The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1868-02-15
NATIONAL INDEBTEDNESS.

y W uttN We AV " AtVStts y Az ~ Us
the Democrut does, VIC heartily agree with its pro.
posal to reduce the national expenses to the lowest
possible point, to pay no bonus to the national
banks, and to apply every dollar We can reasona-
bly, spare to decrease the nat d al debt.
The Democrat places the currency in circulation
and debts which should be paid at $500. 100000,
while the currency is only q fraction over halfthat
amount-And saws we Republicans want to con-
vert this currency into interest bearing bonds, &c :,
which It has no authority for saying. We think
the income Of the Government should BIO as great
as the nation can raise, without being too severe
a burden; the expenses should be cut down to the
lowest possible point; every dollar that can DO so
used should apply on the reduction of the debt,
and the debt be funded at the very lowest possible
rate OF interest. That will leave the question as
TO paying bondsin gold or currency entirely immR-
terial. The bonds should run for 4 long term of
years, and the Government can buy them up as
low as any one.
II we do the Democrat justice, Il will not differ
materially from these views. and SO far as 1t fayors
q plan which is honorable Nc are disposed to de-
tract nothing from it. We cannot see that It
agrees with the Democratic platforms lately adopt
ed in Ohio and Indiana, which distinctly advocate
the payment of the debt by an issue OF currency,
nor the position of prominent men of its party
here who favor the same plan"
The Record says that we do not
second the "Pendleton-Butler project
of reputation by flooding the coun-
try with useless currency" We have
not a word to say In defence of Benz,
Butler. He voted. when in the
Charleston Convention, several scores
of times for JEFF. Davis; and he after
wards made himself a millionaire by n
prostitution of his military power
We have no use for such q man !; and
are particularly careful not to act as
his defender. But Mr.. Pendleton is n
very different sort of person. We re-
gard him as an honest man, and peer
less statcsman-as one who, in the
darkest days of the Democratic party,
stood firmly by his colors; and be.
cause he did so, we respect and honor
him; and We shall be pleased to have
it in our power to aid in e~levating him
to the Presidential chair. Pendleton
is not in favor of flooding the coun-
try with useless currency" He is in
favor of liquidating the National In
debtedness-except the l0-40's-with
grecnbacks; but he would do so prin-
cipally as we indicated in our issue OF
the lst instant. 1t is to him that VIC
are chiefly indebted for the plan there
laid down for liquidating the Nation
al Debt. We should have said so at
the time; but We knew if we did give
him the credit then, that no Radical
journal would admit it to be worthy a
moments consideration.
The Record says that there is not,
at present, more than four hundred
millions of greenbacks in circulation,
Mr.. McCulloch, in a statement he re.
Gently made, says there arc sever hun.
dred millions ofgrecnbacks in circula'
ton, Who shall be beiicvcd-thc Secrc.
tary ofthc Treasury or Mr.. Clarke? The
Secretary also says that the just claims
against the Government amount tc
one hundred milliOns-making an az.
gregate of $500, 900, 900. On this part
of our public debt we pay no interest.
The Radical policy is to cause these
greenbacks to assume the form o.
bonds bearing six per cent. gold inter
est. Dir. Pendleton's policy is, to lei
them alone-let them remain just as
they are-and thus save paying $40,
100000 annually as interest. He fur
Their favors issuing about $500 900 ,00C
more Of greenbacks whcrewith to pur
chase the u. S. bonds deposited by
the bankers, with the Treasurer, al
security for the National bank cuFreR
cy nov in circulation. This policy
would save over 500, 600, 900 annual,
which are now paid as gold-intcrest
to the b~ondholders. He would thus
save $68,0o0,OOo in gold; and this
converted into g~rcenbacks at 14C
would yield an annual debt-payine
fund of one hundred millions of dol
lars. Thus far u plan for paying
the public debt is precisely like thai
of Mr. Pendleton; and we again say
that we are chiefly indebted to hin
for it.
The Record thinks that the publ,
"debt should be funded at the VERY
lowest possible rate of INTEREST,"
That is to say, the Record is in favo
of changing the contract with tn
bondholders. This may be all right
on this point we express no opinion
just now;-but we submit that
comes with an illgrace from Radical
who have spent SO much breath il
bitter dennnciation of Democrat
who, as has been charged, conten'
that the contract should be altered
Bondholders now receive by law 81
and seven per cent. gold interest ; bu
the Record would reduce this interes
to about five per cent.-that being tn
interest allowed by Corbet's bill re
Gently introduced into the Senate
What now becomes of the hue an
cry raised by the Radical leaders, tha
the terms of the contract with III