The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-21

he Iecnari;zed TN other words we are confronted
by party whose spirit and teachings ieao Us " ap
Ssresnect TO tSe fundamental principle Of our insti
buttons and disregard OF tue goou iaisn VI so na
tion IT win be IN VAIN th hx cSaryn@ ms with debt
which their present allies mace necessary anu which
has dGne S 80 hsye eoua
ticnatad. and with excuses which they have helped
to swell and TO which all parties In power are SUBJ
1 ees in the manner and to the extent they
Womb have the people believe 1t is still Of trihing
hch the canvass rests and which are essential to
| uninterrupted restoration and peace That we have
done some things which we ought not TO have done
the republican party, they have shown unwearied
ndety to human freedom, to justice, to equal rights
and to the honor and perpetuity OF the republic.
Let me repeat that the question we pass upon Is
not mainly one OF taxation and debt, although
grave considerations OF financial policy win con-
tinue to form interesting and important themes for
discussion. We do not say that the debt is no
larger than 1t out to be, that taxation is most
every respect, honestly and economically gathered
1t may be asked however, and the inquiry Is signih
9a RHGy S st.
conduct the finances with the least arrangement to
the industry credit and prosperity of the country
cause which led to 1t must add largely to the
weight OF Odium resting upon the demo
sna tine relates no
much to the responsibilities OF the past as to the dis
position for the future. How shall we meet the
treatment Of the national expensesP These are the
vital considerations growing out OF this subject.
The maintenance Of the public credit is dependent
upon the preservation of the public faith. In these
days, when great emergencies frequently arise, sud-
den and unavoidable IN the history OF nations, and
when rapid advance In the science OF warfare has
made wars SO formidable and expensive the public
credit Is the right Of the national safety 1t is
population, for while we have civil CONNECTIONS and
wars the munitions and means to support war are
almost as indispensable as the stout and willing
arms to direct them. An irreprOachable credit Is
also sure key to the relief Of burdens. We borrow
money during period Of war at higher rate of
interest than want to pay in time of peace. But
q sound credit would enable us to negotiate new
loans in exchange for the old at lower rate OF in
terest England formerly paid six and eight per
cent for all the money she borrowed, but now three
or four per cent will bring whatever amount is de-
sired to supply her wants. scrupulOus manten-
good as the purest gold is the Key to financial ease
security and stability. We would put our credit
this firm foundation and therefore the Chicago plat
form declares in the highest spirit Of craftsmanship
for the payment Of the public Indebtedness In the
uttermost good faith not only according to the let
ter but the spirit OF the laws
Nor does this involve any special hardship even
when judged by the narrow standard OF immediate
interest. Much has been said as to whether the
debt should be paid In gold or IN greenbacks 1t
to me, however that this question need not ut
any time assume high degree Of importance; or
equalize at distant day these two classes OF
money and thus to render the almost as desira-
BILE as the other for daily transactions. While in
sst upon the observance OF the strctest good faith
we do not propose to pay any considerable portion
OF the debt at once In the language OF the Chicago
Rod Of redemption. Meanwhile is is to be hoped we
shall be gradually and steadily approaching to
sound specie basis men recognize tae truth that
compelled to depart from the accustomed
channel, so with the return of peace we should
again seek that position which IS Indispensable to
heathfu prosperity. 1t should not be so precipitate
as derange business; but by careful and prudent
advances consulting all interests and guarding all
and thus gradually proceed toward the
end And when We have arrived at that
point there will no longer be much question as to the
mode OF paying the debt Greenbacks will then be
equivalent to gold, and whether the creditor be paid
In the one or the other will be matter OF little prac
teal consequence either to him or the nation. Since
the close of the war two hundred and sixty-seven
millions have been paid on the principal OF the public
debt With the reduction OF taxation this rapid
statement refutes the charges OF ndelty to its
frequently made against the party in power. need
have been made In the high quarters of those
who are advocating the election Of de-
and mads to convey an
and unjust impression. careful research into the
dent to the unsettled period immediately following
great war necessarily large the cost OF the gov
ernment outside OF the interest on the public debt
ton has justly decreed exceeds very little the cost OF
the government In the average eight years preceding
the war, under democratic rule, II we consider the
imitation of prices and the increase of population.
As we approach a more settled period this cost can
and should be reduced. For the next year the ma
tiona appropriations are but little over one hum
dred millions. Taxes have been abated in the sum
OF more than one hundred and fifty millions within
the last three years. SO 1t Is apparent that the repub
lcan party tends toward retrenchment OF expenses
and reduction OF burdens To no could the
cause OF economy and rigid accountability be more
safely intrusted than to General Grant, who while
temporarily In charge OF the War Department, as at
tighten the burdens Of the people by systematic and
wise retrenchment
ton measures are wholly right In every provision,
but whether In their scope and general character
they were not necessary and wise acts, to the end
that loyal men should be protected and loyal govern
ments established. IL Is to be regretted that Con-
gress has at any time been compelled to exercise
unusual powers, even IN the work OF binding up and
endeavoring TO heal the bruises OF our assaulted
Union. But 80 1t was during the war, because the
exipency had not been anticipated and amply pro-
vided for in our constitution and laws and so 1t has
been since, because the mid measures which the
LOYAL nation preferred were again and again rejected,
and thus driven from point 10 point resort was had
10 the military acts as the least that could be done
to compel peace and prevent violence and anarchy.
You can all bring to mind the concatory
character OF the proposed a,, amenament, which
ment, and how the rebel element oil the South
and the democratic party North denounced it
pose, consistent and uniform IN the work Of re-
storing the Union, we had urged this measure
r Ur in the south confhaed not ony e
manifest a spirit OF hostility, but also purpose
TO Cypress those who in honor and justice we
were bound to protect. We warned them az q re-
sult that il would be the duty OF Congress by more
stringent measures TO give erect TO the popular WILL
Thus II was that the advance movement WAS In some
measure owing TO the obstinacy OF our opponents
and real necessity to suppress the defiant spirit
and the cruel purpose OF the rebel portion Of the
Southern population.
prouressY Under IL o majority of the late insuTgent
States have reorganized and resumed practical re-
iations to the Union, and why now attempt TO de-
siroy or disturb IT. In the easiest and quickest
WAY out OF our difficulties, aud s II ustf IL IL well
known that the opposition OF the President TO the
congress mas encouraged the pro-stavery class and
emboldened them In more and more extreme. and
more and more unreasonable, II not Revolutionary
doctrines can this state OF things be rcmcded by
the election OF a President who will continue the
course Mr.. Johnson has pursuedf IL seems To me
that on this ground alone IL Is clearly our duty and
In entire accord with the Congress. Who
can doubt the hearty acquiescence OF
the southern people, long before this,