The New York herald., 1868-10-30

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consequences which would follow its application.
Mr. NOAH DAVIS Of Western New York, was the
next speaker In the course OF his speech he said:
There u upon us national debt OF S26oo,ooo 900.
II 10 Of small moment to inquire who is responsible
for the existence Of this debt for after all discussion
OF that subject Il exhausted the ugly fact stl re-
mains that we owe the debt. The questions i'm.
portant to be considered by are shall the debt be
paidf and how paidf and how shall 1t be handled
white In the process Of payments TO these ques
tons all the best energies OF satesmanship may well
be directed am not Of those who THINK that Q pa
tona( debt il national blessing; but believe that
* ssp ron $aG may mSs e. sSUisa H.
Sldsntsl g blessings Of great benefit 70 the people
aonor ana nonessy among rs sepis ' and t6s aS
ministratlon Of governmental affairs, those results
win 60 far to &meliorate the evils that naturally
that our national debt cannot be Immediately paid.
~ payment must be question Of ume-greater or
ss e dss rs Tes ss 8 s:s .SS or5 5u
discussion Of doubt. since the country cannot be
nent i becomes Of the last importance to settle St
Sss SGS .sss s anS nsvS w
disastrous to the government ITSELF to the people
country: ! can conceive nothing more un.
mercial affairs and general prosperity OF this land
than the mistake OF leaving this question to be the
c oSa poes S f WIN
like an Alpine avalanche ready to be oosed by Vi
Sration Of the air, to crush In common ruin the
Need point out the peculiar dangers in which we
sand In regard to this question: Our debt was
sds to crush the rebellion Of s eleven States Can
instrImentalities with which we subdued themf
With their own war debt repudated; with the I'm
with the innumerable consequences Of their crime
many Of which they regard az grievances rather
70 fear that these States once il DOVER viii be too
willing to relieve themselves from paying the cost OF
their own humiliation and defeatS With eleven
have nos TO Dread IN n sne
What think you, would the seymours, the Pendle-
respond to the HaSptons the Hs ana the the Toe
NJ the Southern democracy, and what the fierce
masses led BY your Woods, your Brookses and your
foreteli what an echo the rebei yeip; Of repudis.
ton even IN this emporium. Of commerce would
party in proposing semi-repudiation By ereenbacf
Iayments before rs, how can we doubt what their
conduct will be II absolute reputation is ever the
eleven States Of the Unionf But II reputation
never actually came the terrible fact that It lies
prey viii hold our securities in perpetual discredt
and dstrust 1t Ii the lui king fear In the minds OF
~ TO ee
BY the side Of weak and unstable governments. But
where lies the remedyi The nrst step, repeat, y
20 establish at once and forever that national
81. e Psa =
Certainly not by the chances Of future ballots.
These are ephemeral and often delusive. There is
Dy
phere Of absolute integrity. and that is by establish.
Ing forever the fourteenth article Of the constitution
Of the United States. That amendment declares
that 1.-The validity Of the public debt Of the United
states authorized by law, including debts Incurred
for payment OF pensions and b0untes for services in
suppressing insurrection or rebellion, shall not be
Questioned.n Herein, then, 1t is clear the honor OF
ns nation n tSa e IT, 6e0 nnas safety But
gether upon the upholding OF the reconstruction
measures Of Congress-. II they be overthrown the
is ratifcaion bv the reconstructed states depends
tue question Of its adoption Nothing has been done
shat %s that S part q the
Of Congressional reconstruction the parties are Ct H.
sue. The republican party and its candidates afnrm
dates deny It and declare the reconstruction acts
pf Congress TO be ''usurpations and unconstitu.
o s You sss ne
rsoTgsn1sd ssss; ;pa seward 10 n.
and deno1nce the amendment s. the repub.
ucan and democratic parties are directly at issue
70 the mode Of paying the national debt The re.
publican party declares that shall be pad in the
currency OF the w0fid. 1--WE den0unce au forms OF
honor requires the payment Of the public Indebted
ness ia the uttermost good faith TO all creditors q.
% sSe Sprs o the laws under which it was contracted"
That 1s the language Of the republican platform. The
. declares n the sa, bulk O the
its platform f. "where the obligations OF the gov
ernment do not expressly state upon their face or
vide that % they shall be paid In COM they they ought @ IN
right and justice 70 be paid in the lawful money OF
legal tender currency known TO us as greenbscEs.
Let us see for moment to what portion Of the obi.
cations Of the government this democratic mode OF
payment applies. The debt H. In round numbers,
twenty-five hundred millions OF dollars 1t 10 In part
made up Of about sixteen hundred millions of i've
about fifteen years; about two hundred and eighty.
four millions OF six per cent bonds, payable In 1881;
about three hundred and nfy.sx millions OF green
backs, payable ON demand believe neither Of these
classes OF Indebtedness IL expressly payable In com
on s face or 1y express provisions q the law under
democratic platform provides that greenbacks shall
not only pay the bonds OF the soyernment but also
shs bonds were issued no one dreamed mat tney
wore 10 be paid otherwise than In the carrency OF
the world. Their payment was postponed five
years or twenty years al the option OF the govern
ment because everybody supposed tnat the rebellion
would end nnd specie payments bo resumed be-
TOOK time solely for tnat contingency. X the right
pay In greenbacks existed, or was TO be claimed,
why take the timer Surely u were Just rs easy to
In twenty years. And was IL not quite us important
TO stop gold interest during the war as now The
government took the tune solely to be ready to pay
Che gold, and took tho option OF twenty years II II
could not pay in ve, but gave no option or time to
the creditor. Nothing can be clearer than the mani.
fest intention OF a parties To the transaction. Aud
Il is remarkable fact that with all the efforts Of the
allies OF the rebellion here and elsewhere during the
war TO cripple the government by depreciating its
securities not had the pudacity TO assert that
the government, II 1t paid at all. would not par In
she currency OF the world. They did proclaim that
0ovar0ment WOud reOudinfe.
never pay. that the bonds were worthless and they
VINO invested would lose every dollar; but In .heir
treacherous souls the devil seems never to have put
the bonds and substitute dshonored promise with.
out interest. Besides, In making the greenbacks
legal tender, IL was expressly provided that they
ct the option OF the holder should De excnangeable
for nve-twentlcs, but never that nve-twenties
should be exchanged for them 80 -
its cfYect upon our character as nation. SIX hun
Ared millions Of our bonds are held abroad. Germany