The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1868-12-18
Our National Disgrace.

o. OuI NdClOudl OlbGidSOs |
TIE fact that barely twelve weeks of An
drew Johhson's Presidency remain TO be en-
dured should console us under many aflc-
tions and reconsie us TO many hardships.- :
Plead as we fairly may that the great party
which he has betrayed never meant to make
him President, while the party he has
treacherously served and fawned upon de
spised him too heartily to think of accept
ing him as a candidate, the Republic has
been shathed as well as scourged by him from
the hour wherein he reeled into the Vice
Presidency, and will be till the place that
knows him shall no him no more. We have
had bad men in the high Office before; yet
we are confident that no man but Andrew
johnson was ever chosen Vice President |
of the United States who could have pro-
voked the scorn Of Christendom by such |
an exhibition of native depravity as is made
in the following portion of Johnson's last
Message:
| Our national credit should be sacredly
observed; but in making provision for our
creditors we should not forget what is due to
the masses of the people. 1t may be assum-
ed that the holders of our securities have al
ready received upon theft bonds larger
amount than their original investment mea-
sured by gold standard. Upon this
statement of facts it would seem but just
and equitable that the six per cent. interest
now paid by the Government should be ap-
piled to the reduction of the principal, in
semi-annual instalments which in sixteen
years and eight months would liquidate the
entire national debt. Six per cent. IN gold
would at present rates, be equal to nine per
cent. in currency, and equal to the payment
of the debt one and half times ir frac
ton less than seventeen years. This in
connection with the other advantages utriv-
ed from their investment, would afford to the
public creditors far and liberal compensa
lion for the use of their capital, and with
this they should be satisfied. The lessons
of the past admonish the lender that 1T is
not well TO be over-anyious in eXacting from
the borrower rigid compliance with the let
ter of the bond.
-ol COMMENTS BY TIE TRIBUNE.
; Mr.. johnson has probably borrowed money
| in his day, and may have done SO when his
debts were so heavy and his prospects Sc
: bad, tlat his note was not w0tth half its
: face Let us suppose him drawn into diff
n cult law suit; which involved all he was
i. worth. lie applies to thrifty neighbor
e for S., 900, being in absolute want of that
sum to prosecute his suit, TO Judgment. :
: The prudent capitalist inquiries as to the Sc
# CURLY, and is pointed to the estate in litiga
Il tion. "Yes, but if you lose the suit, you
i; will have no estate" WELL he responds,
;, u "if lose the suit, you must lose the debt
. but if win it, will pay you double =
st agreed" says the capitalist; Il will TAKE
the risk So he borrows the $4,000, ant
d with it wins the suit. How much does hi
- owe? How much opeht he to pay? You
D. answer decides whether you are honest or {
1t william. ........ ...
y So far, we have admitted the truth o
Johnson's fundamental assumption; but tina
+ assumption is false. What the nation owe
its creditors is precisely what it agreed to pa
IA them-no less no more. But the great mas
II of them paid for their bonds the full sun
;s specified on their face-often more. True
they paid in greenbacks; but those greer
ne backs had cost them their full amount j
ai gold. 1t was the Debtor, not the Credito
4. interest that profted by the depreciation {
our Currency. Hundreds of thousands pal
l off in greenbacks their mortgage and otht
eu debts which were contracted when the Gu
% rency was at par with Gold-paid them Q
VS. with money obtained by the sale of the
products or their labor at prices greatly el
eu ohanced by our currency depreciation.
~ Every one can call to mind instances whe
ey farmers and others, WIN had for years bet
ed struggling to meet the interest on the nor
ul- gage given when they bought their lam
to were enable to wipe out that mOrtai
he by the proceeds of two or three Gro
as sold during the latter years of the War;
ION Creditors complained mot unjustly) that tn
"a were thus paid off too easily, and were al
wered LEND your money to the Governme
''and you will be paid your bonds in gold;
,nr "what are you grumbling at?" They d
on. lend it-not by Millions only but by Hu
ain dreds of Millions-and thereby was t
st- Union saved. And now 4 President
NY the United States tells the public credito
no. that if they are paid seventeen yea
vas interest, they may think themselves luck
lch thouph they never see o cent of the prin
am IN pal. .a s 4.sH #
,ur- The man who makes this suggestion is
rhe villian-a brazen, reckless shameless Will;
'lde He has sheepish confederates who share
'ne knavery but lack his eh'rontery The peo
lied have set their heel hard down on the VIII
last tribe in indorsing the Republican Plato
'ler of 1868 through the election of Grant i
nnd rS'd Colfax. Republication will gain moth
les by Johhsohs ehdorsenenI-iC VIII rat
'ell, receive darker smirch from his well-ear