The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-02-25
The Main Question.

Mr.. PENDLEroN, of Ohio, is day by day
looming up more prominently before the
people as a Presidential candidate, and in
dications are not wanting that the enthusi-
aslic support he receives in the West will
soon be equalled by his popularity in the
East. They who desire perennial strife
and disoord will not give Mr.. PENDLEToN
their support. They who are bondholders
and not taxpayers will not join the green
back league But those who wish well to
the whole country, whose pockets are being
drained that the purses of the bond-lords
may be filled until they burst,-the masses,
in fact, as opposed to moneyed-aristoc-
racy,-are eagerly watching for the prophet
of relief and preparing to give him warm
and hearty welcome.
The views cf Mr.. PENDLEToN on the ma
tional finances have already been noticed
in this paper, but, in order that his green
back plan may be generally understood, we
give a succinct statement of its principal
points.
Mr.. PENDLEToN is of opinion that the
United States fve.twenties should be paid
at maturity, not in gold but in legal tender
notes. Seventeen hundred millions of five
twenties and bonds which bear interest in
currency fall due within the next five
years-that is they may then be paid eff at
the option of the government, having run
FIVE years. To liquidate these bonds, by
payment in greenbaoks, would, it might be
urged, cause an immense imitation OF the
currency; but Mr.. PENDLEToE contends
that the liquidation oan take place without
initiating the currency beyond safe and
just point.
Three hundred and thirty-eight millions
of United States bonds lie in the Treasury
as security for three hundred millions Of
national bank paper. This circulation, ac-
cording to Mr.. PENDLEToN, should be called
in, and the bonds redeemed by legal ten
ders which will take the place Of the bank
circulation. This would reduce the inter-
est bearing debt to fourteen hundred mil
lions, and would save the government
twenty millions of interest.
The Secretary Of the Treasury expects
to save forty-eight millions out of current
revenue. Add to this the twenty millions
saved in interest, and there is a sum of
sixty eight millions, which converted into
greenbacks at one hundred and forty would
give ore hundred millions, which su.n, an
nuslly, as sinking fund, would pay off the
whole debt in fifteen years, without adding
one dollar to taxation or the circulating
medium. Thus, the fve-twenties could be
paid off in greenbacks without initiating the
currency, and without touching the ordi-
nary revenue or cutting down the enormous
expenditure growing out of Radical legis-
lation.
But let the reformer be set to wo-k, and
the expenses of the government-indepen
IDENTIFY of interest-be reduced to one hum
dred and fifty millions, and there would be,
one hundred and fifty millions for current
expenses, one hundred and thirty millions
for public interest, and one hundred mil
lions for sinking fund, making in all three
hundred and eighty millions This, de-
Quoted from revenue equivalent to that of
1866, would leave a balance of one hundred
and eighty millions, which might be added
to the regular sinking fund Of one hundred
millions. There would then be an annual
sinking fund of two hundred and eighty
millions, which, in FIVE years, would pay
every cent of principal and interest of the
public debt, without initiating the currency
by one single dollar.
After the FIVE years one hundred and fifty
millions can be taken off taxation, and there
would still be left the means Of meeting the
three hundred millions of bonds which fall
due in 1874. Then taxation could be con-
traoted two hundred millions more, the
debt maturing in 1881 could be paid, the
greenbacks called in, and the country go
back to constitutional currency.
This is the plan proposed by Mr.. PEN
DLEroN, and it is sustained by the great
majority who do not hold United States
bonds but who pay taxes. The debt of the
United States is not in many hands. A few
thousands of wealthy men are the creditors
who hold the evidences Of debt, and many
millions are the debtors who are deter
mined that the debt shall be paid, but in
their own way and at their own time. The