The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-08-19
vallandigham on the Finances.

Wavne. Indiana, by c.. L. Vallandigham, as
relates to the national finances and debt. The
more material fasehoods embodied in that
speech are as follows
l. That the Republican party intend that
the national debt shall never be paid. a law
framed and passed by the Republicans IN Con-
press provides that not less than one per cent.
of the principal of that debt shall be redeemed
and cancelled in each fiscal year. NO kepubn-
can, SO far as we can remember, has ever pro-
posed the repeal of that provision. But in fact
we hare paid very much faster than this law
reouires The debt was officially reported, on
the lst of August, 1865, as 81, 75I IO00,O 900
over and above all the money then in the
Treasury. On the 1st of this month, it was
officially reported at S2,510,000,000 over and
above the money in the Treasury. That we
had, within the last three years, paid off
$247 900, 900 of principal of the debt is an Off
cially established and undeniable fact. But
we had in fact paid much more than this.
We had paid over 500, 100000 to soldiers for
mastering out bounties, large sums additional
for pay and allowances due those who have
been mustered out since August l, 1863, and
at least $50 000 coo due to States for the equip
ment, ETC., of their troops for the war. Then
G32 600 of the present aggregate of our
debt is really owed by the Pacific Railroads,
to which the Government loans its credit at
certain rate per mile; but the bonds are pay
able principal and interest, by the roads, and
saves enormous sums by using those roads for
the transportation of its troops, munitions,
provisions, mails, etc. ETC., and stops the in
terest on the bonds out of these payments.
These $32, 900, 900, therefore, are only an ap-
parent, not real augmentation of the debt,
which is actually but 81, ATS 000,0 900. We
have in the last three years paid off consi-
derably more than a tenth of the principal of
all we owed when our volunteer armies were
disbanded, and can pay hereafter much more
easily than heretofore. 1t is proved false,
therefore, that we do not intend to pay the
debt, by the fact that we have paid and are
paying it.
II. Mr.. Vallandigham deliberately lies when
he asserts that the Republicans propose to in
crease the debt to So 400, 600, 600. 1t was not
92, 600, 900, 900 on the lst instant, but 81 5l0,-
O00,000 and that is every cent that we intend
to make it, or to pay. Whoever controverts
this is foolish, reckless liar.
III. Mr.. Vallandgham asserts that the debt
t'was to have been paid in paper" Here he
lies again, with malice prepense, and in the
face of abundant and irrefragable testimony.
We have quoted, over and over again, Mr..
Thaddeus Stevens repeated averments, in ad-
vocating the passage of the legal tender act,
that every greenback was fundsble, at the
pleasure of the holder, in six per cent. stock
Ghe fve-twenties) whereof the principal was
payable, after twenty years, an gold. Nobody
then disputed or demurred to this while most
of Mr.. Stevens associates on the Committee
of Ways and Means expressly confirmed it.
That the interest of those bonds was payable
in coin is expressly and undeniably stipulated
and Congress provided that nothing but coin
should be received for duties on imports, ex-
pressly to furnish the wherewithal to pay the
interest and one per cent. Of the principal of
the debt in coin each year, as by law required.
Some one having thereafter raised the cavil
that perhaps the principal of the Five
twenties might be paid in illegal TENDER"
Secretary Chase was appealed to, and
promptly responded that every dollar of the
permanent or funded debt of the United States
was payable in coin. So said Secretary Fes-
senden, two years later; so said Secretary
McCulloch, after his accession. Every Secre-
tary has thus assured those who were solicited
to take the bonds that they were payable in
coin. The bonds were taken in virtue of these
assurances, given first in Congress, then
reiterated by every Secretary of the Treasury
who issued them. Any villain who now says
they are payable in greenbacks would as
readily say, if he could hope to be sustained
in it, that they should never be paid at all.
~. Vallandigham asserts that the bond
holder paid only $500 for bond calling for
$1,000. Herein the villain lies no less basely
than before. The great mass of the bonds
cost the holders nearly or quite their face in
coin. Very many Of them were taken before
our lega[tender currency was seriously depre-
ciated; immense amounts soon after Lees sur
render, when there was but 25 to 80 per cent.
difference between greenbacks and coin.
But again: The West was largely in debt to
the East, the farmers to the merchants, young
business men to capitalists, at the beginning
of the war. All these were coin debts-con-
tracted when every dollar meant silver dollar
or its full equivalent. These debts-many of
them mortgages-have been almost entirely
paid off in 'legal-tender" during and since the
war. Every dollar of the "legal-tender' paid
a dollar of coin debt; and the creditors were
told, "You can invest your legal-tender' in
Government bonds, which are payable, prin-
cipal and interest, in coin." Hundreds of
millions so paid were so invested; the farmers
paying off their mortgages with half the pro-
duoe that would have been required but for
the war and the consequent legal-tender. 1t
was the debtor interest, not the creditor that
profted by our currency debasement. The
creditors took less than par for their debts,
because the law prescribed it; and now all the
scoundrelism of the country would cheat them
out of the proceeds altogether
V. Val. says he is sin favor of one cur
rsRcy for all, and gold for ALL" In this, he
lies, as usual, and the whole drift of his
speech proves it, Such a currency is per
fectly practicable, perfectly attainable. We
need not wait three months for it. Let the
people unite in the resolve, "We will have
specie payments restored forthwith, and the
end is achieved. There is no want of means
but abundant want Of will. Too many want
to sell their property or pay their debts in a
false measure of value, and so combine tC
clog the wheels of resumption. Vallandig
ham is either one of them himself, or one
who seeks to make capital out of thei
lnI, j.