The Conservative. (M'connelsville, Ohio) 1866-1871, 1868-07-23

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bones ard muscles of the laborirg
| man.
And whom we ask tho reason, we
arc answered by the declaration of
the Republican Convention, at Chi
cago, tlat tho bonds must be paid
IN gold, according to tho spirit and
letter OF the contract; by declara-
tion Of its President chat The debt of
the bondholdor is rs sacred as the
grave Of the soldier
deny that it is according either
to the spirit or the letter Of the con.
tract under which the fve-twenty
bonds were sold. / say that neith-
er the spirit nor the letter oftho law
under which these bonds wcro issu-
I'd, nor good faith, nor good morals,
nor exact justice to the bondholdcr,
require that they should be paid in
gold They ara payable ii legal
tender, and in this opinion ] am sus-
tanned by tho resolution Of tho
Democratic Convention IN Now
York. which declares that whero
the obligations of tho Government
10 not expressly state upon thor
faco-or the law under which they
were issued does not provido-that
they shall be pald in coin, they
ought in right aud justice to bc paid
in tho lawful money OF the ULitod
! States.
When the lcgal-tcnder net was
pissed, tho private indebtodnc Of
tho country amounted 10 very
large sum 1t was contracted TO be
| paid ngold, but was in fact dischar.
90 in paper. The public necessity
was alleged TO DO sufficient reason
for this wholesale confiscation. l.
there no public necessity now To do.
mand the payment of the bonds IN
tho money which was paid for them?
Tho policy of tho Republican
party Is to pay all these bonds in
gold; to convert all th currency
now outstanding, aud all the indebt.
edness Of the United States into
these bonds to pay interest in gold
for this enormous amount, whatever
IL may he. and to extend the time
within which the bonds shall be
paid. In the mean time tho bonds
are 20 be exempt from taxation, aEd
the interest is to be paid, somi-an.
nually, in gold. What the amount
Of indebtedness under that system
can finally be shown TO be, | can not
say $500, 100000 VIC know It il
now Less than it cortqinly will not
be. The interest upon that sum
| will be $3.50 600 900 in gold, an this
amount is 10 be drawn annually
from Tho people Of the country. dn
ring all your lives, and the lives OF
your Youngest children, in order 10
carry cut the dogmas Of the Repub.
lican party.
The Democratic party upon this
question has given forth no uncer-
tain sound. 1t declares that tho
debt shall not bo extended. hut must
bo paid us rapidly as possible: ali
tho money collected from tn, peo
pic shall not be squandcred on freed .
mems bureaus and standing armies.
but shalt be applied TO tho payment
Of this debt and OF tho reduction of
the interest 1! declares that tho
500 bonds shall be paid in loyal.
tender, aud until they bN paid, they
shall be subjected TO the Same rate
oftaXation as all other property.
IL declares that one currency for
the Government and the people for
the laborcr and tho Ofliuo>holder
the pensioncr and the soldier tho
freedmen and tho bondholdor.
And how soon 1t is practicable to
pay this debt2 Three hundred and
thirty millions CT bonds are held n.
tho Treasury Department as sccurl-
ty for the National bank circula.
ton. Redeem them, .he very IN.
slant you have tho option to do SO
with legal-tcndcr notes, and LET
them supply the place of bank pa,
per. This measure alone, with very
little imitation of tho currency anI
without any addition to the taxa
ton, Will reduce tho debt and save
tho twenty millions of dollars, n
gold, annually, which arc new paid
as Il bonus to the National banSs.
Five hundred millions $500, 000,-
000) the first ssue OF five-twenties
arc already, or will tins year be pay.
able at the option OF the Govern
ment, Redeem these, also, in legal
tender notes, Where will these
notes como from ? asks some friend
Stop this contraction at tho II easu
ry Department reverse ITS whole
policy; give stability to tho money
market; let it be understood that
!, fortunes are not held at tho whim
OF any Secretary, and trade will
revive and business will become
active. Investments will be made,
tho rate OF taxation will yield lar.
gor return, and these notes will flow
into your treasury. Lot economy
be pratIced; let corruption be BAN
ished let speculation of public
funds be punished let the army be
reduced the Freedman's Bureau
be broken up; the impoverlshmcnt
OF the South coase, aud notes will
be abundant.
But, gentleman, il these treasures
will not supply funds, speaking for
myself, l would expand the curren.
cyl | would correct the evils which
have been produced by such extra
ordinary and unprecedented con-