The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-07-11
Reputation and the National Honor.

We learn from an Atlantic cable telegram
platform of the Democratic Convention says
that the financial plank amounts to partial re-
pudiation. The Times does not understand
the platform nor the sentiment of the Ameri-
can people with regard to the payment of the
public debt. If one thing be more apparent
than another in the platforms of both the dem
ocrats and republicans it Is that Of declared
and an earnest purpose to pay the debt. In
fact there is little difference in the phraseoogy
of both platforms in this respect, and there
is no difference in the purpose. There was not
more unanimity in prosecuting the war for the
Union than there is in the determination to
maintain the national honor. This great re-
public will be as remarkable for discharging its
obligations faithfully, whatever party may be
in power, as it was for the magnitude
and wonderful achievements Of the war.
There may be few erratic individu-
ais of some political prominence who
hold extreme views upon financial ques-
tons, as Butler, Thad Stevens, or Pen
dleton, but neither the controlling men of the
two great political parties nor the mass Of the
people are in favor of Reputation, partial or
otherwise. All mean to pay the debt honestly.
We are not in the situation the people of Eng
land and other countries of Europe are. They
have not the resources with which to pay their
enormous debts and there is no prospect that
those debts ever will be paid. We have the
resources, and our debt, though large, can
easily be paid within the lifetime of the present
generation.
The mistake the Times makes is with re-
gard to taxing the bonds or reducing the
interest We may do that, and ought to do it;
but that is not even partial reputation. Why
should not the bondholders pay for the support
of government as well as all other property
holders? Why should they not bear por-
ton of the public burdens? Why, indeed,
should not the foreign holders of this property
pay for the protection it receives? England
has reduced the interest on her debt from
six or seven per cent to three and half,
and taxes this description of property In one
way or another. The other governments In
Europe do the same. At this very time
Austria and Italy propose to tax the interest
Of their securities much higher than we do.
Are the people of the United States to be the
only ones to be burdened and aeeced By q
bondholding moneyed oligarchy II is just
and proper to tax the bonds or the interest on
them as all other property is taxed. There Is
no reputation in that. All we want IL to
relieve the people of their burdens as much al
possible in order that we may liquidate the
debt and not keep it, as in England and other
countries Of Europe, perpetual incubus upon
the industry of the republic. When this Is
properly understood abroad, when the intent
and meaning OF the platforms Of our parties
are comprehended, our credit will rise instesd
OF falling. Indeed, we should not be sur
prised If our bonds were to rise from Eve to
ten per cent within few weeks. The debt of
the United States Is the most secure and best
paying one Of any in the world