The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-08-23
n.nudintlon,s poubIe Edrs.

national creditors, saying:-
"The subject attracts great attention in the
western States, and the policy is apparently
taxing the shape OF popular cry. s5lngnlarly
larry Of the old enemies OF the Democracy, who
resisted the Indepencent treasury policy oI
lion of a specie currency. by stigmatizing IL as
sgold for the othce-holder and rags for the
peS9dPu1tt West, the same cry begins to be heard
mo more gold for the creditor, and greenbacks
for the peopep One currency for the creditor!
nna for the people 'Greenbacks for the credi-
torj Sreenbacks for the peopleP Or, as IL is else
where Phrased nv fG Tbe oSic of scb
nonniar cries goes straight to the hearts of the
people, for it is addressed not to their reason,
hut TO their interests and prejudices."
1t is utterly false that the national debt
was ocontracted by imitation" 1t was con-
tracted by war--by war waged by slavery
and sham democracy against the integrity Of
the republic. That war cost our people half a
million of lives and five billions of money; and
every life, every dime, is righteOusly scored
up against the authors and abettors of the
Shareholders Rebellion. Had they submitted
TO the result OF a fair election, as all beaten
narties had previously done, there weuld have
been no bloOdshed and no debt. Not till the
last dime is paid, the last mourner oonsOled,
can the plotters of the Rebellion and their
abettors be forgotten or forgiven.
The one righteous way to reGstablish a COM
mon currency for people and Government is
to resume specie payments. But this is just
what they who clamor against "rags for the
people" will not have. If they will unite
with us in calling and working for resump-
tiOn it can be had directly. But, while they
pretend to deprecate imitation and on-redemp-
ton, they are laying plans to perpetuate and
even aggravate them.
The ArguS calls for forced withdrawal from
circulation of our National Bank currency,
and for the Federal taxation of the public debt.
The income from that debt is taxed already,
and is subject to Federal taxation like other
income. The right to tax is not 'an unlimited
right" as the Argus terms it, but we see not
why it is not identical with the right to tax
other income.
But Mr.. Pendleton's plan of paying off the
whole debt by further issues of greenbacks to
the extent of two billions rather staggers
some of the weaker brethren, and thus
demurs the Argus
"The proposition of Mr.. Pendleton goes
further than the substitution of a Government
currency for the present bank circulation. 1t
proposes TO issue for the whole body of the
debt, as it falls DUE an equivalent amount OF
paper money. The process is to be graduated
in some way; but in what way? Tue i've
twenties are due in large amounts-a large
part of the debt is convertible into this form.
Can we afford to food the country with the
thousands OF millions of greenbacks requisite
for this process of debt.extinction? We can
see how easy 1t may be thus to swamp the debt,
but would IL not swamp all debts and Hood all
property? Would not the deIuge of paper
sweep away the whole fabric Of credit and ex-
isting valuations? We must learn how this
process is to be made gradual, before we can
realize its value as measure of statesman
ship"
The Argus is evidently not up to the
Western standard of Democracy. To ''swamp
all debts" by making money so abundant that
a creditor will instinctively run at the sight OF
his debtor, fearing that the latter will insist
on paying him off, is the hoped-fOr Millennium
of the embarrassed and the thriftless. Most
men could easily pay their debts-or suppose
they could-if we only had ten times the cur
renoy we now have; so that $1,000 worth Cal
present valuation) of corner-lots or wild lands
would readily pay $4,000 of debt. Only pass
the word that the Pendleton policy will
'swamp all debts,' and its champions will bt
rapidly multiplied, especially at the West.
The Treasury Department In Danger
From The ~ Y. Herald.
1t is necessary that President Johnson shoult
turn his attention at once to the condition G
the Treasury Department. The recent lette
of McCulloch does not meet the case. TIL
enormous frauds that have been commtte
upon the revenue - in whisky, tobacco
petroleum, and other things - amount, q
far as they have been discovered, I
little less than a hundred millions
dollars. What the undiscovered frauC
amount to we cannot say; but Judging frol
the gross mismanagement of the Treasury
all its branches, the losses of the Governmel
are much greater, probably, than those tn
have been brought to light. Then there al
the startling revelations of deficiencies an
Irregularities, involving stupendous sum
which we have referred to before, and whic
the extracts of secret and suppressed invest
cations in our hands seem to confirm. III
aggregate amount is said to be hundreds
millions; so enormous, indeed, that we hay
been afraid to publish the evidence. Tn
was brought out by committee of tn
House, not yet published. The specif
amounts named, about which there appear
little doubt, is in one case over fifty million
in another twenty millions, and so on of otht
sums. Some of these deficiencies and irregI
larities date back to the time when Mr. Chas
left the Treasury Department But aithoug
the extracts We hold, taken from the invest
cations secretly made in the committee, sho
fearful state of things, the evidence h;
been so carefully withheld from the public. ,
suppressed, that there is reason to believe Il
whole truth has not yet been obtained. W
want more light upon the subject. The bon
holders and the people generally will feel u,
easy until the Treasury Department
thoroughly overhauled. IL devoives upon Il
President to see that this be done without della
He must not be satisfied with what this or th
official may tell him; but he must know, a
must let the public know, the true conditi
of the Treasury as Investigated by a Co
of4 4ha