The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-08-24

secured by the Fourteenth amendment, aud
denial of the latter will, as Mr.. Pendleton
remarks, entail a dimnuton of representa-
ton. He, however, conceals the fact that
though these general principles have by
Republican action been incorporated in the
Constitution, the right of suffrage remains
vested in the reconstructed States. The oppo-
site might be inferred from the general tenor
OF his argument, which is that the reserved
rights of the States are by the amendment
invaded. Now, from Mr. Pendleton in Maine,
we appeal to Judge Bond in Connecticut. The
speeches of both are printed in the same page
of the World. And Judge Bond addressing
the Democrats of the Pennington Valley,
said-
"What was the fourteenth constitutional
amendment but choice between Two evils {?
But In That amendment, even, the right of the
reserved rights of the States were acknow-
iedged and Congress must stand upon that po-
Icy. We've got them there"
We are content to take the Connecticut
Democrats Interpretation Of the amendment
as an answer to Mr.. Pendleton's assertion
that the Republican party is accommodating
power in the Federal Government, and taking
it away from the States" Can he not con-
cede to the party the frankness and fair
play which he comedies to its nominees Must
even Mr.. Pendleton pander to Democratic
trickery2
On the financial question he displays the
courage of his opinions" He is the same in
Maine as in Ohio. He is for paying the bond
holders in greenbaoks as fast as the bonds
mature, and proposes to begin by striking
down the national banking system and re-
placing its paper with three hundred millions
of greenbacks, to be issued for redemption
purposes
Take up s3OOOOO,OOO Of bonds and save
slS,O00t 90 in gold annually by way of Interest.
This Will reduce your debt, reduce your inte-
rest, and enable you either to reduce your taxes
or 10 increase your payment the next year.
Your income Is at least S500,0000 0C0 year. Be
honest honest; Be economical Let the thefts be
$4,000 600 a year, twice as much as
President Buchanan expended, far more than
| his Administration. Add $3.50 100000 for inte.
! rest, and yet you have more than 5000 900 a
| year and that sum constantly increasing by q
| large amount with which to pay off the public
| debt. In this way 1t can be paid-every dollar
In principal and interest, by the time 1t be
| or one cent to the circulation"
The Democratic theory, then, involves, in
the first place, the panic, the ruin, the fnan-
cial chaos inseparable from a sudden breaking
up of the present banking system. The clos
ing of the banks implies the closing of their
customers accounts, and the stoppage of the
facilities without which industry and COM
merce cannot move. A proceeding so sum
mary and sweeping no solvent man in the
| country can contemplate without alarm.
In the next place the theory presupposes a
| continuance OF oppressive taxation. Mr.. Pen
| dleton's exposition requires for its verifcaton
| an annual surplus which can be realized only
| by keeping up the revenue to its present
| figure. Reduce the taxes to the extent called
for by the condition of the country, and the
calculation falls to the ground, so far as it ap
plies to an immediate or very early payment
| of the debt
Moreover, although Mr.. Pendleton, in the
| passage we have cited, contends that his plar
may be worked out without adding one CEN
to the circulation, we observe that he subse
| quently, in the same speech, pointed delicately
towards imitation. "Stop the excessive con
traction of the currency he said, forgetting
| that that has already been done by Republi
| can Congress; and then he added, "expand il
| il necessary to recover the business of the
country Qrom) the prostration it now feels.
Nothing could be palmer. Inflation-'.ust
little"-is essential to the application of the
greenback theory.
Leaving aside for the moment, therefore
the question of good faith as between tn,
nation and its creditors, it is evident that tn
Democratic policy in regard to finance woulC
be productive OF immeasurable disaster.
would destroy the banking system on whicl
the business of the country depends. /
would prolong the excessive taxation from
which all interests suffer. 1t would unsettl
values and send gold up like rocket, by al
unlimited issue of currency. These conclu
sions we derive from the speech of the recog
nzed author of the policy adopted by tn
Democratic Convention on the financial ques
ton; and they indicate one element of tn
cost of electipg Mr.. Seymour to the Presi
| dency,