Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-06-06
THE PENDLETON FINANCIAL
POLICY.


POLICY.
The $50 Bonds Should be Paid !
Greenbacks-Taxes should be X,
dueed and EquaIized-An Annus
sinking FHnd of Ninety-fwO MI
lions 10 Pay the Entire Bonde
Debt in Thirteen Years.
| Extract from the speech of Hon. Geo, H. PEI
dletOn delivered in Milwaukee, Nov. z, 1861
Now, gentlemen, have thought it wort
while TO dwell thus in detail upon the legs
and moral obligations of the government /
pay these bonds in gold, because it ha
been thought, in some quarters, suficien
| answer to every argument TO cry out ere
pudiation reputation !" There is not
particle of reputation in the proposition
/ Neither the law, nor the contract, nor th
face of the bond, nor good morals, requir
that they should be paid in gold. RI
| PUDIATIoN That is charge whicl
comes with an excellent grace from me
who, in Ohio, and Indiana, and New York
aud Pennsylvania, and perhaps here il
Wisconsin, paid in legal fender notes tn
interest upon the State debt, which wa
contracted 10 be paid in gold. REPu
DIATIoN! The charge is made by mel
who paid in deprecated paper TN
United States notes Of 1861, which wer
bought for gold at par, and by Oh,
contract were TO be paid in gold. Re
PUDIATIoN the charge is made by the mel
who voted for the law which authorized
every man who had agreed to pay a hnn
bred dollars in gold to discharge the deb
by paying hundred dollars in paper. RE
PUDIATIoN they are the repudiators, who
after they have compelled the people Il
take these legal tender notes in payment
of every public and private debt, in pay.
ment of every State, and county and town
ship, and city and railroad bond nov
turn around and depreciate these notes
and say they are not '1awful money" as
they were declared by act of Congress Il
be, and not lit to be given TO a public
creditor. To expand the currency when IN,
people are mourning debt, and to con.
tract the currency when they come to pay
it, is public robbery, whether such be the
motive or not.
And now | say not only that these bond;
are payable in legal-tender, but that they
ought TO be paid as soon az it is possible TO
do 30. do not know that it is possible to
pay them as fast as they mature, even 10
currency; but | do know that every
possible effort onght to be made to do il.
But at this point ! am. met with the
statement that this policy will cause the
issue of an immense amount Of paper, and
thus 10 far initiate the currency "a to de-
stroy its value, and bring disaster upon
the country. Now, gentlemen, let me ex-
anime this objection. Mr.. MeCulloch in
his last monthly report stated that the
public debt which bears interest is com.
prised in three kinds; that three hundred
millions of this debt could not be redeemed
before 1874 that three hundred millions
more could not be redeemed before 1881 I;
and that the rest of hetlebt, amounting to
Rearly seventeen hundred millions of doll
lars, is made up Of iive-twenties and bonds
which bear interest in currency.
Seventeen hundred millions of fge-
twenties and bonds which bear interest ia
currency, may be redeemed within the next
five years. / cannot state TO you The exact
time nor the exact proportions in which
these bonds may be redeemed / mean
these tiye-tweniies. Their very name i'm
plies that the government may pay them !;
but it need not pay them until twenty years
shall have elapsed. U-.I 8. I-...
lmaintain that these tiye-twenty bonds
should be paid as fast az il is possible 10 do
so without initiating the currency beyond &
safe and just point And il is my business
now 10 show you how rapidly that can be
done. The unliquidated debt of the United
States consists of green5acks and claims
which have not been adjusted, and amounts
10 eight hundred millions of dollars. 1t
pays no interest. ant ts-5i 4
The policy Of the Republican party is to
convert, in whole or part these eight
hundred millions Sfdollars of nnliquidated
iebt into bonds, which pay six per cent.
interest in gold. Now, what will be the
effect? IL converts debt which bears no
interest into debt which bears interest in
gold; II will add to the expense Of the
government $4S, 100000 in goid--for that
s the interest ON $4,000 10000. Ii will in
,rease the number of those who do not pay
axes, and increase the burdens of those
who do pay taxes. Ii viii add to the un-
axed property of the country. 1t will
active into ioactive capital. I'll
my portion is converted, the same proper
tomato result will follow.
Now, | maintain that this system
,ught not TO 20 on, that this debt ought not |
o be converted, that this capital oughfuot !
q be locked up, and that this large number |
# people oHght not 20 be exempted from |
aXaiion, and shat this additional burden /
# SIS 100000 should not be imposed. The /
say they cam know they |
ught to be able to-Pay this amount from
be current revenue. ~
IL you look at the report made to-day in /
he evening papers by telegraph, you will
ee the national banks have three hundred \
nj thirty-three millions Of dollars of the
onds of the United States deposited in the
-easury as security for their circulation.
'Oa know how these national banks are
established. 4 Nun buys the bonds Of the |
Overnment Of the United States, aud de-
osits them in Washington and receives
he interest on them year by year at six
er cent. in gold. He receives ninety per
mt Of bank paper he brings them home
ere % your own ciiy, establishes bank,
sues these notes, aud derives the interest
K, or ten, or twenty per cent, as the case
sY be, when you borrow them. htil
Three hundred and thirty-eight millions
these bonds are, by the report Of the Sec
tary OF the Treasury, deposited TO day
security in the vaults Of the treasury.
hree hundred millions Of bank paper are
aled on the faith Of these bonds Now,
ntlemen, | maintain that this circulation |
lght 10 be called in; that three huudnsd
illions Of these bonds ought 10 be re-
emed with legal tender, which will take
e place of that bank circulation.
What would be the effect of this2 The -,
venteen hundred millions of interest
airing bonds would be reduced 20 four
sn hundred millions; and eighteen mil q
,ns Of dollars in gold would he saved TO /
e government from the Interest which is ,
id 20 the bankers FOR The bonds which
ey have deposited. {
Nov, then, suppose you fake these /
,hteen millions Of interest which Is saved /
4 add it 10 the forty-eight millions Of
liars which these gentlemen say they q
d pay from the carrent revenue, and you
We sixty-six millions Of dollars in gold, v
n by year, and il you coRYeTt that sum b
o greehhacks, at 40, yoa have ninety v
o millions Of dollars year, and if this v