The States and Union. [volume] (Ashland, Ohio) 1868-1872, 1868-04-08

ssed millions Of this debtn eould not bSei
q 5eaesHsd- before 1874; that thee IuG-i
torea millions moro could not be redeemed
.fletore 1881; and thatthe rest effhetdebts-
80 amounting TO nearly seventeen hundred;
"a nIiIions Of dellafs,s. Is made np Of Ave-,
rs sEenties and bonds which bear Interest
S'-eoncy.s. a 70 g snei. ssd 81 bns OF
ceventc hundred millions foea AvG-
tWenties aud bonds which bear ioi4rasf
- In currency. may befedeemed within tIe
/, next i've years. can not state, is you
I'd the exact time nor the exact proportions
n ln4which these bonds may be redeemed.
mean these fve-twenties.s Their nvery
name implies that when five wears shall
81 elapse AFTER their. issue the Goselnment
81 may pay them; but it need no. pay them
until twenty yeane shall have elapsed.
maintain that these 6ve-tweat7.bonds
sneuio be paid as fast as it is possible to
do Sc without il Aating the rsgrrency be-
yond q sac and. Just point. And IL ia
s5f- my business now to show you how rapid
tsa y that can be done. The unlquidatea
sT debt CT the United. Ststes consists or
Rreenbacks andzclaims which have, not
been adjusted, and amounts to eight hun.
drsd millions f Of dollars s., Il pays 40 in
The policy of the Re epaGibliicc.nn party i.
to convert, in whole orsEart, these eight
@ MI nt4tiOu6 o. Q0HarS OF LQnlI0utQ1--
ted debt into bonds, which pay six per-
cent. Interest 81 feoid Now, what will
= be the efect7 It converts q debt which
fss bears no interest into debt which bears
=It interest 10, goldj it will add. To- tho ex-
.IHIipeDse Of the 5Governmepts S4S, 0c0, 900 in
-sssgold-for that is the interest on $780,
O00, 600. 1t will increase.the numbered
those whit do not pay taxes, and increasef
the burdens of those who do pay taxes.-s.
.sh gilladd .tQ5heSuntaxedPPepesty of the
country 1t will convert active into in
= active capital II any portion is cobvert
7gs ed,zithe same proportionate result will
At follow. 4z1a asds asyis ff.sse9 v7gqs
. IT maiA.nin hat this systtm ought not
: 20 go on, that this debt ought not to be
converted, that this capital ought to lie
.ss Hooked uPs and thatrthis, large number of
-ms people ought not teTbe exempted freR
TOT taxatieuy and sthatshis additional burden
of SIS, 0,009,, should not be imposed
The Republicans say they CAM know
-.ff4heyought to be able tc-pay this amouits
sainfrom the current revenue. 49,. ad-
-sf zEE IF youzlookpat the reports made to day
ie.9 IN the evening papers by telegraph you
; will soc the National banks have three
- hundred and thirty eight millions OF dol
of the bonds of the UnitAd States de-
theifsxiculatjou. Ym kgggEhow these
81 National banks; are estabiished.a "A man
sSA buys The, bonds of the. Government of the
aoil Ii United States, and sdeposits1 them in
soet Washington and receives the interest on
"a them year BY year at six per cent. ingold.
He receives ninety per. cent. of bank pa
TSsw per; he brings them home here to your
city,, establishes a bank, issues these
notes, and derivesthe interest of six, or
ITEM Or twenty per cent as the case may
20 Be, when you borrow them GCheeTs,I =
TIaeo hnn1rod opd Fb;rFr Ss0hfH NILS
TOT Hons of these bonds are, by the report of
ide Secretary Of ths1Freasury, deposited to-
day rs security in the vaults of the Treas
81 ury. Three hundred millions of bank
- paper are issued on the faith of these bonds.
srfdoNowy gentlemen, I maintain thatthis citso
Ia tulatio1 ought to be redeemed with legal
tsfdefY ,wlachuwiH takeothe plcce of that
bark circulation. CAppIause1 togo
What would be the effect of this? Thu
seventeen hundred Millions of Interest,".
clearing bonds would be rsduced 10 folrsl
IL 5steefr Hundred millions; and eighteen
millions of dollars in gold would be Saved
- to the G6yefnme1E from The interest
ss7saWhice is paid to the bankers for the bonds
= QMhieht they have deposited. @41tap1
Now, then suppose you take these
eighteen millions of ipterest which is
saved and add it to the forty-eight mill
ions Of cellars which fhess gentleman say
= they can pay from the current revenue,
emsE and you have sixty-six millions OF gold,
1857 year by year, and if you convert that sum
'aaE' into g~reenbacks, at nc, you have nine
t5-two millions of dollars 4 year, and if
bgs thisr is appropriated, as a sinking fund,
can pay off the whole debt in less
.aiza than thirteen years, without adding one
dollar to your taxation, or one dollar to
circulating medium. lAppiause
49, Bear in mind that I am trying to con-
nc 5sviuce you that these bonds can be, paid
. - IN ereenbacks without Initiating the cur
~ 9fency. Bear in mind this can be accom-
9aih .plisbed in twelve OF fourteen years with
out the addition, of one dollar -to, your
htaxation or one dollar to your circulating
.rsY medium, And now bear in miads also5
that 1 have not touched the revenues Of
the Government, which, in 1866, amount
ed to Eve hundred andtsixfy millions of
- brdol,ars, nor have I attacked the sxpendi.
.s~s tnres of thatyear of Radical administra-
baffon.iT sx E9iG" .aidDeoh1o s97sr
'di I'D But nov SET Che Radical ref5rmer to
work. Let him cut off eVery-extrayaganco
.ssri .srIop off every unnecessary expenditure:
- r. Let him reduce tbs. current expenses OF
saibrfbs Government to sl50,9 e0 ,eo0fa year
DibasiL. mran expenses independent of the
-'iiT interest on the public debtI7though it
:. =, ought rte. be reduced to SI0o Gee. 900
z,asr thst will be- twenty Eve millions more than
sofzsiMr. Buchanan expended; that would be as
isz9iimn1ch in one year asoAndfew jackson ex-
sagot pended in any of the four years of his
Ia kadmfpistratop Bat let he expenditure
,efsns dol YOU have 7reSL50,0o0,9 600 ~feffeqrrent
d;Tow xpahsesg $4,000 ,o00foriuterest upon
public debt, and Se2 100000 for a
100 sinkine fund, as ] have described, con-
stitutine an aggregate s372500e 900,
and if you take that from the revenue OF