The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-02-27

succinct testament Of It.
aAnd now say not only thai these bonds
arr nayable in legal tender, but tnat they
o,,cht "a be paid as soon as it is possible TO-
Nv 80 do not know that it is possible to
ma these bonds as fast rs they mature. even
T1rcurreucy; but do know that every pos-
s;ble effort ought 10 be made to do it. 81
"But at this point am met with the state-
ment that this policy viii issue an immense
amount of paper, and thus so far initiate the
currency as to destroy its value, and bring
disaster upon the country. Now, gentlemen,
let me examine this objection. Mr. McCut
loch, in his last monthly report, stated that
the public debt which bears interest is COM
prised in three different kinds; that $780,
0O0, 900 of this debt could not be redeemed
before 1874: that $500, 100000 more could
not be redeemed before 1881; and that the
rest of the debt, amounting to nearly s., 70O,-
600 .00e is comprised in five-twenties and
bonds which bear interest in currency.
Seventeen hundred millions Of SECS and
bonds which hear interest in currency will
fall due within the next FIVE years. l can
not state to YOU the exact time nor the exact
proportions in which these bonds fall due.
| mean these 5-2os. Their very name i'm
plies that, when five years shall elapse after
their issue. the government may pay them
but need not pay them until twenty years
have elapsed
"Now gentlemen, maintain that these
$40 bonds should be paid, as far as it is pos
s;ble to do so without initiating the currency
beyond safe and just point. And it is my
business now to show you how rapidly thai
can be done. The unhquidated debt of the
| United States consists of greenbacks ard
claims which have not been adjusted, and
amounts to $s00,000 900. 1t pays no inter
est.
"Three hundred and thirty eight millions
of these bonds are, by the report of the sec
| retary of the treasury, deposited to day as
security in the vaults of the treasury. Three
hundred millions of bank paper is issued OF
| the faith of these bonds. Now, gentlemen
| | maintain that this circulation ought to b
called in; that these bonds ought to be re
| deemed with legal tenders, which will taxi
| the place of that bank circulation. Ap
| plause.)
s'What would be the effect Of this J? Tn
| 100, 000,000 Of interest bearing bond
! would be reduced to 81 400, 100000; AM
| $40, 100000 would be saved to the govern
ment from the interest which is paid to tn
bankers for the bonds which they have de
posted. (Cheers.)
"Now, then, suppose you take this $40
900, 600 of interest which is saved and adj
it to the $4s, 100000 which these gentlemen
say they can pay from the current revenue
and you have $6s,000,000 year by year, an
| if you convert that sum into greenbacks, q
/ lao, YOU have Sl00,000,000 year, and
this is appropriated as sinking fund 20
can pay the whole debt off in less than Fl
teen years without adding 81 TO your taxs
ton or 81 10 the circulating medium. (Al
plause.)
Bear in mind that am arguing a prop
sition that these bonds can be paid in greer
backs without initiating the currency. Bear
mind that this can be accomplished in IL (
IA years without the addition of s to yoI
taxation, or 81 to your circulating medium
; And now bear IN mind, also, that have N
touched the revenues of the government
which, in 1866, amounted to $3.50, 600
nor have | attacked the expenditures of tn,
year of radical administration.
/ But now set the reformer 10 work. l.
him cut off every ex.ravagance-lop off e
ery unnecessary expenditure. Let him +
; duce the current expenses of the goverIme
to $l5e,000,0a6 a year, mean expense
independent of the interest on the publ
debt-though it ought to be reduced
| 800, 900, 900; that wonld be SIS, Zoo, OF
more than Mr.. Buchanan expended III
) would be as much in one year ms Andre
jackson expendad in any of the four yea
5 of his administration But let the expenf
: ture be reduced to Sl50.000, 900, and VIII
do you have? $lJ0000,000 for current G
| penses, Sl30.000,000 for interest upon +
public debt, and 00.000,000 of snkii
: fund. as have described. and yon have Il
: aggregate of S3s0,0Oe, ZOO, and If you Ia
| that from the revenue of 1866, which o.
ounted to $3.50, 200, 900, you have balan
of $3.50, 000,00e. which you may add to 20
sinking fund, and thus bring it up to $2SI
100000 annually. And with that you ca
in five years, pay every cent of the princiI
and interest upon your public debt, witho
c the addition of dollar to the circulate
medium of the country. (Applause.1
"When five years shall have passed, Y
can reduce sl50,0Oo,000 of your taxatio
and yet be able 20 pay the $500, 600, o
J which falls due in 1874 Then you can
duce your taxation $500, 900, 900 more, al
Il BY retiring your greenbacks as the gr'
J. burden of taxation is reduced, you win
p able to pay the debt maturing in 1881, a
u at the same time call in your greenbac
J and return to the constitutional currency
!, the country.
"And yet you see that have not propos
+ to increase the taxes or add one farthins
8 the currency" ...-
Il