The Plymouth weekly Democrat., 1868-12-24
JacObin COurtesies.

The speedy resumpti0nists and gold re-
demptionists are altogether too insolent
and overbearing. They speak of their op-
pOnents in such terms Of denuncia.ion and
invective as should only be employed
against criminals of the worst class. The
leading Republican newspaper in the
country, discussing the plan proposed by
President Johnson, in his last annual
message, for the payment of the pubic
debt, calls him " a villain-a braZen, reck-
less, shameless villain ": and says "he has
sheepish confederates who show his knav-
cry but lack his effrontery"
1t is fact, as stated by the President in
his message, that the holders Of the five
twenty bonds have already received as
much on the bonds as they paid for them.
1t is a fact that the Government has re
served to itself the privilege of redeeming
the bonds in five years from the date of
their issue. 1t is fact that the terms
upon which they are issued will permit,
without any breach of honor or trust, the
redemption of the bonds in treasury
notes. 1t is fact that treasury notes are
some thirty per cent. below par. 1t is a
fact that, under the conditions above cited,
the currency might be so inflated that the
taxpayers could make an easy and speedy
extinguishment of the debt they owe the
bOndhOlders
Due consideration being paid to these
facts, let us see if there is anything essen
TALLY villainous in the financial plan of
Mr.. Johnson, OF if it he of such charac-
ter that no one but Z" a brazen, reckless,
shameless villain could conceive and pro-
pose it."
His proposition is not one to pay the
Z hNn hnl 20 tl< -.
of the contract, but it offers them terms
even better than the Government can
hoDoTably make in pursuing policy Of
currency.redemption. The substance of
Mr. JOhDson's plan is to pay back the
4 bondholders all the money they loaned,
with interest thereon, at six per cent in
gold, for twenty-one years. What gov
/ ernment Is paying its creditors more than
this?
It may be said that this inquiry has
nothing whatever to do with the subject
under discussion, inasmuch as the Govern
ment agreed 20 pay interest until prepared
to cancel the debt This is true, but, as
We have shown, it can cancel the debt
forthwith by issuing currency, and thus
save interest. Ii can do this and keep the
letter and spirit of the agreement with its
creditors. There would be nothing bear
ing the resemblance of reputation about
such a policy. The bondholders would
much prefer the terms offered by the Pres
ident, as by them they would make long
loan at high rate of interest.
His plan valves the right of the Govern
ment to redeem in five years from the
date of issue, and compels it to pay in
semi annual installmentS for seventeen
years from the present date. SO il is seen
that, if his proposition be not to pay ac-
cording to the exact letter of the contract,
it is not one to compel the bondholders to
accept harder terms thar the Government
can fairly aud lawfully offer. Judged by
the letter of the contract, his plan is repu-
diation. Judged by the spirit OF the con-
tract and the circumstances attending its
creation and which have grown out of it,
the plan of the President is one which any
honest and intelligent man could consist.
emily propose
1t is denounced as villainous, and he is
denounced AS "a brazen, reckless, shame
less villain" by men who advocate a policy
which will swindle the taxpayers of the
country out of eight hundred millions OF
dollars for the benefit of a class not large
in numbers, but remarkable for its impu-
dence and ingenuity in contriving schemes
for legislative corruptiOn.-CticaJO Times