The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1868-01-15
THE ISSUES OF 1868.
SPEECH OF SENATOR MORTON, OF INDIANA.
THE AIN OF DEMOCRATIC POLICY.


The National Finances Considered.
THE AIN OF DEMOCRATIC POLICY.
Andrew Johnson's State Governments
in the South.
REMOVAL OF DISTRICT COMMANDERS.
GENERAL HANcoCK,s ADMINISTRATION IN
THE 9TH MILITARY DISTRICT
The following is full report of the great |
speech of Senator o. P Norton, of Indiana, |
delivered on Monday evening last before the |
Soldiers and Sailors Union of this city: i
GENTLEMEN OF THE SOLDIERS AND SArL
oRs' UNION There are two ideas para
mount in the American mind antagonistic !
and irreconcilable, each struggling for the
supremacy. One is the justice and proprie-
ty of the war to put down the rebellion and
preserve the integrity of the Union. The
other is the rightfulness of the rebellion and
the wickedness and injustice of the govern
ment of the United States in putting it
down by ferce of arms The contest be-
tween these two ideas, will, as in 1864, con-
tons viii be offshoots from them and will
arrange themselves upon the one side or the
other Whoever shall vote the so-called
Conservative or Democratic ticket in
1868, whether he so intend it or not, will
thereby endorse the rebellion; and whoever
shall vote the Republican ticket will utter
his voice in favor of union, liberty, and JUS
tice OF the war andthe preservation of the Re-
hlir md lao roGr notio
upon such terms as will give protection to
all loyal men and guarantees against future
rebellion; and whoever believes in the right
fitness of the rebellion will be in favor Of
the immediate restoration of rebels, without
condition or limitation, to civil and political
rights Just as if there had been no war and
nothing had happened The Democratic or
Conservative party will be composed of
the Northern Democracy, who sympathized
with secession and rebellion. and of the
Southern rebels, with the addition of few
recruits from the Republican party. But
1868 will glance briefly at the present con-
dition of affairs.
There is much financial embarrassment
In the country, depression of labor, and
stagnation of trade. Much of this can be
lIdCeQ uHtCliy W tuc uuStltitu dlu ulSluTU-
ed condition of the South.
The persistent and determined efforts of
Southern rebels and Northern Democrats to
defeat reconstruction, and keep that ques-
ton open for the chances of future events,
has greatly impaired confidence in the tinan-
cial and commercial world, and keeps the
business men of the country doubtful and
uncertain what to do. tits therefore of the
fret inn, <,rton TO In To
that reconstruction be speedily settled upon
principles of equality and impartial justice,
that shall insure domestic tranquility and
permanent peace.
Another cause of embarrassment and dis
tress is the great drain which has been made
upon the people since the end of the war; in
the payment of the public debt. We now
learn that more than S465, 000, 900 have been
paid on the public debt since the 1st of Au-
gust, 1865; but of this vast amount only
1896, 100000 have been reported in that
way, 100000, 900 belonging to what is call.
ed the unliquidated debt, that is, debt not
evidenced by notes. bonds, or certificates of
Indebtedness, but nevertheless part of the
public debt that should have been funded
for the time being. The people would be
in far better condition and far more cheer
upon this sum, and had been left free for
time to recover from the exhaustion of a
protracted civil war; The policy of extort-
ing nearly $5O00OO,OOO in payment of the
national debt in so short IL time after the end
of the war is most unwise and disastrous,
and cannot be justified upon any principle
or theory. For several years to come the
nation will be bnrdened with heavy taxes
fnrS tafn Nv and
growing out of the war, while the expend-
lures of the National Government will be
greatly increased by the payment of boun-
ties, pensions, currency debts, and the innu-
merabe expenses sprnging from the unset
tied condition of our affairs. While the
payment, under such circumstances, of so
large portion of the public debt may ex-
cite the establishment of other nations, it will
certainly fail to excite their admiration for
our good sense; and they must despise that
craftsmanship which would further exhaust
an exhausted people, to the great detriment
OF their future strength and prosperity
The sum thus far paid has been collected ex-
clusively from the loyal States and such
will be the case for the next few years and
I am in favor of waiting until the people of
the South. who caused the debt to lie con-
tracted, shall be able and be required to pay
some part of 1t themselves. In less than
ten years We shall have increased our popu-
lation ten millions and more than doubled
our taxable property, and can pay with ease
tax three times the aggregate of the
present. Within five years the Southern
States will be reconstructed and in the en-
Joyment of comparative prosperity. With
in five years the increase of population,
wealth and capital will enable the Govern
ment to sell at par bonds bearing much
lower rate OF interest than the present, and
thus consolidate and reduce the debt
Should the Government find itself at any
time IL possession of coin or currency that
can be applied to the reduction of the debt.
it should of course be promptly applied
hut any attempt to pay the bonded debt in
advance by heavy taxation will be unneces
sary, unwise and injurious.
l would reduce the rate of taxation to the
lowest point that would defray the expenses
OF the Government economically administer
ed, and pay the interest and maturing obi
cations, and leave the principal of the bond
ed debt to be discharged in other and better
times.
Then again, we have added to our fnan.
cial troubles by the policy inaugurated by
the Secretary of the Treasury in the contrac-
ltion OF the currency, which has served to
restrain commercial enterprise, paralyse
trade, and keep the money market in an
unsettled and feverish condition. The nation
imperatively demanding the passage of a
law, which shall restrain the Secretary from
further contraction.