and
this sum will be added to the expenditures.
In the meantime the number of National
Banks will be increased, and the place of the
greenbacks supplied by bank currency.
Oar government pays a higher rate of in.
terest than any in Europe. Erery dollar Of
its Indebtedness is to be made to pay that
rate and no provision phdterer is made for
ats redemption. ("That is a fact" and
cheers" SIS @
This process should cease instantly.
These forty eight millions annually should
be saved. Cheers.] The fve-twenties
should be paid in greenbacks as they ma
ture, or as fast as can be done without too
great arrangement of the currency. Nearly
four hundred millions of them are deposited
by the banks as security for their circula-
ton. These can be redeemed without add
ing one dollar to the currency. The inter-
ests ON these bonds amounts to twenty-four
millions of dollars annually. Add this sum
to the forty eight millions above spoken of,
and we have seventy-two millions in gold
Create this into sinking fund and you can
pay the whole debt in sixteen years, without
adding a dollar to your taxes or increasing
your circulating medium.
But the condition of the country could
bear an increase in the currency. The raw.
ages of war at the south, the destruction oil
capital there, the loss of houses, horses, cat
tie, agricultural implements, the scarcity OF
provisions, the enfranchisement of the negro
the importance of setting the whole popula
ton to labor at once-create demand foi
more currency Every interest there would
be advanced by the stimulating effects of al
enlarged currency. As fast as this increase
could be wisely made, the bonds should be
redeemed-the interest should be reduced
and the amount thus saved be added to the
| sinking fund.
This is repudidtion, l hear somebody say,
Not at all! The fve-twenty bonds are al
payable at the option of the government at
ter five years. Their very name shows it,
They are payable by the law under which
| they are issued, and according to their face
in greenbacks. They are not payable in
gold. The interest is, according to the pro
| vision of law and the language of the cou
pom, to be paid in gold. Not so with tbs
principal. The ten-forty bonds, authorized
by the act of March 3, 1863, are, by tn,
terms of the law made payable in gold
This is the only class of bonds of that char
acter and, as read the last official state
ment of Secretary McCulloch, very few,
any of them, have been issued. The gov
eminent may, then, according to the term
of the law, and of its contracts, pay the five
twenties in greenbacks at any time after fv
years from their issue, and there is no repu
diation in doing so. Of this clsss, Their
were outstanding, on the first of August
| eleven hundred milliona, and they matur
probably in nearly equal proportions in eacl
| of the next FIVE years. This will not super
cede the necessity for high taxes, for clos
| economy, for continuous industry. The
are inevitable. With them and whateve
other plans wisdom may suggest, the burthe
will press heavily on you and your children
have shown that the redemption of tn
bonds will be SO gradual, the increase of th
currency so slow, that values will adius
themselves and business interests becom
regulated without that shock which usual
attends great changes of financial policy.
! But if it were not so, still the bonds shoul
be converted into greenbacks. They wer
sold for greenbacks, it is fitting they shout
be redeemed in the same currency. Thi
policy would save the interest, pay the deb
and bring upon the duplicate for taxatio
that immense amount of capital which
now exempt. And these advantages woul
amply compensate for the evils which ar
predicted. The debt amounts to one-ffth G
the property, real and personal of the Who'll
country. One-ffth of all the capital of tn
country is exempt from taxation. Interes
eats up the substance of the people. En
emption from taxation aggrayates the evi
This state of things cannot last. 1t opres:
es labor-it excites deep discomfort.
ought to be relieved by fair and voluntar
adjustment. 1t will be relieved, at all event
The bondholder should be prompt and wis'
The people already believe this curse is th
blight of death; and we know by experience
what they will do to 'save the life of the nj
ton"
Concluded to-morrow.)