New-York tribune., 1867-08-22
REpUDIATTONS DOUBLE EDGE.


The dLbany ArguS smacks its lips over Mr..
pendletons recent demonstration against the
National creditOrs-saying:
"The subject attracts great attention in the western
States and the policy apparently taking tho shape OF
popular cry Snguarly enough, 1t is a cry taken up
who resisted the Independent Treasury policy OF Van
Buren's administration, and the recognition OF Specie
currency, by stigmatlzing t as gold ior lhe oihoc
holder and rags for the people
"Ou West, the same cry begins 10 he heard: NO more
gd Tor S ar a %I cror one for the popo
Greenbacks for the creditor! GreehbaGks iEr ,ht ot
contracted by initiation be paid by inhaton me me
logic of such popular cries goes straight 70 % oe
but to their interests and preJudices
1t is utterly false that the National Debt
was CONTRACTED by imitation" 1t was con-
tracted by War-by War waged by Slav-
cry and Sham Democracy against the in
tegrty of the Republic. That war cost our
People Half a Million 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 q fair election,
as all beaten parties had previously done, there
would have been no blOodshed and no Debt
Not till the last dime is paid, the last mouner
cOnsoled, can the rplOtters of Rebellion ana
their abettors be forgotten or forgiven.
The one righteous way to reGstablish com
mon currency for People and Government Is 10
RESUME SPECIE PAYMENTS. But TINS Is just
what they who clamor against rags ior the
"Peope" will not have. If they VIII unite
with us in calling and working for kcsuihp-
ton, it can be had directly. But, whiIe they
pretend to deprecate initiation and non-rcdemp-
ton, they are laying plans to pcrpetuate ana
even aggravatc them
The Argus calls for forced withdrawal from
circulation of our National Bank currency, ana
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 unlim-
cited right" as The Argus terms IL; but we see
not why it is not identical with the right to
tax other income.
But Mr. PendetOn's plan Of paying off the
whole Debt by further issues of Greenbacks TO
the extent of Two Billions rather staggcrs
some of the weaker brethren, and thus dcmum
The. Argus;
"The proposition OF Mr. Pendeton goes further than
hank crculaon II proposes 10 issue Tor the whole body
Of the debt as II falls due, equivalent amount oi paper
money The process Is to be graduated la some way, Bat
Amounts large part of the debt convertible into THIS
form Can we afford 10 food the country with the thon
sands OF millions OF greenbacks requisite for this process OF
debt-eXtiuctOnl We see how easy u may De thus 10
swamp the debt but t0oHd H not srdmp AL dsbis and
rood an uiODeriV7 Would IJf The dcUGr NJ pIper sirep
nn1V me ,rfOe fIIric rcdH dd Of csing r1tnd'nsf
We must learn how this process II 20 be made gaddn be-
fore realize It's value as measure OF '''e'nah
ship"
Tile Argus is evidently not up othc Western
standard of Democracy. To swamp all debts"
by making money 80 abundant that a creditor
will instinctivcly run at the sight OF his debtor,
fearing that the latter will insist on paying him
Off is the hoped-fog Millennium Of the cmbar-
rassed and the thriltless Most men could
easily pay their debts-or suppose they could
if we only had ten times the currency we now
have; so that $1,000 worth CAT present valua-
tom of corner-lots or wild lands would readily
pay $4,000 of debt. Only pass the word that
the Pendlcton policy will "swamp all dcbts,'
and its champions will be rapidly multiplied,
especially at the West.