The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-03

was no money in the market; the nation must pro
vide currency. The people could take the bonds
and thus receive interest on their paper money ana
government De enabled 10 noat the loan IN the ai-
Our democratic friends had said that VIC never
ing at language OF the Section ecnn
might be SO construed. But we are not TO settle y
principle ike this IN any mean way. we are 10 APP
fore whom We stand bound to pay our debts IN nom
esty and good faith. When the bill in question
any sensible man dream that twenty years afterward
we should be dealing in paper money! The senate
s the bill Sy rim e Of
the government and TO bar the inference that was
to be paid in paper No decision was Intended to be
made, but TO quiet fears and above all to raise the
money at once. And, also, when the bonds were
made redeemable In five years 1t was supposed the
would then be and we should be able to ad-
Just and pay or many. or provide for the certain
payment OF interest The rate, six per cent was too
low for time Of war and TOO high for , peaceful
And now we were told we would be justified in
ment Of our promises, because that was the strict
letter OF the contract But was 1t the spirit OF the
II government pays mans bond IN paper promises
may turn around to the Treasurer and at once de-
mand for those greenbaSks another BOND payable IN
paid the same way, and this would be the practical
Senator Fessenden then called special attention to
the fact that the language OF section two Of the bill
was the same as adopted for years previous in SINH
bonds should be paid In CON- simply because no one
ever dreamed il was to be paid In paper. Gen.
temen who spoke upon ne measure Hs, no
and principal were to be paid in coin. The pub
shed letters OF the Secretary OF the Treasury
repeatedly said so, and no one questioned the
propriety OF SO doing. Our financial agents rep
resented il to the people. On this whole subject the
speaker said he felt the more deeply because had
been so intimately connected with it. When he went
into the ONCE of Secretary OF the Treasury the ma
tion near Its last struggle: proposed loan Tor
thirty millions only had just been withdrawn from
the market because 1t could not be negotiated on
terms honorable to any government He found
OF our soldiers, and like amount coming for pay
ment every two months, with nothing In the Treasury
pay with. After his appeal to the people he is
sued the seven-thrty loan and said personally and
through his dgentsrthat the principal tcds payable
IN coin. HE denied any ntention to deceive the peo
pie by this statement. When the government made
the promise II meant to pay In five years, II 1t could
In dollars; II not, as soon as It could up TO thirty
ana so foreign capitalists wlb came to our AID be-
leUed.
Mr.. Pendleton proposed year ago to pay these
bonds in paper, and now says the people are adopt
Ing his proposition. The gentleman spoke for his
friends and not for the republican people. If to be
thus paid the letters Of Secretary Chase should long
ago have been declared contrary to law and agents
not allowed to make such representations at home
and abroad. The promise was fairly made to pay
In dollars as soon as we could. Mr.. Fessenden COM
planned that these gentlemen do not ask us to wait
until paper money becomes really dollars but they
should pay the bonds now. What says the plat
form Of the republican party' Make paper up to
par and then pay. The democrats purpose to take
unfair advantage Of Its depreciation and use it as
weapon against the creditor. They say government
gave the notes as deprecated currency, and hence
must take them deprecated. But did they give
their own deprecated paper for the notes in the
first placer This doctrine of paying with promises
because promises originally was a sham. and II car
ried out would lead TO further depreciation ana final
discredt and national bankruptcy. There was no
justice righteousness or honesty In it. There was
to pay our debts I'm good faith, i'm common honesty
according TO the letter and spirit OF the obligation
When and how is question for statesmen 10 an
swer. Ha
The New York Convention says the debt is burden
some. But who IL to lend us money IN the war which
their nominees predict and seem to invite IL our
credit Is destroyed Nothing would suit that party
credit which is the life OF the people. great nation
could not afford to act like miserable pettifogger
and trfe with its sacred obligations To preserve
the government has cost million OF men aud thou
sands upon thousands OF dollars We cannot afford
to lose the grand result by refusing TO pay the
penses OF the great battle we fought Appause.)
lie thanked GOD there was no need of so doing; we
were able to pay the interest and In time the prin
cipal.
republican party were in favor OF a national debt,
which they believed national blessing and replied
we could without distressing the people raising mean
while credit higher than 1t has ever been since
loans, and II some Of the burden falls upon
posterity 1t will be no more than they can and
OuXnt 10 Dear. lHc udtlOndi ucDJ uiust eAst lOT
years In order to be paid honorably. When the
debt OF Great Britain was incurred that country had
not half our population, yet bore the load and Kept
her credit good. She did not talk paper. but en-.
couraged industry, agriculture manufactures and
trade, till she now carries her burden easily. We
have population OF thirty-six millions, rapidly in
creasing. Our resources are almost unb0unded In
territory, variety OF SOIL mines forests, and, above
all, In the character OF our people, their education
and ability to make this the most powerful nation
on the globe. We shall yet carry our burden as
lightly as ever warrior did his arrnor. And he
trusted that the republican party meant to bear
their portion Of the interest and principal OF the
debt. This was evidently the only way to act, to
cultivate rugality, industry and the arts OF peace,
since national prosperity ever lies In the same path
with national honesty. Let nation once forfeit her
honor and 1t ID gone forever
Mr.. Fessenden said he gloried In the platform laid
down by the Convention which nominated Grant and
Colfax. His heart bounded when he read the third
article Of that platform, the true way to peace. The
republican party must keep on the same straight
path OF integrity 90 long - manages anairs ZAP
plause) II we try to see who shall 60 lowest In the
race Of dishonor enemies Will beat US two to one.
(Renewed applause.) We must then discard all idea
Of tampering with our obligations. We must repu-
date the repudat0rs, whether In Massachusetts, or
Ohio, for they are unworthy the confidence OF an
honest, God fearing, intelligent people.