National opinion. [volume] (Bradford, Vt.) 1865-1874, 1868-09-11
Stanton on Reputation.

ton elucidated the present Demo
cratic theory of reputation in the
annexed terms. He has posted him I
self thoroughly upon the question, I
and his demonstration is practical
and statesmanlike. 1t is a strong
argument for Republican success, I
and should be carefully read and
well digcsted:
| wish to state one or two plain
propositions about the payment of
bonds III greenbacks.
Every man understands perfectly
that when government borrows
money and gives its bond, it creates
the relation Of debtor and creditor
between the borrower and lender,
and that the same principles Of com
mon honesty that regulates dealings
between two individuals regulate
the rights Of the borrower and the
lender, although one be a govern
,nent.
The government of the United
States has borrowed money and Civ
Ell its bonds. The question is, in
what shall the bonds be paid ? You
say in "greenbachs." What is a
greenback \ promise to pay
That is, YOU promise now, when
your creditor comes to YOU, to say:
Certainly, l am now ready to pay
my bond
what will You pay it ~"
81 will give yOn Il new note,'
''Well, what will you pay the note
in! When that time comes due will
you give me another note g.? What
is it ultimately 10 he paid in!
Now ii this government owes two
thousand millions OF bonds ana re
deems them with two thousand mil
lions of greenbacl>s, will it owe any
less9 1t will have two thousand
millions OF new notes for precisely
the same amount of other notes.
And how are the other notes to be
paid ? | do not see that YOU have
reduced your debt any. You have
delayed the day of payment that's
all.
so, but" says the party, "we will
get rid of the interest"
Now, will that do among honest
menu | have Captain Mctlurc's
note for thousand dollars, bearing
interest at six per cent. He comes
TO me and says, Il want to pay YOU
will give You new note, payable
in twenty years, without interest,"
Now. il he has power to compel ING
to take it, and does compel me. is
not he a Scoundrel Applause.
II You propose to redeem youl
grcenbacks by the accumulated and
surplus products cf the country, You
may be able to redeem them at I'll,
end of twenty years, and in the
meantime You pay no interest. The
result Is that you propose to the
creditor, instead of paying his bonds
III money, you will pay him by civ
ing him new note, payable in TWEEN
~ years without interest 1t i!
worth precisely that sum which il
twenty years, at compound interest
will al CUNT to Sl00, and that i
about SO. Then, if understan,
ii, the proposition is that YOU vii
redeem these bonds 10y giving praC
tically s2j for a 800 bond, and com
polling the creditor to take it. Now
between man and man, and between
Government and its creditors, i
that honest
When these gentlemen talk to yor
about paying these bonds in green
backs they stop just there. ltncy
or occurs to them that grcenbaCk
have to be paid some day-that the.
are mere government credits. an,
that substituting them for bonds i
merely changing the form Of th
o. debt, and not changing the amour
of 1T at all, unless you intend To IL
pudlatc Il portion OF the debt, {
wit: the interest. For take il.
give my bond , able with inter
est. it is just as much population t
repudlatc the interest "a To repud
ate the principal. ltIs partial rept
diation, and on long obligation
much the largest portion, for the il
tcrest on note running at six 10
cent. is equal 10 the principal ever
sixteen and Il fraction years.
PoLrICAL.-A letter from III
nois declares that that state is SUI
10 give fifty thousand against Sc
mour, Blair aud renewed rehclio
The Quincy Wing confirms this, M
predicts that the Republicans vi
carry every Congressional Dstli
that was carried in 1866.
The st. Louis Democrat civ,
publicity to II report that Scuat,
Henderson will enter ut once upt
the campaign, speaking for Gran
Coliax, and the whole Radical tic
ct.
The Philadelphia Morning Po
says: "rhc reason why Northe,
Republicans who 20 South are call,
carpetbaegcrs is to distinguish the
from the Democrats, who general
carry their clothes iu red handk,
chief"
Mr.. Pcndleton, judging from {
following dispatch, begins to trcl
bic for Ohio:
"Just got home. The conditi
nf fhn anuvuaa IA, hltn IL uu.h IA