The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-08-21
R.pudiators-who Are They


n1tyo ,htnlr the Republicans In Pennsylvania,
Ohio and other States where pollucal cam,
paigns are in prog ess, are & tnaig onn5snts
the nnrpose OF Reputation. IN Ine nIsG G piace, pace,
it does not, thus iaT estroOIv Denied by the
nnnosition themselves; in the Inlru pisce, ~ is
bad thing to circulate Ihe mn St G
Snr this country and Europe JhaC parry SO
Creme numerically as the Denocfas are IN
Pennsyivania ohio ana otner % SsaeeS' are IN
.boTaed with 1t they will very likely come TO
beI,eye, in course of time, that the charge must
snyy,a Iee,iy the very ground upon which they have
been pushed by their opponents 1t should be
noiitiraI death and dishonor for any man or
Poortv 10 suggest repudiation and there shoald
be no attempt 10 familiarize the pubic mind
with so disgraceful an idea"
We fully admit that any charge which is
untrue should not be made, and, if made,
should be retracted; but what are the facts in
the case Will the Times reproduce the rele-
want language of Mr.. Vallandigham, recently
oited In our columns, and maintain that what
he proposes is not repudiation2 And was not
that language employed at Democratic
meeting expressly to win votes for the Demo-
cratic tioketH Are not the Republicans who
hear such harangues as competent to inter-
pret them as an editor who fails even to quote
them
win 1t be urged that Mr.. Vallandigham is
an extremist Then let us consider the more
cautious and moderate inculcations of the Hon.
George H. Pendleton, last Democratic candi-
date for Vice. President, and widely known as
an amiable and scholarly gentleman, of ex-
cellent birth and breeding, and the inheritor
of liberal fortune. See his remarks on this
subject, as published in full on Monday, but
especially this portion of them:-
''The tive-twenty bonds are all payable, at
the option of the Government, after hve years.
Their very name shows it. They are payable,
by the law under which they were issued, and
according TO their face, in greenbacks, They
mot N interest
ing to the provision of the law and the Ian
guage Of the coupon, to be paid In gold. Not so
with the principal. The ten-forty bonds au-
thorized by the act of the March 3, lS63 are,
by the terms of the law, made payable in gold.
ter; and as read the last official statement of
Secretary McCullOch, very few, If any of them.
have been issued. The Government may then,
according TO the Terms of the law and of its
contracts, pay the fve-Jwenties in greenbacks
at any time after five years from their issue,
and there is no Reputation in doing So OF
this class there were outstanding on the LIST OF
Augus t 81 l00, 900 900, and they mature probably
in nearly equal proportion in each of the next
five years. This will not supersede the necessity
Gus Industry. They are inevitable. With them
and whatever. other plans wisdom may Sug-
gest, the burden VIII press neaViiy, on you S
demption of the bonds will soon be gradual,
the increase OF the currency SO slow that Values @
will adjust themselves and business interests
become regulated without that shock whlcn
usually attends great changes of hnancial
policy. But, If IL were not SO, still the bonds
should be converted into greenbacks. They
were sold for greenbacks; IL is nJtlng tney
should be redeemed in the same currency. rms
policy would save the interest, pay TIE DEBT
and bring upon the duplicate for taxation that
immense amount OF capital which IS now
exempt. And these advantages would amply
compensate for the evils which are predicted
The debt amounts to one-fiftn OF the property
real and personal OF the whole country. One.
fifth of all the pital of the country is exempt
from taxation. Interest eats up the substance
of the people Exemption from taxation ag.
graVates the evil. This state of things cannot
last, It oppresses labor; it excites deep discon'
tent. 1t ought to be relieved by fair and volun
tary adjustment. 1t will be relieved at al
wise The people already believe this curse Il
the blight OF death; and we know by experience
what they will do to save the life OF th'
nation"
We do not care to dwell on the gross mis-
statements of facts here made-as for in
stance-
l. That the Five-twenties are payable no
in gold, but in greenbacks.
q, That the national debt 'amounts to one
fifth of the property, real and personal, OF tn
whole country"
The property of our people is worth NOR
than'thirty thousand millions ofdolars, thougl
it was officially returned in 1860 at siXtee
thousand millions. The debt is not eight pc
cent. of the value of that property.
Mr.. Pendleton proposes an issue OF two thou
sand millions of additional greenbacks-fo
our interest-bearing debt exceeds that sun
What would they be worth if our currenc
were thus swelled by two billions of fres
paper, redeemable in nothing and never
What would these greenbacks buy Wha
would all the mortgages and all the outstanc
ing debts in the country be worth after sue
an issue The public debt would, of course
be sponged out, and its holders beggared
but what other class of creditors would fai
better
What Mr.. Pendleton proposes is, in ou
view, ''precisely'' repudiation-"only tina
and nothing more '-repudiation OF the M
tional debt first, and of all debts as INSOFAR;
BILE therefrom.
Can we be mistaken in this Our reader
have the whole case before them, and ca
form Just conclusions. How is il with thos
of the Times If the Republicans of Pennsy
vania and Ohio are to be arraigned as tali
accusers, should not the facts Whereon the
judgment is based be given to the jury
There are few Democrats of higher persona
character, or of more signal personal probit,
than George H. Pendleton When he tall
like villain, you may be sure that his hea
is full of bitterness, and his understandiI
clOuded by partisan venom. And that is ''pr
cisely'' the fact. Mr. Pendleton sympathiz,
with the Rebellion throughout and he hat
those who lent their money to put it dow
He deems reputation the best card of pr
slavery Democracy. Woe to the public cree
tors when such as he shall have become tn
paymasters
The Ohio Democracy and the Nation
Ff1TI Debt.
From he N. Y. Times.
Mr.. Pendleton, of Ohio, is determined Il
a., ron-.A..o ,1a4foryn and the mart he n