The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-31

. l - S1 = x9yun0 t00 NotIoo9A Dool
n Gsssabachs.
Tho qusstio2 Of paying The national debt IN
legal tenders, to1ether with other questions
relative to the national finances, are looming up
prominently before tho public But that Of liqui'
dating or reducing the debt with the greenback
money Of the country before an effort be made
to force specie payments 4 most discussed.
The press has begun to take It up earnestly,
and many ofthe leading public men Of different
political parties discuss it freely. II has be-
como second In prominence only to the recon-
struction question, and were this latter dis
posed oft would occupy the first place in the
public mind The policy Of the radical repub-
licans, however, to Africanize the South and
to give the semi-barbarous negroes the poll
teal power In that section and balance Of
power in the republic, is so revolving that any
other question must remain secondary till
that be settled. Still, as we said, it has be-
come prominent, particularly throughout the
West, and it had considerable influence in
turning large vote at the late elections in
Ohio and other Western States against the
dominant republican party.
A very interesting phase Of the discussion
upon this proposition to pay the debt in green
backs, and upon the other cognate subjects Of
the national banks, taxation and revenue, is
the position the press has taken. The radical
organs OF the East generally denounce the pro-
position, and arc in favor Of maintaining
the iniquitous privileges Of the national
banks They are, in fact, the organs Of the
Hnv~I - -
policy is to favor capitalists at the ex-
pense Of the Industrious classes They would
not pay the debt till the bondholders could re-
oeiveft all in gold-till the people would be
compelled to pay from thirty to hundred per
cent more than they ever received and more
than strict justice requires. They must have
the pound Of flesh though the victim bleed to
death. Conspicuously among these organs ct
the bondholders are the greater and lesser
radical papers Of this city. They endeavor to
make it party question, and ring the changes
on all sorts ofclap-trap expressions. - "repu-
diation," "national dishonor," and the like,
for the purpose Of damaging the democrats.
But this is only specious dodge. Il Il not
party question, ~ parties have been, divided
city, though it has twisted about . good deal
on the subject, holds In the main the same
views as the radical papers hold. The Chicago
Tribune, which is thoroughly radical in poll
tics; General Butler, Of whose radicalism no
one can doubt, and numbers Of other news
papers and prominent individuals Of the repub-
licsn party, take pretty much The Same view
as Mr.. Pendleton, Of Ohio, takes with regard
to paying the national debtand to the national
bank. system. The republicans Il the West
are with the democrats Of that seotioa on this |
issue No doubt parties VIII be formed On
questions Of national finance when the country |
shall become surfsited with radical negro. |
phobia and reconstruction be accomplished;.
but then 1t will be the bondh0lders, the mono, |
polists, the capitalists and the national banks, |
as one party, against the mass Of the industri.
Gus classes ~ the other party.
There viii be, evidently, . great popular
movement, 4 movement chat ID swelling Inn
mensely in the great West now, to pay the
national debt, or . large portion Of it, in gov
eminent lawful money. The people begin to
see that unless this be- done, and we come to
specie payments With. an enormous debt rest
ing upon US, this debit win remain, like that Of
England, vast and perpetual burden upon
the nation. The people will not bear such
sense enough to see that this would be the case
II the currency be contracted, specie payments
forced, and their incomes and the income, of
the government reduced before large portion
Of the debt be paid While there is an album
dance Of money In circulation and the currency
deprecated, and, consequently, while the gov
eminent receives . large income, Is the time to
liquidate the deh4. To do this would not be
Reputation, but in all probability would be
the way to prevent that Z; for people who have
the making Of Congress. and the administration
every two or four years are not likely to suffer
themselves to be bowed down perpetually
by IN overwhelming debt. The bondhelders
and their agents are pursuing = ssicidal policy
by attempting to. tnsten this harden on the
people.
No sensible person proposes, We suppose, to
issue two. thousand millions OF government
money and pay on the debt a. once with that
What Is meant BY paying In greenAacks is to
keep ~ much ofthat currency adoaA ~ the coun-
try con reasonably bear, and BY no means 70
contract the present amount till oil or . large
portion Of the debt be liQuldatsd. That IL tho
proposition, and that va think, ID what the
country win come 10. And what injustice
would DO donef Who would be injuredf
Nearly all OF the bondholden would be paid
more than they gave br the bonds. The
country would continue 10 be prosperous with
an abundant circulation, and the government
would have Its golfers full. Why, one-fourth
Of the interest-bsaring debt-which, after all, IL
really the only dsbt-could bs paid Oh in .
year. II the national bank currency were to
be Withdrawn and three hundred millions Of
greenbacks issued In It's place, with which the