The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1868-02-10

try, but they do not favor scheme
which would inevitably result In the
destruction of the nation credit.
But what has made an increase in
the volume of the currency necessary?
Why is it that business IS so fearfully
paralyzed, and ruin and destruction
threaten almost every department of
business2 Why is it that so many of
our mechanics and laborers are thrown
out of employment, and can scarcely
raise means enough to buy provisions
for their families? Why is it that the
farmer has difficulty in. paying his
taxes? In many localities property
is rapidly depreciating. But the
other day, sale under execution of
real estate occurred, for forty cents
an acre, which last year rented at
three doll4rs per acre. What is the
cause of all the distrust which now
exists among business men, and be-
tokens general financial crash?
The answer to this, and all these
questions, is to be found IN the mad
and mischievous contraction policy of
Secretary McCulloch, backed as he is
by President johnson, who in turn is
endorsed by the Democratic party.
Under this insane policy 100000 900
/ have been withdrawn from circula-
ton The amount remaining In actual
circulation is really less than we had
before the war, although the business
of the country is more than .trebled.
Such policy cannot be otherwise
than ruinous, and if persisted in,
would as certainly result in repudia-
ton and National and individual
bankruptcy as the scheme of flooding
the country with irredeemable green
backs. "
Is the Union party responsible for
that policy? A majority of the Union
members of Congress voted against IL,
and if you will examine the legisla-
ton of Congress in March, 1866, you
will find that every Democratic SEN
ator, including Hendricks, and every
Democratic member of the Lower
House voted an favor of this contrac-
| ton policy. A minority of the Union
members, aided by the uadiuided
Democratic vote, made that policy the
law 1t was by virtue of that law
that Secretary McCulloch issued in
terest bearing bonds, not taxable, to
take up more than 500, 900, 900 of the
greenback currency of the country.
Andrew johnson, instead of vetoing
it. as he did all the wholesome and pa
triotic legislation Of Congress, wrote
his name at the bottom OF it, April II.
1866. Approved, Andrew johnson. 7
| Congress has at last put stop to
that ruinous policy, (although John
son has not yet approved the bill,)
and it is to be hoped that that body
will, by proper legislation, at once
authoriz3 a sufficient increase In the
volume of the currency to supply the
requirements of trade and industry.
The question Of the time and mode
of discharging the public debt is now
engrossing the minds of our ablest
inanciers and statesmen. 1t is diff
ficult and complex question Mr.. Clay
lionce said, that the United States had
produced but two financial statesmen
Alexander Hamilton and Albert
Gallatin-yet every Democratic politi-
clan can discuss and settle financial
complications that would have stag
gered these great intellects, in less
than twenty minutes, There are no
less than nineteen different kinds of
loans and securities, all of which
must be provided for, and should be
consolidated In some way, perhaps in
the shape OF a long taxable loan. The
present generation has expended In
blood and treasure, fer the life of the
nation, quite its full proportion.
Let something be left for our
children to do, so that the greater
part of the burden of taxation may
| be removed from us. Let the recon
structed South aid IN the payment of
the public debt, as well as the mil
lions who will seek our shores from
foreign lands. What the people need
and demand is just and equitable
adjustment of our public indebted
ness, explicit In its terms and unop-
pressivein its rate Of interest. Con-
tidence will then be restored, bust
ness will revive, cur exhaustless.
resources will be developed, and
our country will resume its
onward career of progress and pros
perity,. A careful comparison of
propositions and opinions will no
doubt result in the adoption of some
plan which will comprehend all these
interests, and sat the same time save
the credit OF the nation.
This, and all the great questions
growing out of the war, should be
settled by the party which saved the
life of the nation With the active
cooperation of Northern Democrats.
the war would have ended In one
year, and millions upon millions of
dollars would have been saved, and
thousands Of precious lives. The
Democratic party is responsible for
the war and al its terrible conse-