The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1868-12-25
Johns on for liquidation.

the decaying passions of the defeated rebel
lion, and in preventing the accomplishment
of reconstruction. Pretending to desire
the restoration of the States, he was eff
cient in multiplying obstacles end in keeping
the States disorganized and unrepresented
beyond what would have been possible un-
der policy having that object confessedly
in view
His skill for mischief he now directs to
the financial problem. The same moral
obliquity, the same mngling Of ignorance
and arrogance, the same defiance of every
consideration affecting the honor and the in
terest of the nation, inspire his action In
comparing the expenditures of the govern
ment at two periods, for example, he states
those of 1869, at 1912, 900, 900. The first
was in gold, and the latter currency. To
compare them, they should be stated in the
same terms. Then.the expenditures Of 1860
become equal to $95, 900, 900 in paper. In
1868, we paid $43, 7S7. .4l2 for bounties,
$1,000, 600 for his speculation in Alaska,
and S24, 252 900 for the great national Pa
ClhC IbliWlDS, ueSluSS pltu, ,OUu,Ouu tOl lu-
terest and other large payments on account
of the war. OF this he makes no account,
but leaves the reader to understand that the
'eXpeuses of Government in the, year of
peace three years after the wall" are nor
maliy the aggregate which he parades. He
treats the increase of the Indebtedness with
the same hostile disngenuousness And he
insinuates with an indirection which adds
severity to the sting, that the treasury is in
danger of failing to meet drafts upon it; for
this is the English of the remark: with
out proper care, the small balance which, it
is estimated, will remain in the Treasury at
the close of the present fiscal year, will not
be realized, and additional millions be add
cd TO debt which is now enumerated by
bilious"
All of this is but the logical progress to-
wards II proposition which it is the shame
of tn" Republic, Mr.. johnson as President
puts forth and advocates He states it in
these words:
Our national credit should he sacredly oh
served, but in making provisions for our
creditors. we should not forget what is due
to the masses Of the people. 1t may be as
surncd that the holders OF our securities have
already RECEIVED upon their bonds a larger
aaurrt than their original investment,
mraSurcd 10y gold standard. Upon this
araienl.n MT Of facts it would seem but lust
arn aqItahir that the six per cent interest
nov pard lay tile government should be ap-
piled tn the reduction of the principle in
sem,-aunuai instalimSntS, which, in sixteen
years ana eight months, would liquldate the
cu,ire nationul debt Sivper cent. IN gold
would, at present rates. be equal to nine per
cent in currency, and equivalent to the pay
ment of the debt one aud half times in a
fraction less than seventeen years. This in
connection with all the other advantages de-
rived from their investment, would afford to
the public creditors a lair and liberal COM
pensaton for the Use of their capital and
with this they should he satisfied. The
lessons of the past admonish the lender that
il is not well to be over anxious in eyacting
from the borrower rigid compliance with the
letter of the bond
We have read this passage over many
times, to discover il some other than the OH
vious interpretation couldsnot be given to
it. But ouly one meaning can be deduced
The proposal is to repudiate entirely the
claim for interest upon the debt and to CON-
pei the holders to accept payment of the
principal in driblets of three per cent. semi
annually. This is the first proposal in any
official quarter in favor of reputation Mr.
johnson has earned the infamy of proclaim
ing it, His own reputation has fallen very
low; perhaps it is OF little account to sink
that few degrees lower Bat it is a grave
ollense that be should have stained the ua-
tional honor by such suggestion in all off
cial document.
Fortunately Congress aud the people will
spurn the temptation. What would the
Government credit be worth, if an attempt
were made to perpetrate this outrage! On
ly mean as we'll as adishonest mind could
have devised the suggestion. Picture this
government offering to pay three per cent
at semi-annual intervals on its debt, repudi.
ting the interest.
Mr. johnson pays no attention to the
terms on which the Government issued its
bonds. He fancies profit can be made by
national knayery; and he advises the Repub
lie to play the rascal. Aud he does not
admit a single feature of crime from the
transaction. lie works in the threat: this
or worse, your money or yOar life; for sit is
not we'll for the lender to 'be over-anxiOus
in exacting from the borrower the letter of
the bond 1isis but another way of say
ing that the leaders must submit to this set
tlement, or get no shadow of fartbing for
the bonds they hold.
Let us hope that Mr.. johnson has succeed
ed in rendering reputation in any form
more odious than ever before Then we shall
reap some advantage from the shame be
brings upon us. and for the diseredit he casts
upon the national securities
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