The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1868-01-17


shes. And yet neither can be sparod from |
he perfection Of our theory. With ~ ideA |
hat the authority Of the whole ID sapreuo,
must be coupled the principle that IL Suesa
have sphere Of action, limited = Is ~,
but nevertheless distinct snhpee, @hicA =
General Government has nef0kGf tho oN
nor wish to Invade.
To vindicate the integrity Of the Vnioa -
qrired large expenditure. Happily Tor %
3 ID for the success Of our cause, the credit
Of sAS1Saiea ~ GQuAl Ia fha grsak sesss-
gency which called it into exercise. In times
of unprecedented difficulty, and when or
financial ability seemed the pivotal point Of
trismpA o. defest, IL proved M nnfhilinf ruck
of supply. To maintain that credit consti-s
tutes our most sscfed duty; and whateverfe-
sponsibiIilses may impose upon u, the high.
]. standard of national good faith will com
msnd the verdict OF the AmerieAa people.
he citadel of financial honor can not be
guarded too sacredly. should reprobate ~
the most salanitoas of misfostunss any leeis-
la.ion on the part Of Congress, tending % in-l
validate the pfighfed. or even the fairly i'm.
piled, faith Of the nation.
1t has become the conviction of some that
a part Of the national bonds could be re-
deemed IN currency, without fraud upon the
holder. ne A0FOCbSco VI tuto pVtfNy oo1O
the righteousness of such redemption upon
the fact that the bonds themselves contain no
stipulation Of payment in specie. A more
subtle, insidious and. at the same time, dead
" attack upon the public credit contd not
nave been made. Apart from the fact that
gold is the recognized currency Of the world
aud the standard of value. and that we cannot
exempt ourselves from the operation of this
law, there was, in this instance, an implied
understanding with both parties To the cove
n1nt that loans to the Government should be
paid in specie. The Secretary oflthe Treas
Gsy placed this Interpretation upon the con-
tract at the time the loan was being nego-
tlated. All the eotemporaneous acts and say
ngs Of the men who framed the law are ex-
picit in The assurance that no oth4r intention
iurked in The purpose of the Gbvernment
The scheme Of repaying the public loans in
All irredeemible paper issue, was d cunningly
devised r>thonght--the offspring OF de
sire to evade the payment of our obligations
in accordance with the rules of common hon
esfy.
lie ability Of the American people to pay
the utmost farthing Of their ,ndebtedness, the
least sanguine have never questioned At
the present ratio of increase, in twenty-five
wears, cur wealth and population viii double
tHBHlsfiftt III LIE year lJGo OuEt fhluaA -
can not be less than four hundred and fifty
billions. Mines are opening, farms multi
plying and property increasing upon the in
rentory faster than in any other nation on the
globe.
/ In the very face Of this unquestioned sbili-
itY, we are met by the fact that ho civilized
nation pays so high premiums upon its loans
as ours.
Where are we to look for the grounds Of
this humiliatien2 In part, perhaps, to the So
pAistries which have been promulgated for
etadinx the spirit OF our obligations. and in
part to our delay in the resumption of specie
p igmeuts.
Disclsining TO represent the opinions Of
others would urge the authoritative an
nuuncemeut OF some definite time when such
resumption shall take place. Let the time
he liked With the idea thai the earliest posi-
he moment will bes. secure heaithful con
idifion Of orr finances am forced 10 the
conclusion thai snch policy would tend 10
realize in our circulation the perfect curren-
ey in Which notes could be exchanged for
enia and would command equal respect in the
markets.
Meanwhile the public service shoald be
dis !Bgushed for the most r4sd economy
| / he increase Of money has deiuded US With
I The creation of apporeaf realth, and Ia the
irain OF this delusion have followed extraya-
gance and lavish expenditure. Let US then
refrain from every outlay which actual wealth
alone could justify. Economy will promote
the public credit. better than the ripest the
ory Retrenchment Is the evidence Of an
honest purpose TO meet our obligations.
Faith in the intention Of the Government
! TO preserve both the form and spirit Of lite
contracts inviolate is the only foundation fer
our financial prosperity. Beware Of the ear
| lsst steps tending to weaken or impair il.
| The downfall of the rebellion did not ter
inmate the danger arising from the action Of
the southern people. Where the appeal to
arms was ended. the task OF states manship
began, aud an experience of two years has
demonstrated that il is work quite as fall ol
difficulty as that which we crowned with snc-
| cess upon til field Let us not forge, thai
| We have merely assembled to another scene in
the struggle. 1t has passed from the battle.
| field to the forum, but it is the same combat,
waged for the same purposes, and animated
| By the same ambition. The spiris OF the re-
bellion is still alive aud strong; strong in the
Influence of its controlling minds: strong in
the devotion and numbers of its followers;
sirang in the social distinctions which gave il
( birth. The hope that forbsaranee and health
! fai reflection would soon bapiize It's yotaries
| iato loyalty aud love for the national flag has
been disappointed
III the light Of this fact our government has
devised plan OF reconstruction. establishing
a temporary military goyernmant 10 tbs
South, to remain until is people shall ask
Tor admission to the councils OF The nation
upon the bass Of equal rights aitd poiitiea
equality.
/ In this policy heartily concar Power
undoubted and plenary is in our hands to pre-
scribe the terms Of restoration When it j.
urged then, that TIE application Iof military
Law 10 the refractory people OF the South il
desrotie, il is forgotten that an appeal to arms
involves a compliance with its bloody decis
ion. They who, with long years of intrigue
boastfully and arrogantly, challenged the ma.
ton TO the sanguinary feld, empowered US te
work our will upon them, restrained only by
our duties as statesmen and Christian men
To deny this principle. severe though it be
would be to deny The correctness both of his.
tory and reason. To declare that lis adop-
ton in the present Instance is inipolitic and
unnecessary, would be TO set the seal OF un
truth upon every report that reaches as from
that misguided people. aud brand with false.
hood the usteranees of tried lovers of oui
Repnblic- No government can secure re-
speet at home or abroad, which does not pro
tect lis citizens.
The magnanimity of the American Repub.
lie in dealing with treason is unparalleled IN
history. It's spirits was declared in the word.
OF its nobleat martyr, aMaIice towards none
CHARITY for all" Indemnity for the past has
been forgotten in the task CT erecting guar
aniees for the future Content with establish,
i ing bsrriers against probable danger. busted
With the work accompanying and soIidif,ing the
principles revealed by the war, the sword q
line law has been withheld from lis deserving
sacrifices, and the sacred altar of Justice vii
probably not be stained with the blood of 3
single victim. To what extentthis may have
been questionable lenicy, will not presume
10 say. How far then legal and traditionar,
punishment for treason should have been ex
tended, patriotic men may well have differed
IN determining That some retribution should
have been visited upon the wicked chiefs. /,
punishment sufficient to have made s.treasor
odious, and to have stood as warnips
monument Of the danger Of like unhallowes
ambition, have no hesitation to declare.
Deprecating the arrogance of victory ".
have accepted our responsibilities with M
desire to be yindichss or exaeting. The con
seriousness that the Southern States wore
part OF our own territory, and their inhabi
tants part OF our own people, whose we'll
beng must contribute to the future elor, a
our country, has been the light in which IN,
work OF reconstruction has thus far prprress
ed. At the same time. We have felt bound Il