The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-10-13
SPIRIT OF THE PRESS.
EDITORIAL OPINIONS OF THE LEADING JoURNALs
Upon CURRENT ToPIos-ooNPILED EVERY
DAY FoR THE EVENING VELEGRAPH.
Senator Morton and the Greenhack Theory.

Senator Morton and the Greenhaek Theory.
From the ~. Y. Times.
Senator Morton, of Indiana, has been
making speech at Indianapolis in which
he denounced the proposition to pay the
United States bonds in greenbacks as utterly
dishonest and disgraceful Nothing could
afford better illustration than this fact OF the
utter diseredit into which that once formidable
doctrine has fallen. Though a man of very
great ability, Senator Morton has always
shown a morbid eagerness to keep on thor
oughly good terms with the public senti-
ment of his own State and section, even at
the sacrifice of his own personal convictions.
In 1865, after the close of the war, he ap-
proved of the Presidents policy of restoration,
and made very elaborate and effective speech
in its support. But when it was seen that this
policy did not meet with the approval of the
people, he made an equally able and conolu-
sive argument against 1t, and has ever since
been among the most earnest ana eloquent OF
its opponents.
So, at the outset, he leaned very decidedly
TO the Pendletonian theory of paying por-
tion OF the national debt in currency and,
although he has been somewhat reticent and
guarded in his discussion of the subject, his
speeches have more than once given very
distinct intimations that he should give this
doctrine his support. But now he is reported
10 have denounced it as "fraud and swindle,"
and to have declared that, if carried into
effect, ii would 'involve the whole country in
financial ruin and overwhelm our people in
disgrace" This may be cited against the
Senator by his enemies as an evidence of his
inconsistency, but it is none the less an evi-
dence of his good sense.
The change that has come over the entire
West in regard to this financial question is
among the very remarkable incidents of the
canvass, and proves conspicuOusly the advan-
tages Of full and free discussion. Throughout
the earlier stages of the canvass the opinion
seemed well-nigh universal throughout the
West that the debt might aud should be paid
in greenbacks. 1t was Western doctrine, aud
seemed especially adapted to the interests and
sentiments of the Western people. They
were supposed to hold very few of the bonds,
and to be especially concerned in avoiding the
payment of them or in reducing the amount
necessary to redeem them. While not quite
ready for open and wholesale Reputation,
therefore, it was assumed that they would
gladly embrace a policy which promised to
get rid Of forty per cent. OF their sum total by
paying them of in deprecated paper instead
of coin. And SO for a time they did. The
Democrats openly and exultingly embraced
the scheme. Not one of their prominent men
had any doubt or hesitation about it, and very
many Republicans gave it timid and halting
Endorsement.
But the Republican Convention at Chicago
boldly branded it as a disgraceful fraud, and
from that time forward it has been subjected
to a very thorough and merciless examination.
Its intrinsic character, its effect upon our
financial credit and upon the currency, all its
relations to the public honor and the public
good, have been discussed and exposed. And
the result has been complete revulsion in
public feeling. Even in the Western States
it is now almost universally discarded and de-
nounced. No fear is now felt anywhere that
it will strengthen the party that supports it,;
and those who have hitherto given it any de-
gree of Difference or support are now among
the boldest and most vehement of its assailants.
Nothing can show better the advantage of
the free public discussion of public questions,
or better vindicate the reliability of an en-
hghtened public judgment, than this fact.