The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-08-21

sword-as steadfastly indeed, as Mr. Vallan-
dieham. Mr.. Fernando Wood, Mr.. Colorado
Jewett, or Mr.. John Mitchell. There was no
neaoe record at that time cleaner than Mr..
Pendleton's He believed the South had
right to secede, State by State, to draw the
boundary line anew either north or south of
Mason and Dixons line, as it might chOOse-tO
shut up the mouth of the Mississippi and
blockade Chesapeake Bay. He saw in the war,
as carried on by the National Government, not
legitimate struggle for national existence, but
the onslaught of tyrannical power upon a
number of sovereign and independent COM
munities. Mr.. Pendleton's position would
have been assailable, taken by itself, or
even taken in conjunction with the Chicago
platform. But, unfortunately, Mr.. Pendleton,
always-and consistently-a man Of peace,
was coupled with a man whose only record
and repute were those of the ohieftain and the
man of war. He had strange and anomalous
part to fill. The olive branch was in his right
hand, but in the right hand of his chief
was the double-edged sword, ready to smite
and to slay. For this awkwardness of stua-
ton Mr.. Pendleton cannot properly be blamed.
He would rather have seen the party ticket
headed with the venerable statesman of Wheat
land, than with the most formidable of the
military engineers that dug Lee and his men
out of Yorktown with dirt shoves.
To-day Mr.. Pendleton stands true to him
self and history. A war which he deemed
iniquitous while it was going on he stamps
with infamy now that it is ended. The debt
incurred in carrying on that war Mr.. Pendle-
ton is too select in the use of his phrases to
call spurious. He uses language too correctly
to initiate his former colleague Mr. Vallan-
digham, and declares broadly for reputation.
But Mr.. Pendleton, representing, as he does,
not the Ohio Democracy alone, but the entire
remnants of the Chicago peace party, de-
clares with far more insidious power than Mr..
aAnIww
and surely to reputation. Thus dalntlly
does Mr.. Pendleton present his scheme:-
"The amount of unfunded debt has been esti
mated at $500 600 900. If tnis 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 in
or eased, and the place OF the greenbacks sup
piled by bank currency. Our Government pays
higher rate of interest than any in Europe.
Every dollar of its Indebtedness is tn be made
to pay that rate and no provision whatever is
made for its redemption, This process should
cease instantly. These forty.eight millions an-
nually should be saved. The five-twenties
should be paid in greenhacks as they mature
or as fast as can be done WITHOUT 100 great de-
rangement OF the currency. Nearly four hun
dred millions of them are deposited by the
banks as security for their circulation. These
can be redremed without adding one dol
| lar to the currency. The interest these
bonds amounts to twenty-foar millions of
| dollars annually. Add this sum to the forty
eight millions above spoken OF aud we have
| seventy two millions in gold. Create this into
! in sixteen years, without adding a dollar to
| your taxes or increasing your circulating me-
| dunn. But the condition OF the country could
bear an increase in the currency. The ravases
| of war at the South-the destruction of capital
there-the loss of houses horses. cattle, agricul-
tural implements-the scarcity of prov islons-
the en1ranchlsement of the negro-the import
once-create demand for more currency
Every interest there would he advanced by the
stimulating effects of au enlarged currency. AS
fast as this Increase could be wisely made, the
bonds should be redeemed, the interest reduced,
and the amount tnus saved be added to the
sinking fund
Carefully as this project is outlined, it re-
solves itself into a propostiOn-as any one can
see-to break faith with the public creditor.
1t lacks coherence certainly. But its bearing
cannot be misunderstood. We borrowed dis
advantageously lis the sum Of Mr.. Pendleton's
argument)-we borrowed at usurious rates
we borrowed when we were in straits, and
when the South had strong army in
the feld-we pay for our borrowings
more than any Government in Europe; we
contracted our obligations in an unholy cause
let us issue more paper money to pay Of
our bonds theTewith-run up the price of gold
one hundred per cent, and get rid OF oul
creditors at fifty cents on the dollar. The
t atrocious iniquity of this proposal is just
about paralleled by its madness. Every dol
= lar that is now added to the currency above
the legitimate requirements of trade, is Sc
much of an additional tax upon our own in
9 dustry. We give the public creditor less
1 than his due, but at the same time we only en-
4 rich ourselves with so many Government
r notes-of-hand in the shape of deprecated
currency. The morality of the proposal, even
= if every Government bond were held here
+ could only be defended and is only likely tC
. be defended, by those who believe the war for
y the maintenance of the Union to have been
h crime, or, according to the Chicago platform
''a failure"
t The false economy of Mr.. Pendleton's pro
: position, even if its morality could be defended
b we should hope the more sensible leaders il
, his own party would perceive. And yet, thi
(; is by no means so certain. The politica
g managers who could only see defeat and dis
grace for the national cause only two month
r after the glorious victories of Gettysburg an
Z, Vicksburg, can hardly be reckOned on wher
= political forecast or even ordinary judgmen
! comes into account. Mr.. Pendleton, speaking
we assume, for his party has patched up th
5 peace platform OF 1854. If he stands as th
n party leader on that platform, he will pre-
o badly do as well as he did before lie wi
! certainly do no better. Those who loyal
e sustained the Government during the war wi
n as surely maintain the credit of the Cover
ment now that the war is over.
The Congress OF sOvereigns at saIzburI
q From me NJ Y. Herald
IT By telegram we have it announced that IL
g Emperor and Empress of the French, the En-
9, peror and Empress of Austria, and the King
- Bavaria, have met at Salzburg. This meetil
n. has been long looked forward to- Franc