The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-03-26

| From the New York Freeman's Journal an
Catholic Registerl

From the New York Freemans Journal ant
Catholic Register.
We paid thirty-fve or forty cents il
gold for a Greenback dollar, and will
these Greenback dellars we bought
3 Bonds, on which, iP somS We lIaye beer
drawing six per cent interest on thu
, face of them. Now, we want the tax.
payers TO pay us the in gold one dollal
for every thirty-fve, or forty cents, OF
the dollar we paid for them. v s 2,
nv /, MR. -PENpL.roN's THEORY.
This theory, as we understand it, il
as follows: TbepOw of a people over
their Constitution" is as. certain as the
right of ia Constitution over Govern,
ment." A Government violating a Con.
stitution, and, forthwith repudidted by
the people concerned, is worthless, fol-
all its promises. But if the people con
cerned, in their organized powers as
States, have accepted the violation oil
their Constitution, the States are bound
by the acts of their people, according
to the strict letter of the promises
made.
Mr.. Pendleton's plan, as we under.
stand it, provides further: That it is
the duty of a just administration OF
Government TO provide for the common
veal, and never to sacrifice to theory
| the welfare of communities.
Taking these two formule into ac-
count, this plan faces the fact that a
large and oppressive national debt is
weighing on the people, and ought to
be relieved. Moreover; that it can be
relieved without Injustice TO any One-L
though it may disappoint expectants OF
extOrtiODate gains.
Mr.. Seymour, on his plan of extra
"honor" towards the asurers in the pub
lie debt, anticipates that "the financial
question will, for many years to come,
harrass." Mr.. Pendleton proposes plan
that will do justice to all, and cease to
"harrass" any one. He proposes mod
crate increase of greenback circulation
that is, a substitution of paper obli-
cations, paying no interest, for $50
Bonds, now payable, that pay six per
cent. in gold, on their face. Mr.. PEN
dletOn insists that Chase'ssystem ofNa-
tional Banks, one of the greatest swim
dies of modern times, shall, at once, be
done away with. He says: Issue three
hundred million of ncn-intercst paying
greenback notes, i'll place of the three
hundred millions of subsided National
Bank notes, that draw interest from the
oppressed people. Why is Mr.. Seymour
silent on this great wrong on the peo.
plei Mr.. Pendleton says, farther, that
there is scarcity of greenback issue
since that is the basis of our currency
for the transaction of business. Every
part of the country responds to Mr. Pen
dlnton. There is lack Of circulating
medium for the demands of business.
Let us have two or three hundred thou
sand dollars worth more, and merchants
can sell their goods and mechanics and
labOrers will find employment.
But, at the basis of the whole green
back fabric, there lies this: The thing
that weighs on business, and on labor,
is that half that is made now goes to
the taX-gatherer. Double the amount
more nominal value for their labor,
shopkeepers will get more for their
goods; but the nominal Valuc that the
uSaTer, who gets the taxes, will collect
will be the same. Its real and proper
tiOpdte value will be less.
Ia other words: The usurers who
have italicized with the Government,
will be sooner paid off, and meantime,
will have sucked away less of the life
blood of the oppressed people.
Mr.. PendletOn's plan is topay off the
BondhOlder in Grcenbacks at a price
IHore than was paid for them, but not
as Mr.. SeymOurimagines, in Greenbacks
equal IN raIue 10 GolG-for this plan--Of
which poor Mr.. Greeley is the patentee
of making Greenbacks equal TO Gold,
is an incomprehensible foolery. Its
first effec- must be universal bankrupt
cy, and tue a0n-pGymeat Of any public
debts. There is not the gold to pay
snch debt, and there will not be, in
this country, till the debt is cancelled
somehow