The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1868-07-11
cLAaErr Is FINANCIAL nuDDLE

CLAGETT IN A FINANCIAL AUDDLB
The other morning We demonstrated, in n
editorial, that the Pendleton scheme, and
the scheme which Clagett advocates, Of ism
ing greenbacks to pay of the national debt,
would destroy the value Of money, rob the
pensioner Of great part Of his pension, take
from the poor man the half Of his living, and
produce general financial confusion and ruin.
We gave the facts and figures in such way q
= make the Democratic candidate for Com
sress sQuirm. And in bib dilemma he brought
forth, in yesterdays Cbnstilation, the fol-
lowing:
The GArE CRY Of yesterday has pondersps
leader the intention Of which seems to be- ~ ncar
as one can get Att to shsw the disastrous effects
Of expanding our eurrsncy by the immediate -
sue Of 100000 to l,00O, o00, 900 in groom
backs, to pay Oh tho SAG bonds. Tho editor Of
the GATs Cirr assumes that what is known ~ tho
.'greenback policy Of peHdletou,,' and endorsed
by the Democracy and > very large portion Of the
Republican party Itself, Involves this addition 70
our presentparer CURRENCY. Az it il upon this
false assumntion that eIentire argument Of the
GATs CITY rests, The value OF that afkdMsnt o46
be very easily estimated. The editor Of the GArR
sure Of either his ignstenes orr ks di1ieae9j,
when he makes tho bond-payinR policy Of Mr..
Pendleton and the Democracy such 20 he repre-
sents it We have had occasion once or twice be-
fore this to 10pcet sHihx Qissts0QgnA on The
part Of thet3AfE CirY, 4nd ca1ed il Ae@ki1ntt
four times published Il, that II might save IT,
self the discredi Of repeating what evsry intesli-
gent reader of its own columns knows 70 b sn.s
true.
The policy Of Mr.. Pepdleto6 and tn Democre-
cy has been hily and clearly e1HSssd n The 49,!
buttons Of til Nav York OonsDSies nov 49,
sion. Those resolutions therefore furnish tSe ID Z
~ legitimate basis upan which the subject GAN be
discussed pro or con. by tho issue thus asther-
tatively presented the Democracy are willing to
abids, ard challenge tho boadholderS party "a
meet them on il, in fair fold and open fight. We
warn tho Radical leaders in advance. that nothing
is to be gained by fslsifeation and subterGuge.
The people have too thorough understanding Of
the subject, and are too vitality interested in its
decision, to be thus caibled or humbugged.
Now just what ClaEett means By. this W
don't know, and We doubt If out readers On
tell. The defeat OF his favorits in the New
York Convention, and the nomination Of the
great bondholder Seymour, has evidently
muddled him. II, however. tho aboye i =
be taken Is . teplyIto our article to which It
refers, It must b construed 70 nsaa that
Clagett and the Democracy are opposed 10
issuing any more gteenbscks. He dos nDt
deny our position, that to double the volume Of
the currency would reduce IL valae - one
half, and one would infer from What hs a3s
that he Vas Disposed to take the back traek,
and rspudiate Pendleton and HE scheme, and
fall down and worship Seymour, Tire friend
Of the bondholders, and August Belmont, his
friend and chief fugler. But this will not do.
The editor Of tho Consultation is in favor Of
issuing more greenbacks, merely $780,.
900, 900 more, but vastly more than that, and
this We will prove from his own words.
In labored editorial, published in the
Constitution Of June 4th, Clagett says:
We win suppose the national debate bs twos
thousand FIVE hundred millions. Now suppose
We issue to start with, fve hundred millions moro
greenbscks, and take mp fve hundred millions Of
bonds With them and burn them. So far the debt
will be precisely the Same; but the government
will save thirty millions = year in gold on that
FIVE hundred millions, in the way Of interest.
Now suppose We levy tax Of fve hundred nil
lions, less the eighteen millions OF gold saved in
interest on bonds hsid ~ ths baaks and Atty nil
lions Of gold interest on the ave hundred mil
lions of bonds cancelled by the issue Of Eve hun
dred millions Of extra greenbacks, and also make
grcenbacks receivable in the payment Of taxes-
Money would Of course become more plenty which
would enable taxpayers to meet the demands
upon them more easily than they now msstths
demands of tho tax gather. For in fact BY the
proposed saving in ths public expenditures there
would b scarcely any more money raised than
now; while The making ef the taxes payable in
grcenhack would prevent them from depreciating
to any very grea: extent. If this process WAS
continued, ofbuying mp and cancellng i've hun.
dred millions Of bonds every year, with green
backs, and redeeming than again BY reeaiving
them in payment of taxes, the whole AAtional
debt would DO paid Of in i've ysass, without aA-
ding one dollar to the currency circulation over
Ave hundred millions.
tho Democrats propose to pay of she natonai
debt, without adding to the present burthens Of
the people ono cent.
There you are, Mr.. Democratic candidate
for Congress. Yon are in favor Of issuing
$500, 000, 900 in greenhacks each year for 6ye
years, and taxing the people to the tune Of
$500, 600 900 year 70 get them back. H.
asmuch ~ about $3.50, 600 900 Of the bondl
are in Europe, and Of cenEss tit anosat u
your Greenbacks would 20 Asrs, 4 i l;als
difficult to tell how Jon would got them back
BY taxation, but no matter, that il your lool-
out, not ours. We may b permitted 70 sue-
Gcst, however, that the Government might
need money for some other purpose hesidss
paying bonds; and if yoo keep the whesh 81
Government in motion at I'll, and pay $5eNs
0o0, 600 every year on bonds, yoa must Tar =
the tune Of good deal more than $5t o ,0o0,-
600 year. Kon - reader, Clsgstttsv4y
much in favor Of redae;xg tsssioa. !. ,s. q
---------s-sl-s~---- xsts
We hope that in anespaisx II examination
{ Frank RlaiI will explain totheg country just
what he 10 runAing for The Vice. President
ID the prssidine sGlssD IT ~ senate. Blu,
Blair, IN his recent letter, said that botA
HOUSES Of Congress should b. wiped ont, 4
the point Of tho bsyonet. Dossths shisqlkiA
Frank propose, II elected, 70 carry ont thia
nreu~vnAsnA and vsua mt Tia QnnaAA7 LAT