The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-07-22
THEY DON'T WANT THE DEBT PAID
AT ALL.


Everybody should be aware, by this time,
of the fact that the objection of the radicals
and bondholders to paving off the 5.2O's, 10
not so much to paying them in greebacks,
as it is to paying them IF at all This is
the foundation Of the objection. The debt
was contracted under the auspices Of leaders
who have always maintained that a public
debt is public blessing. The New York
Tribune, in answer to structures Of its cotem
poraries upon the rapidly with which the
public debt was being accumulated, said, in
1868, that no government had ever become
prosperous or great, stable or respectable,
except through the agency Of a public debt,
and that the great mistake which the demo.
cratic party had committed, was in paying
off the debts incurred up TO 1872. Acting
upon this principle Of political ethics, the
party in power, by rings, combinations and
mutual understandings connived at wastefu
expenditures and positive theftS, on the part
ofthe confederate officials. They made haste
to squander the public moneys, with the hope
ofinyolyng the country to such an extent
that the democratic party, with its watch
words Of economy, and strict construction,
could, by no possibility eXtricRte 1t. This
is the policy Of the radical pnrty and now,
after three years Of peace we find the public
debt increasing, notwithstanding the vast
amount of war material disposed Of Their
present plan is to fund the entire debt Of the
country into gold bonds on long time, and
ifthey can elect a congress composed Of such
men as j. b. Hawleythis plan will be carried
out just look THE blessings which they
are to derive IRON a perpetual debt. And
first OF the national banks.
They have cash capital Of ........ $93s 900, 600
Government issues to them upon
bonds deposited .,..,................ 800 600 0OO
Deposits with them for safe keeping
without nterest......,.........,. e. n 900 900
National banks draw interest on..... COS, O00, 900
But their capital IL only coo 600
=
banks.........."........... ........ 1923, 100000
That is truly blessing to the national
bank men: and it is not in human nature to
surrender 80 great boon without a strug.
gle.
Let us now look at the blessings to accrue
to bond holders, not bankers, by the funding
OF the public debt on Sherman's plan. "The
public debt is, $2,GOO,OOO,OOO. Five per
cent on this for 80 years, So, 900, 900 ,OO0.-
Making $500, 0OO,O 900, to be wrung from
the hard hand of toll for the next 30 years
Add IS per cent for gold to this sum and it
is increased to over one thousand millions
Of dollars, more than the total indebtedness
of all the nations of Europe" These bonds
are exempt from oil taxation, state, national
and municipal, and considering the enor.
nous taxes which other property pays, this
will add to their interest value at least three
per cent. Is tim human nature to surrcn.
der such a boon as this without struggle :?
1t is fale issue, deuson and n cheat for
radical politicians to claim that they design
to pay the debt or put it in course of liqui.
dation at all. 1t is to be funded as per.
petusl hurden-s blessing to be cherished
and added to on all occasions and by all
means, as the resources of the country are
developed, and the science Of taxgaihering
is perfected, This is the position of Grant,
Hawley & Co., and if elected will be carried
out. If you want the debt paid, vote the
democratic ticket