Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1868-05-07

PrNpLEToN AND THE rrBLIC DEBT.-
As Mr. pcndlcton IS looming up for the
Presidency and as the payment OF the pull
lie debt and the mode thereof are likely
to prove the most exciting Issues in the
coming campaign. We have thought that
our readers would br Interested to learn
what Pcndlr.on's plants for paying this
debt We quote from his late speech at
Milwaukee
And now | say not only that these
bonds are payable in legal-tcudcr but that
they ought to be paid as soon as it is pos
>iblc to do SO. DO net know that it is
possible to pay them as fast as they ma
ture, even III currency; but | do know
that every possible effort ought to be made
70 do it. But at this point am me, with
the statement that this policy viii cause
tie issue Of an immcnS, amount of paper,
and thus so far initiate the currency AS to
destroy Its value, and bring disaster upon
the country Now, gentlemen, let me OK
anime this objection. Mr.. McCulloch, in
his last monthly report, stated that the
public debt which bears interest Is COM
prised in three kinds that three hun
,Irrd millions of this debt could not be re-
deemed before 1874 that three hundred
millions more could not be redeemed be
fore 1881 and that the rest Of the debt,
amounting to nearly seventeen hundred
millions Of dollars, is made up of five
twcnties and bonds which bear interest in
currency Seventeen hundred millions If
tivc-twenties and bonds which bear inter-
cst.in currency, may be redeemed within
the next five years. | cannot state to you
the exact time nor the exact proportions
IN which these bonds may be redeemed.
| mean these fivc-twcntios Their very
name implies that when five years shall
clapse after their issue, the Government
may pay them but it need not pay them
until twenty years shall have elapsed. |
maintain that these fve-twenty bonds
should be paid as fast as it is possible to
do 50 without initiating the currency be-
vond a safe and Just point. And it is my
business now to show how that can be
done The unliquidatcd debt Of the In
tied States consists If crccnbacks and
claims which have not been adjusted, and
amounts ,o.cisht hundred millions Of dol
lars 1t pays no interest. The policy of
the Republican party is TO convert, in
whole or part. these $500. 600 600 Of un
liquitlatcd debt into bonds, which pay six
per cent. interest in gold Now, what
viii be the effect: 1t converts debt
which bears no intercs: into a debt which
bears intcres, in gold it will ado to the
expense Of the Government SIS. coo, 600
III coll-toT that is the interest on $500
goo .Ou5. It viii increase the number of
those who do not pay taxes. and increase
the burdens Of those who do pay taxes
|, will add 10 the untaxed property of the
country. Il Will convert active into in
active capital. II any portion is CONVEX
ted, the same pr6portionate result will
follow. Now, | maintain that this sys-
tenn ought not TO 20 on, that this debt
oIrht hot TO be converted, that this capt.
tai ought not 10 be locked up, and that
this large number Of people ought not to
b. exempted from taxation, and that this
Additional burden II sfs o00, GOO shouli
not be imposed. The Republicans say
tlcv eau-i know they gu ,ht 10 BE- atle
t,s-qav this amount from the Cur. sent rev
enu>, If vou look IT the reror, made to-
day in thc evening papers by telegraph,