The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-08-22
SATURDAY, AUGUST %, 1868.
The Democracy and the National l. oan.

QOCLTlu6 vi CIdhh Dlall) bhab bho Ah"'h 1NSS
ton at issue is the destruction of the recon
structed governments established in the South
by the Congressional policy, another portion,
of no inoonsiderabe Importance, lay special
stress upon financial issues, and labor un-
ceasingly to give prominence to the doctrine
that the Government bonds should be re-
deemed in greenbacks. Heratio Seymour,
who in his letter of acceptance referred so
often to "thinking men," as class whose
opinions possessed supreme value, that he
evidently wished to convey the impression
that he belonged to this important portion of
the human family, made an earnest effort
before the New York Convention assembled,
to impress his party associates and present
supporters, with the folly and injustice of
their attempts to insert the Pendleton
plank in their political platform. But his
efforts proved unavailng, and his opposition
to the iniquitous scheme Of reputation was
silenced by the questionable honor of Demo
cratic Presidential nomination. There is now,
therefore, scarcely single authoritative voice
In the opposition raised against the general
Democratic clamor for dishonoring the national
bonds. While the Rebels deem this issue of
secondary Importance to the object nearest
and dearest to their hearts, Of restoring
Southern State Governments that shall be
disloyal to the core, and in every ramifcation,
they do not pretend to offer any objection to
the decreed financial policy of their party, for
they stand at all times ready to injure and
punish in every possible manner those who
were true to the nation in the hour of its
peril. The Democratic party, North and
South, has, therefore, become essentially a
party Of repudiaton, and it is matter Of
paramount importance to all who are inter-
ested in the maintenance of the public credit
to prevent the triumph of that organiza-
tion. We are aware that attempts are
still made to run with the hare as we'll as the
hounds, and to promote on the one hand the
circulation of Democratic organs, which fill
every edition with attacks upon so-called
'bloatsd bondholders," while privately these
revolutionary doctrines are characterized as
mere buncombe, devils to split the ears of
the roundlings; but he must be blind, in
deed, to the signs OF the times who does not
clearly perceive that exclusive Of few indi-
vidual exceptions, the Democratic party, as a
mass, favor repudiation, while the Rspubli-
oans, as party, strenuously oppose it.
One of the greatest defects of the modern
Democratic organiza alton is that it is under the
control of leaders who have no real sympathy
with the people, no regard for their true inte-
rests, and no accurate knowledge of their real
wants and sympathies. The controlling spirits
of the party, North and South, are aristocrats of
the most malignant type, who habitually use
their more ignorant associates for purposes
which the latter never fully comprehend. 1t
is only in this double ignorance of the upper
crust and under-crust Democracy that the fall
lacy that there is marked distinction aud
antagonism between the bondholders and the
people could have originated.
The number of subscribers to the national
loan has been estimated at three millions. 1t
embraced almost every man or woman of the
North possessing small amount of surplus
means, during the flush times of the war; who
sincerely and earnestly desired the triumph of
the Union cause. The financial annals of the
world would be searched in vain for anything
approaching the unanimity with which the
patriotic American people contributed their
money, in large and small sums, to sustain
the Government. The poor man was even
more ready to buy his fifty or hundred dollar
bond than the rich man to invest In his five
thousand dollar bond, aud a very large pro-
portion of the large bonds were indeed pur-
chased by Savings Institutions or similar cor
porate bodies, which were acting as the accre-
dited agents of small depositors.
A variety of motives combined to ensure
ment loans were advertised everywhere as
frst-class investment, payable principal and
interest in gold, and full faith being awarded
to these promises, we we'll remember that the
predominant sentiment OF the period was:-
"We will stake all we can command upon the
triumph of the Government, for if it fails
everything will be worthless, while, if it sue
ceeds, we know that it will faithfully redeem
its plghted faith !" But although thrift aud
prudence may have united with patriotism in
stimulating and producing the flow of
treasure into the national Golfers,
shall the nation forever blast its
future, and check the nobler impulses
of its citizens, by teaching the terrible les
son that it is unwilling, in the times of peace
and prosperity to redeem pledges made in
period of gloom and adversity2 1t was the
proud boast of the country, after Lees sur
render, that not only had the armies of the
Union triumphed, but that its financial friends