The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-10-30
fhe Democratic STAMPEDE on Financial
issues
From the NJ Y TJ.ib,Ine

From the NJ Y. Tribune
The Democratic party, ashamed of their
candidates, and repudiatiDg the revolutionary
features of their platform, are vainly endea-
voripg to make a stand and rally their panic
stricken and deserting ranks by misrepresent-.
ing financial issues. Here also they are in
hurried retreat from all their leading positions.
Mr.. Pendleton, finding that the people see
nothing but ruin in paying off the entire Ma
tional debt in greenbacks, thus swelling our
currency to 81, SOC, 100000 and destroying its
value, now declares that he never advocated
that policy. Other Democratic orators find
that the clause in the Democratic platform
calling for the equal taxation of every species
of property involves a system OF direct tax
alton on all real estate and fixed capital, with
out regard to its income; that it admits of no
discrimination in favor of the poor or against
articles of vice or luxury; that for every dollar
it would collect out of the national bonds it
would collect forty dollars out Of real estate
and other permanent Investments and that it
is, in fact the most unequal system of tax
alton which human ingenuity could devise.
They are, therefore, actively pooh-poohing
this feature of the Democratic platform, and
assuring their hearers that it does not mean
what it says.
Mr.. Seymour himself has explained that the
bulk of our National bonds is held by Savings
Banks and Insurance Companies and that the
and insurers is invested by these companies in
the National debt. What is not so held is
owned mainly by our friends in Germany, not
by the aristocrats nor capitalists, but by the
intelligent middle classes there, who believe in
American institutions. 1t is clearly base, and
not very clearly profitable, to swindle our
chambermaids and servant girls under pre-
tense of rescuipg our 'poOr taxpayers from
the clutch of the bloated bondholders. There
fore the great Democratic drama OF the
'BlOated Bondholders and the Suffering Tax
payers" refuses to run through the season,
since the hero of the plot is discovered to be- a
sneak who is picking the pockets of servant
girls under pretense OF protecting virtue and
aiding the INDECENT.
Then there was very nice little device by
which the national bonds were all TO be paid
off in twenty years by simple tax on the
bonds themselves. Upon this policy the
national credit would flourish as the tabled
serpent grew fat by perpetualy consuming his
own tail. But it is found on careful study
that this policy results in no reVenue-that
what We collect in taxation on the bonds We
pay in increased rates OF interest.
The Democratic platform has also nice
little clause in favor of one currency. But on
inquiry it is ascertained that the Democratic
party in Congress voted almost solid for two
| curIencies, zone for the bondhOlder and
| another for the labores and peAsiOner," while
! the Republican party voted by heavy ma or
| ity in favor OF paying the interest on the
| public debt and duties on imports in green
backs, hoping thereby to keep the greenbaCks
at par with gold. We are indebted to the
Democratic party, therefore, for our two cur
rencies. Hence they are beginning to fight
shy on this question.
| They talked loudly of economy. Bat it is
tound that the same city government of New
f~k which our Republican Mayor Opdyke
ran in 1861 and 1862 Tor less than sl2 600 600
year, costs under Mayor Hoffman over
VA 600 600 year, being twice as much per
head for our whole population under Demo
cratic Mayor as under Republican, gold and
other prices remaining the same. AS for
national expenditures, Notwithstanding all the
abuses of President JOhnson's Administration,
the checks thrown around it are such that ii
! costs ST., 900, 900 less in gold per annum to