Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-09-12
Ths Public Debt.

Mr., Vallandlgham said one OF the re
suits of the war that he was there I
discuss was the enormous public deb
accumulated. The Democratic part,
was accused Of making this debt by op
posing the war, and voting ngains
supplies and men. But what were thu
facts In the early part OF the war
when the solemn promise was promul
gated that the war was alone Tor Thu
restoration of the Union, four out Of five
of the men that entered the army vert
Democrats.
The Democratic party were not re
sponsible for this debt If their coun-
sells had been regarded there never would
have been gun fired That party which
came into power in 1860 were responsible
for every drop of blood shed, and every
dollar Of treasure expended. II the
compromise insisted on by the Demo
cratic party had been adopted, there
would have been no civil war; and yet
they say, this Democratic party was
responsible for the war
Vallandigham and Pendleton voted
against supplies and loan bills. The
speaker denied the charge as to voting
against supplies. He did vote against
one loan bill--a most outrageous and
ridiculous affair, suggested by Salmon
P. Chase, for the assessment of ten cents
head on the people. Speaking of ten
cent loans, Mr. Vallandigham said he
had lively and grateful remembrance
of the benefits of such q plan. Ap.
plause. The Democratic party had
raised quite a considerable amount in
that way at certain period in the his
tory of the war, and sent the proceeds
where they were much needed. lap
plause.
1t was hardly necessary, at this late
day, to discuss the question as to who
was responsible for the public debt
When q man was sick he sent for a
physician, not to ascertain by whose
fault he became sick, but to apply the
remedies and cure the patient We had
this enormous public debt, and must get
rid of it.
There we're two forms of the public
debt. One was in the form of pensions,
bounties to the soldiers who fought to
put down the rebellion. This debt was
sacred and should be paid. This speak
er said he was one Of those who opposed
the war, because he knew it could be
averted, and the questions between the
two sections settled on constitutional
principles. He would not, if he could,
change one vote or one expression of
opinion made during the war; yet he
proclaimed now that he held this debt to
the brave soldiers who fought for the
suppression of the rebellion was sacred,
and must be paid to the last dollar.
[Cheers.
But there was another form of the pub
lie debt. There we're bondholders who
held large claims against the Govern
ment, men that never carried muskets.
If they were in the field at all, it was in
some fat position in the quartermaster'
or they were members of
the Christian Commission at any rate
they never smelt gunpowder. This debt
was also just, and should be paid. The
would not do its duty till it
paid the last farthing of this debt. But
the currency that was good enough for
the soldiers was good enough for the
bondholders. If one could be paid in
greenbacks the other could. [Cheers. ]
But the Republican party said no,
were good enough for the
soldier who had lost his arm or leg in the
service, but the bondholder must have
his pay in gold.
When the Democratic party went out
of power, the public debt did not exceed
sixty millions now, after the control by
the Republican party of seven years, the
debt had increased three thousand mil
ions No republican government could
exist with such a debt hanging over it.
It was the design of the Republican party
% keep up this debt, because it is just
he instrument required 10 further their
ends and subvert the liberties of the
For that very reason the De-
mocracy wished to liquidate IT.
But Senator Sherman said the Con-
;titution stood in the way. The Supreme
Court had so decided Who did not
-ecolIoct the contempt with which the
Supreme Court was treated after the
bred Scott decision by these same men
who now set up the Supreme Court as
and settling forever the ques.
ion as to these bonds When the SUI
preme Court said military commissions
we're unconstitutional, these men at once
lost sight Of its authority; but when the
tribunal comedies with them for the fur
therauce of their political schemes, its
decisions are sacred and dare not be
touched.
How dare these men talk of constitu.
.ional barriers, when one of their Sena.
tors has said, "When you hear a man
talking about the Constitution, put him
down at ence as a traitor" They say
he national will, and not the Constitu.
ion, is the standard. We retort, it is
he national will that these bonds be
.sxed as other property. The honest
farmer. whose real estate amounted to
fifty thousand dollars, paid an enor-
nous tax on this property, while his
next door neighbor, who was as rich, but
owned instead of farm fifty thousand
dollars in United States bonds, did not
pay one dime for the support of schools
10 his township, or for the construction
of roads and other necessary improve
nents. And not only so, while the
paid no taxes for the support
If the government, he receives his six
per cent. interest in gold, and the taxes
paid by his neighbor must 60 to buy the
,old at the rate Of dollar and forty or
fifty cents for one.
How long would the people endure
his As the matter now stood, all a
.ich man had to do to escape taxation
was to turn his wealth into United States
ponds and live OF the interest paid by
he sweat Of other and better mems
,rows The poor could not do this They
we're unable to inves. in bonds enough to
support them by golden interest
Circumstances.