The New York herald., 1868-05-21
Tho Chicago Convention on the National
Debt-Creenbacks or Gold-N0w or Never.

Tho Chicago Convention ON the National
Debt-(,reenbacks or Gold-Now or Never.
There are three ugly questions before the
Chicago Convention-the impeachment, suf-
frage and the national debt. On the impeach-
ment we expect the Convention will take strong
ground for the removal of Andrew Johnson;
on suffrage we look for some 'glittering gen.
eralities" in support of the Southern recon-
struction measures of Congress, but still in
volving the universal concession to the blacks;
and on the national debt we shall probably have
brazen image set up, with two faces, one
looking East and the other looking West-one
before which the Hon. Ben Butler may preach,
slightly diluted, the gospel of the greenbacks
according to Pendleton, and the other-gold to
the charlottesville regular golden calf of
Jay Cooke, which is the chosen idol of Greeley.
For the encouragement of Jay Cooke and
his disciples of the golden calf, it is given out
from Chicago that everybody in the Convention
desires to face the music squarely on the
financial question; that the platform which will
most probably be adopted will be that Of the
Illinois Republican State Convention, which
embraces some grand ideas, viz:-First, that
all forms of reputation are criminal, and that
the national debt must be paid in good
faith to creditors at home and abroad
according to the letter and spirit Of the
laws under which 1t was contracted. "
This is a beautiful see-saw. The national
debt in round numbers embraces-two hun
dred and fifty millions in bonds, principal and
interest payable in gold by the express terms
of the contract-fourteen hundred and forty
millions in fve-twenty bonds, concerning
which nothing is said in the contract about
redemption in gold, though the interest is paid
in coin four hundred millions Of greenbacks
and fractional currency, and three hundred
millions in the notes of the national banks,
the whole debt in round numbers being some
twenty five hundred millions Of dollars. The
'letter and the spirit of the contract turns
upon these fourteen hundred millions Of five :
twenties in reference to which Mr.. Stevens,
the radical leader Of Congress, says to the
bondholders, "Your contract means green
backs" The party platform suggested leaves
this important matter the two-faced image we
have described.
In the next place, it is supposed that this
Chicago Convention will affirm that our taxes
ought to be reduced and equalized, and that
any surplus in the Treasury ought to be used
in the reduction Of the debt by purchase in
the open market, which is all plain sailing.
But, thirdly, 1t is believed that this declaration
| will follow-that the burden of the national
debt should be extended over . fair time for
redemption, and that Congress ought to reduce
the interest when II can be conveniently and
lawfully done. The reduction Of the interest
is good; but this extension Of the burden Of
the debt over an unlimited margin Of time is
| not the thing desired by the taxpaying people.
An indefinite extension Of the time for
the redemption Of the debt involves On
indefinite continuance Of these heavy taxes
continuance which, in the interest, may eat up
the principal still leaving the principal much
the same, and fastening upon tho country
meantime monsysd oligarchy, contrastst
with which Riddls1 cid United States BAnl