The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-04-18
! Currency-Redemption.

AS Mf. feDQiet0O mas StK1 PioauAl SsosCo
his financial policy, those who profess ig-
inorance of il, or incapacity to understand
it, must be presumed not to have seen 1t, or
to be afflicted with the shadows or purpose
to misrepresent. That part of his plan
which meets with the greatest opposition is
the proposal to redeem the Ave twenty bonds
in currency. The entire democratic press
and part Of the republican newspapers are
in favor of the abolition OF the national
banks. His statement of necessity for.
the reduction of expenditures, and the meth
dds pointed out by him by which such reduc-
ton can be made, are not objects of assault.
Both parties, of course, avow themselves in
favor of an economical administration of
the government. How much of sincerity
there is in such an avowal by the party in
power, its lavish and corrupt appropriations
attest.
Redemption of bonds in currency, sboE
ton of the national banks, and reduction of
the national expenses, constitute the ground l.
work of Mr.. Pendleton's plan. 1t has tn e
great merit of simplicity; and it Is probab lie
that, between this time and the close Of the
presidential campaign, it will be Endorsed by
a large majority of the voters in the country
Whether the democratic party shall be sue
eessful or not in the campaign, the people
will demand that they be secured in what
ever advantage can accrue from the redemp-
ton of the debt according to the terms OF
the contract with the bondholders.
There are now outstanding 81 SOS, 900, 0eO
| of five and six per cent. bonds, in the hands
of capitalists whose money, and leisure, and
| political craft make them a formidable com
| bination. In addition, there are severa
| hundred millions of interest-bearing notes
| and certificates; but, as these speedily ma
| ture, the contest between the bondholders
| and the people will be mainly in relation tc
| the six per cent. bonds. No person claim'
that it is the privilege of the government t.
redeem the ten forty bonds in paper. They
form but a small part of the funded debt
| and bear interest at five per cent
Mr.. Pendleton has not assailed the bond
| holders but he has made war against theil
unjust exactions. He is not only on the
side of the people, but he is on the side o
right. The people are the debtors and the
| bondholders are the crrditors, asking fo
more than the government agreed to pay
and more than it is under any obligations &c
| pay The battle is between the taxpayer;
and class, formidable in numbers, wealth
and influence. who pay no taxes. 1t is be
tween the taxpayers and a class possessin:
enormous means for the corruption of con
gress, and INSCRIPTIONS in the employment
of those means. On the one side, there srt
tact, political power, a subsidized press, an
unlimited command of money. On the othe
side, there are the intelligence of the people
and their disposition to do what is bot
right and expedent.
| The bondholding party and the people
party are now nearly equal in strength, bu
the latter is rapidly increasing. Even il
the present corrupt congress, the bondhold
ers have not been able to force through
bill committing the government to a redemp
ton of the principal of the 6ve-twenties il
coin. They have not been able to get
resolution of this kind through, and it
safe to predict that no bill or resolution Q
the character named will pass, the presen
i session.
Thus, it seems that the radical newspaper
daily asssiIing Mr.. Pendleton's plan, an
r denouncing him as a repudiator and a den
agogue, dare not boldly demand of congress
rejection of that plan. They have n
financial policy to present, save to deman
that the money of the bondholders shall b
gold and the money of the people pape
They misrepresent and ridicule the policy {
redemption, and yet they are afrai
to commit their party against it. Does nc
this fact prove the increasing strength Of til
tax payers and diminishing power of tn
tax.eaters Chicago Times