The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-21

the word coin does not appear upon their facet But
surely they know. or are bound TO know, that every
penser, by authority OF the bonds; every Congress
man Or committeeman having authority to speak
d9r and has unlor On an Esa Mons
bonds were paid at ali they would, as matter or
course, be PAID in specie its equivalent II the
bic paper In the creditors face instead OF specie,
tell me- L you can 6y what mild expression the
deal with individuals who obtain money on false
preences feel the most profound respect for the
American people; have entire faith In Their public
vlrtue-the ONLY possible foundation OF republican
governments-and know that tley Will not be guilty
Of TINS fraud pass over as quite the pre-
teNtlorrcpudalion now ana then advanced, That the
holders OF these bonds sometimes obtained tuem at
low prices tat they took advantage OF the distress OF
IRON which they will derive large profit. bonds OF
our gopernm l or OF any government or corpo.
the a s Of ts ss wo w hss ar w esg "a
IL L from doubt OF ability good faith; il they
high i Is because OF general confidence in both
best bargains. But am not aware that govern
ment any more than an individual, has the right to
paper. The honest man looks at his Obligations
not into the private account book OF his creditor
appeal sometimes addressed to the lower instincts
OF mankind by those who show their respect for the
American people by insulting them. The phantom
OF q bloated, b0ndh0lding aristocracy, which Is
grinding the bones and drinking the blood OF the
haidworling people is evoked Now, II the bond
holders be so bIoated and ever 80 ar!stocratic
1t Is dlflcuI TO see how the American people is to
honor Itself by pundering or dcIrauiing them.
This may be good argument TO address to bur-
glars, but the American people will never defraud
the bondholder of his own simply because he Ii
b,oated. AS matter OF fact we know that hundreds
OF millions of these bonds are held b trust compa-
MES, banks savings Institutions, corporations OF va
rous kinds, the stockholders and depestors In
which are legion. ana especially as regards the saw
ings banks throughout the land, belong TO the hard
est working and humber classes OF the community
Clerks, mechanics, seamstresses. day iaborers, do
tory glrlshese make up large proportion OF these
oppressive bloacd bondnoldefs, VINO feeding fat
or our misery and who arc solenniy warned that
there is to be but one currency for them ana for
something or other which Is iacetlously called the
people In Massachusetts, alone tncre are 3is 500 de-
positors in the savings banks-more than a quarter
of tue whole popuiatiUn-and Onc-haif OF those
deposits is In national! securities. But you viii not
pardon If longer owen on so sordd an argument
one would think 1t equally Superiluou5 to deny
the moral right OF that form OF reputation which
bonds. A government Is bound by the same moral
law which controls the individual. Unfortunately
sometimes government , which Is the aggregate
denied to the individual. Ii John stokes or Richard
Roe borrow money OF me at SIX per cent and then
deducts five per cent or twenty per cent OF that inte
rest because he finds it convenient to take that little
sum out of my pocket shall turn him over to tho
courts. who will have something to say concerning
the violation OF contracts But Ii government takes
or a tenth or fifth of what 1t promises to pay me
have no redress but to get rid OF its bonds at the
best price can get for asSuredy II government has
the right to take or ten per cent 1t has the right to
take OF one hundred per cent, aud may one day
whistle for either interest or principal TO say that
because government imposes general tax upon
property or income, levied proportoaatey upon oil
the Citizens 1t has the right 10 deduct portion or
the whole OF sum which II has bound Itself annually
to pay, to me an almost hopeless confusion Of
IDEAS against which human reason must struggle in
vain. do not believe that the American people mean
10 adopt any form OF reputation. use the word
reputation purposely and as often as can. II we
ale to have the thing let us get familiar with the
part or the whole OF our just debts-and 1t means
nothing else in Its pecuniary application An Ind-
vidual cannot repudiate II he lives under govern
ment OF law. But nation may take a vile advan
tage OF Its strength There but one excuse for the
individual Notwithstanding, insOlvency-and
then he must give up his all to his creditors. And
there Is that excuse only Tor national reputation.
bankruptcy and divide its little ali honestly among
its crcdtorsg Nay more, are We ready TO preclptate
the catastrophe BY declaring our insolvency twelve
or fifteen years before 10 IL necessary Why, there
exists nation In the world so capable OF paying Its
debts as this nation. The American Union Is the
easy OF proof. into the details OF which 1t Is
not necessary on this occasion to enter.
+ the r % tG ae ever sSsss
pay as 1t would be for the richest man In town
o s How mn uc ar
e., 100000. How many OF us are theres sup
pose something less than 4o. 100000 We owe on an
moment. Whcl the debt is due, say twelve or If
teen years hence there will be at least eooooooo OF
tie debt not to have disappeared atogetcr by that
time, which 1t may easily be made to do. Nine dol
would exngnish the whole debt, interest and prIn.
cpal. before fifteen years are gone. IL the foul word
"rcpudation" had never been breathcd our difficult
ties would be over already and the capitalists of tho
world would DC gad to take our securities ut "a low
o rate as the most favored nations enjoy. This Is
the richest country In the world. The accumulated
capital OF the British empire may be one-third
larger although II IL probable that the re.
make surprising revelations; but the annual
product OF the United States IL now far greaier
than that OF the British empire while the untouched
resources OF this nation are OF almost fabulous OK
tent. II will be much within limits to assume q
yearly product at this moment OF 81 900 900, gold.
encouraging, but astounding Is the tremendous ratio
ut which our wealth and population increase. Arlth-
with the American future. The head swims when
the possibilities OF this fortunate land are Contem
plated. u dwell Tor moment upon the enormous
power and wealth Of this country It Is not for the
ignoble purpose Of pandering 70 Individual or ma
tona gloriicaton, but in order that we all may take
shame II we admit for an instant Our inability to pay
our honest debts. On the most moderate calculation
our population doubles every twenty-three years.
decade Immediately preceding the civil war the as
certaincd vauc OF private property In the country
increased more .han o rs per cent; doubling,
estimate the population, fourteen years hence, VIII
be 6o000ooo, and the valuation Of property, after
the war throughout the whole country, will be
s5D,000 00o, 900. The debt even Ii not reduced q
dollar before that tmc VIII thcn amount 10 about
four per cent OF Tho accumulated capital OF tho
nation. What Individual in this country wishes to-
dag TO repudlae his personal debts maturing twelve
anu fifteen years hence, because they are likely to
amount TO twcnty-ifth part OF his asscts2 Why,
The state OF Massachusetts, created In tho year 1861
the first year after the war, <5lI 000000 according
20 the interesting and admirable address OF his Ex-
cellency Governor Bullock During the preceding
ten ycars the increase OF production was seventy
two per cent, although the yearly increase OF popu
lation was but three per cent, much below the ma
tonal average. We're the whole country a3 indus
trlous, The annual product would az this moment be
SIC 900 OOo o. instead OF $4,000, 900 00o according
TO the moderate basis which we have taken.
And there IA good reason why the whole
country should not be as productive as our state.
Heaven knows that we arc not burdcnod with
natural advantages OF soil and climate. The sur
plus OF our population IL annually poured, and our
capal Il annually poured into the west AMI North
west. Can you even family imagine at some future
day when II shall be safe for Northern mon and
Northern capital to emigrate 10 the South and south
west, how vast will be the wealth created In those
scmLtropcal regions by that magic caduceus, that