The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-07-08

" | Let the ordinary expenses Of the government
Il exclusive Of pensions and bounties, be re.
! duced TO 100000, 900 annually, and there.
Q by save $40, 100000 or $sO,0OO,00O. We
do not need standing army of 5000 men
in time Of peace, at a yearly cost of Sl0O,.
100000. We do not need freedmen's bu-
reau, costing US untold millions more, to feed
and clothe lazy, idle negroes and still more
worthless white officials. Abolish the ma.
tional banks, and save $2j, 100000 more.
Decapitate the thieving rings now swarm.
ing like vultures wherever government reye.
nue. may be found and let a pure atmOs.
phere once more circulate around the politi.
cal system, giving it new life and vigOr.--
| Apply the Jeiiersonian rule to applicants for
Office; ais he honest? Is he cspable2 Is
he faithful 20 the consttutiOnY' And our
free institutions will again be restored to
bless the people.
| PAY TIE DEBT.
The doctrine Of the old fcderalists was,
tho, public debt was q public blessing
This theory they learned from the experience
Of the monarchial governments OF Europe.
The effect of great public debt is to con.
ccntrate capital in the hands Of the few
Where the government is in the hands Of a
favored class, and the mass of the people
have no political power, great public debt
strengthens and consoiida.es the power Of
the few. The holders Of the government in.
dcbtedness have "a great stake in sustaining
that power which alone gives value to their
securities. The interests Of the political ar.
stoCracy and the monied arstoCracy are
identical they mutually support and sustain
each other and, whilst the people, who are
the prey Of their joint extortions, may not
appreciate the blessings of debt and taxation
the ruling classes-"the government" if you
pease-regard the debt AS n most excellent
institution. We have class Of people in
this country now who claim that d public
debt is public blessing. think | have
, shown you that our present debt is a bless.
ing to bankers and nontax paying bond.
holders do not wish to be understood as
finding fault with these men for being bank
ers and bondhoders The unequal and un.
, Just laws are what complain Of and not
the men who are benefited by them,
Whilst public debt strengthens mouar.
chial and aristocrstc institutions, it weak.
o ems republican institutions; for the very rea.
son that its tendency is 10 make the rich
richer and the poor poorer, and to centralize
capital and power into the hands Of the few
The causes that strengthen a monarchiaI
government weaken republican institutions
; Hence il is our duty to commence reducing
g the public debt at once, and to entirely eN
o unguish It at az early day as practicable
How is this to be done?
answer-tirst, we must have retrenCh
Il ment and reform. There is an absolute aud
imperative necessity for change of otficer
d everywhere. The men now in power have
made It manifest to the world that they ar,
/ utterly incapable of managing successfully
;, the affairs Of the government. | care not
n what your political prejudice, may be; you
!. must admit that the whole machinery Of gov
N eminent is ont Of order, and that il constant
J. ly grows worse. la order to lessen the bur
e. thens Of the people, taxation ought to b.
, made equal, and tho same currency ought t
-, be made to answer for all classes. Tn
re principal Of the bonds Of the United States
be- ssued since the 18th Of February, A. y
laG2 except whore otherwise expressly pro
h Vlcd by law, il payable i'll lawful monel
BY the act Of February %, 1862, which al
y, thorized the issue of $50, 900 of our Il
rs gal.tender treasury notes, it is provided tina
"SuCh notes herein authorized shall
as receivable in payment Of all taxes, internl
y duties, eXcises, debts, and demands, Of ever
= kind, due to the United States, except DIT
ties on imports and tor all claims and d
". mauds against the United States, Of erey
ktnd whatsoever, Crccpt for interest apo
at bonds and notes. which shall be paid
ed coin; and shall also be lawful money and
legal tender in payment of all debts, pHbL
and private, within tho United States, ell
cept duties on imports and interest as Gt0rt
TO said f. So il is written in the first seCtlo
dy OF the act making treasury notes legal ten
, der and lawful money in the United Statct
The holders Of the bonds bought them an
r. paid for them with this "lawlul money,
~ when the same wRs worth from 40 to
e. cents on the dollar in gold. The sam
A. "lawful money received by tho government
". for these bonds was paid ont at par to on
soldiers for their services in the field, an
~ for bOuuties and pensions. The farmers an
- a. manufacturers were paid in the same cur
-. rcncy for the supplies furnished by them Il
H. sustain the army in the field. In fact, whe
the government made the contract with tn
70 holders of the ) 20 bonds, greenbacks wer
ut the only lawful money in the country. AuC
% whilst the government made q special agree
~ ment TO pay tho interest in gold, it reserve
the right to pay the principal in this money
D. In tho nets to which | have referred, max
ing the notes Of the government legal ten
Id der, provision was also made authorizing tn
OF issue of $500 000,O 0C Of what are known a
~ tho j.20 bonds. The law itself was stand
n ing notice to the purchasers of these bond,
that the legal.tender notes were "receivabl
n in payment for all claims and demand
ny against the United States, Of every kim
ny whatsoever, except for interest on bonds an,
w, oS notes, which shall be paid in COIN An,
that said notes should "also be lawful money
IT. and legal tender in payment of oil debts
be puJlic and private, within the United States
of except duties on imports and Interest as
er aforesaid Would the law have been an
~ palmer had there been an express provision
ed requiring the interest to be paid in coin Bnt
tie the principal to he paid in legal.tender notes
Ter This law applies TO all the bonds issuet
he since the passage of the act to which have
aI referred, except the 1910 bonds are, in ex
~ press terms, payable, both principal and in
no terest, in coin, | do not think they exceed
ii $500, 100000. From the best information
.te thai can get | think about ) 800 ,O0O,0 0l
cd of the principal Of the debt is payable in eur
ge roncy.
" But why insist on paying the debt in cur
roncy? Why not let the question rest unit
we have the money to pay with? At leas
Ell $500, 100000 of this debt is payable an,
n day, at the option of the government; and
have shown you how that debt can be paid
n We ought to insist on the payment Of thi
%; Indebtedness in currency, because we there
n by save the difference between the value o
currency and gold. Suppose We were abIt
to pay all the debt now, and, as q mere mat
as ter Of favor, we would convert cur green
y hacks into gold and pay the debt IN coin