The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-07-08

interests are 30 closely tntermingled that
deadly blow to the former would be fatally
injurious to the latter. While the proud but
conquered Southerner reasons that the war
has done for him its worst and that he can
look only for the bitter and revengeful oonso-
lation that the Democratic platform offers in
promising that while he must howl
in misery and ruin, others shall
howl with him, it must not be forgotten that
the bitter anti-war Democrats of the North
are scarcely less hostile than the Southern
Rebels to every loyal interest, and that they
would gladly hail the triumph of their predic-
tioDs, that the Treasury would become in
solvent, even at the cost of their country's
ruin. 1t is not singular, in view of the power
full representation given to the Influences we
have referred to, that the policy of depreciat-
ing the public credit should have been so
unanimously sustained in the Democratic
Convention.
When the character of the Southern delega-
tions is considered, and when it is remembered
that they embrace not only the most desperate
and notorious of the defeated Generals of the
Rebellion, but many of the most prejudced
and pestilential of Rebel politicians, it seems
natural enough that they should seek vent
for their ranking hatred to the North, and
that, under a timsy disguise, they should
take the initial steps towards the object they
have really az heart, a do wright reputation of
the national obligations. In the delegations from
the Northern States are but few struggling
representatives of the conservative and more
moderate or patriotic spirit of the Democracy,
and the bulk of those who speak for the loyal
North are notorious only as the subservien.
slaves of slavery, and as consistent sympa.
thizers with treason. The blow aimed at the
bopdholders in three distinct resolutions is in
reality blow at the lawful money of the
United States. The antagonism which was
formerly manifested against greenbaclls has
been nominally transferred to bonds, but this
is only new and if possible more deadly form
of warfare against the public credit. The
people will not fail to follow this struggle
through all its logical phases nor to detect the
fallaoy of the theory espoused by the Demo-
Cracy. When greenbacks were first issued it
was Democratic policy to depreciate them, as
means of preventing the successful prosecu-
tion of the war, the Republicans striving with
equal zeal to maintain as fully as possible
their face value. The best means of making
them good and valid legal tenders was to in
sure their final redemption in gold, and the
whole theory of the governmental action of
the period was based on the idea that they
would all thus be undoubtedly redeemed,
their conversion or exchange into
bonds being only an intermediate
process rendered necessary to gain the time
requisite to redeem the national promises to
pay in gold and silver. Every movement de-
signed to invalidate this understanding and
agreement is blow not only at bonds, but
at greenbacks, the legal tender of the nation,
and necessarily has direct tendency to de-
preciate and destroy the public credit. If
coupled, as the Democracy propose, with an
unrestricted power of taxation, American
securities would speedily become as worth
less as the worst enemies of the nation have
represented them to be. If one Congress be-
gins by taxing bonds ten per cent, there is
no particularly good reason why another
should not follow up this step by imposing
tax of fifty or even one hundred per cent.
When the nation becomes so lost to shame as
to perpetrate theft, it may as well commit
grand as petty larceny.