Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-08-16
The Public Debt TO he Repudiated,
and by Whom.

The Democratic party is at this time en-
gagged in trying to direct the attention of
the country to the necessity Of adopting
some practical means of paying the Public
Debt, and of relieving the people of oppres-
sive taxation.
The Radicals admit the magnitude of the
Debt, the enormous expenditure of the
public money, and peculations upon the
Treasury by members of their party that
are not only stupendous, but astounding.
,beThey do not controvert the fact of the
impossibility of the payment of the Debt
by the means they have adopted, nor do
they propose any other means, or promise
toTelieye the people from Taxation. All
theleaders of that party are peculiarly re-
ticent upon that subject.
To claim that we are exempt from hnan-
cial difficulties is simply absurd.
oH Occasionally crisis will come, and If the
currency is unstable the result will be its
prostration. During the War we were as
sured that when it closed the depreciation
of the currency would cease. srD..
But we have failed to realize that hope.
The depreciation has now become perma-
nent and the most Jealous friends of that
currency do not even claim that it will re-
gain the public confidence. e.s fsi
Taxation is positively oppressive, the
Government securities deprecated, the ex-
penditures enormous, and yet the Radicals
promise no relief, and from the manner in
which the leaders are acquiring princely
fortunes at the public expense, we are driv-
en- to the conclusion that they do not pro-
pose to ever pay the debt, and are, there
fore, acting upon the theory that "the
greater the sin the more heartfelt
aud sincere the repentance" and that
the easiest solution of our financial
difficulties, is to allay all public uneasiness
as long as possible, secure to themselves
fortunes, and permit the Debt to increase
until panic overtakes US and then declare
the Treasury bankrupt and favor Repu-
diation as "War Necessity" NJ f.s1.t
At this time, there is persistent effort
being made to array the National Banks
and the ,Bond-holders against the Demo
cratic party. But if those gentlemen will
reflect tor moment and take reasonable
view of ourpresents state of affairs, they can
not fail to comprehend that the policy
of the Radicals is tending directly to una
voidable and wholesale Reputation. Is 1t
not evidently better for those who have in
vestments in Bonds and Banks to see to it
that some means are adopted to give the
public confidence in the currency, and rid
it of ruinous depreciation, even it the
owners of those Banks and Bonds are tenn
porarily deprived of the large profits now
being realized?
The Banker that is loaning corporation
money, at, the exorbitant rate of 80 or 40
per cent. interest, and the paper of that
corporal ion is selling in the market at a
discount equal to that rate of interest, GER
tai My cannot fail to see that the profits
are simply prospective and can never be
realized.
This question of a change of the fnan-
cial policy of the Government is not po-
litical one, but one of necessity. The prob
lem admits of but two solutions. One is
total Reputation, the other is retrench-
ment of public expenditures, the abolish
ment OF the National Banks. and the adop-
tion of Greenback currency to the full
extent of the public necessities, thereby abb
sorbing the Bonds and ridding the country
of the burthen of the aceumulating inter
est OF those Bonds.
This is alike important to the people,
the Banks and the Bondholders.
And we submit to the Banker and Bond
holder, if we go on until Reputation
takes place. what have you gained9 Are
not your profits swept away and all or a
large portion of your principal by the ca
lamity
The truth is, the Radicals are determined
upon total Reputation.
We claim that this fact is proven by their
own acts. And it any gentleman of that
persuasion denies the assertion, we desire
him to come forward and answer us these
few pertinent questions:
1st. How do you propose to rid the cur
rency of its present depreciation?
2ud. How do you hope to reduce the
Public Debt, when your party is indulging
in the most reckless expenditure of the
public money?
Sd. When financial crisis comes, how
do you expect the Government with this
enormous debt resting upon it, to prevent
a total prostration of the currency?
4th. What are your objections to substi-
tuting the greenback currency to the ex-
tent spoken of, and a Retrenchment of the
public expenditures =
9Th. If you have solution of the finan-
cial question, why do you fail to declare it?
9th. If you have no policy but the pres
ent one, and expect to discharge the debt
by an increase of Taxation, do you believe
the people will submit?
9TH. If the Debt is to be paid, why are
party leaders like CHASE permitted to pos
sess themselves of'princely fortunes, at the
public expense, and yet not even be re-
proved for their peculations by your party !?
By the time any honest Radical shall
have, answered these interrogationsh he will
be either in favor of outright Reputation
or of the Democratic proposition of reliev-
ing the Government and the people.
The Radicals may succeed tor the
present in diverting public attention
from this subject; but the time is not far
distant when the effects of this ruinous
Radical policy and of oppressive Taxa
tion will be realized. Then Reputation,
the Radical solution of our financial diff
culties, will be promulgated and advocated
as necessity, and as the test of loyalty to
the Government. The Bankers and Bond
holders will then begin to realize that those
who were engaged in endeavoring to Sc
cure the adoption of policy that would
enable the Government to keep its faith
with its creditors are not so evilly disposed
towards them as the Radicals would have
tbon, haliaua rrhic ia fa;r ,rosantot;o,,