The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-08-23

got almost TO the end. We have almost placed the
pe reef az eFns w9G Ts
VIII you falter In the last step2 Will you hold back
there any man here who Contemplate z Iains stes
20 soty m whss me- ,gps gong me- w @ STe his g6t
against these men, but your glorious good for
Ing enable you 70 endure TO the end For the great
promise Is made not to him tnat begins and takes
in the good and glorious work perseveres TO the end
Mr.. Wade concluded his speech with a few
remarks on the subject OF the national debt.
The Democrats, he said, were endeavoring to
persuade the people that they ought TO throw
off this burden which was incurred for the de-
fense of the country. His great principles of
justice would never consent TO that. He would
not vote to repudiate one dollar of that debt.
He believed the Democratic party would be
buried so deep in the October election that there
would be no resurrection for its iniquties, if
there was for its soul.
Speech of Senator sherman.
Senator Sherman addressed an immense audi
ence at Canton, Ohio, on the 20th instant. After
an argument in favor of negro suffrage, he
turned his attention to the National finances, as
follows:-
this canvass canvass but which are very important can
in reply to what Judge Ranuey said to you the other
day They are financial questions growing out of the
agree at all. Judge Thurman. Judge Ranney, Mr.,
SbOn DEBT and ae no and Banks ere o Ies s
opposition, but the Democratic party have not and
Until the last niger % is exhausted @ they " will ing mot
mees s a5y sy Song hese great m
debt or impose unequal or unjust taxes? On the
our military measures While ali the efforts of tSe
Democratic party impaired our credit, made it din
cult to negotiate loans, prolonged the war, and
creased the debE and now that the war Is over what
TACT before that Union party has NOT only pre-
vented an increase Of the debt but It's reduction has
was '2757 es9; on on m the LIST day of November,
sSSSs7o5s5; on the ist day of August 1857 IL wSs
SSlI SestSS 49, or & total REDUCTION OF ;24s,
yIs years we & paid & off 6ssides an Immense amount Of
Democratic party now in power, who does not know
that the debt would be largely increesedY The only
Delaware. are now demanding untold millions pay
Their All the sOSh they are prepsrnS
claims for j injuries during the war, A Democratic
cratic Senator or Member has committed himself to
OT % this SO yG%G they GoSe
stsn1y ny % the amount q Of the public debt
o dollar The amount read rom the last W Official
sssfegete Seb ASSns was 1 'ee q I but F9s o
this ssg7 $50 is in greenbacks and fractional cur
ng debt ~ Sooos Sow i nave ave my 'sDIs way, sSs
SAID that this de not subject to faReS I and md
this SSs OF = x in held By
perty or Income These bonds now pay Income tax.
whose in%is PiS the Union p%Ssy @sss sSs
tion Of the United states for Which our Democratic
friends when IL suits their purpose profess such pro
states as early as 1873, decided that bonds OF the
state authority This decision has been followed apI Ia
In view Of this very question and of the certainty
that when the war was restored credit would
we always Kept In view, IN issuing bonds, the pTnci
PIE Of "redeema6lity at the pleasure of the United
your financial agents. This is the of your 52Os
ton Of our debt within short lime either 6y y taxes
or by borrowing money on favorable terms. Nothing
known as the 1905 which viii soon be converted.
debt is in the most favorable shape and may, from
time to time be funded At lower rate of interest,
both to Taxpayers and the public creditors, on the
@ issue f Sonds GSR snDec 70 them stSSs
taxation; and with the proceeds pay off our
think Is far better-Fetlre present bonds with
e4e bsbS s ire 5se Si shs reduction Of in
ernment securities But, fellow citizens all these ar
& the H Rs .
only reliance in times of war and peril Debts cannot
rest only upon honor and faith We cannot atford 70
with these to tighten our burdens, win be done BY
Rs PSa dPaT s Spi n she Of
e aS SOU % tor
system AS this creation OF Congress the right 70
change or modify 1t is expressly reserved. Their
Ss ns S
TIM LEI us Sc see how this system stands To secure
with the Treasurer of the United States Goyernment
circulation furnishing stable nSTtet for SUsr our
bondh. They must redeem their n0tes at their conn.
teIs and At centres Of redemption thus furnishing
convertible currency. They must keep on hand in
United States money or greanbacks about twentySive
per cent Of their circulation deposits. They must
year, TO Ss0OO,93s and TO the States amounIing 70
over six millions more All their interests are inter.
They absorbed aud took the place Of the State
bank Ing system, which utterly destructive to the
penEH wfe1 f5eG. aSrPg war which furnished
States could neither receive nor pay out Tbey
are are convenient agencies in collecting the
revenue and promoting exchanges among our people
reasons are not sufficient to sustain the sys-
tenn then IL viii fall, and swarms of state banks Will
or drew out of existence State banks wIhose SSSTe
gate circulation elSOOOO,OO0 which paid us no
financial credit We mo @ade dsees Ss:s and no
now SSOOO0O0 IN taxes holds S4OOOl O00 NJ or honds
oftan gSr OF our notes without interest. It
and retain the bank notes? Won't we save Interest
| Dy ms We certainly can do so. but we
| bonds. We must then provide for the 5000 600 ooo
r Oi our legai-tenders now securely retained from
| XII the goose that Yields us Ss Oo00oo in taxes
NY CONVICTION is that the National banking system
oept TO secure arer opportunity among the states 10
suengthen the security enjoined by circulation and
~ tihe 70 make national centre OF redemption
| Slearlng house, never much of a bank man
put while such agencies demanded as thew are IN
AZ AZ new countries where capital is scarce, believe
had. and far better than for the United states Cow
eminent to assume directly the banking operations
as TO taxes, and done The general principle OF
our Tax law Is to collect much as possible from
such taxes are most easily collected IN the sea;
poaIo cities, and mainly at the single port f ot
luxury such as silks, broadcoths and wines, and
eTeppt pAd tbsy Sy those who are able to pacIes that