The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1868-09-25

''s'i@ Sound md Safe Policy.
Mr.. Edward Atkinson, whose recent great
speech on the financial policy of the Republi-
can party since the war, has attracted so
much attention, and proved SO unanswerable
by the assallants of that policy, has prepared
y another statement in relation to the cost of the
war itself, which is published in the Boston
Advertiser of yesterday. The results exhibit
ed in this second statement of Mr.. Atknson's
are not less striking than those of the first.
He shows that while under the peaceful ad-
lnlnistration of Mr.. Buchanan the national
debt, though comparatively small, was more
than doubled, under the two administrations
elected as Republican the country not only
met its ordinary civil expenditures in full, but
has paid more tha. fifteen hundred millions
of dollars besides, or three eighths of the en-
"a tire cost of the war The ADVERTISE, in an
editorial reference to the article, says:
There is in this extraordinary statement no
Jumping at results, but a reliance upon the
official figures which are accessible to every
one, but have not been so effectively aualyzed
till Mr.. Atkinson took them IN hand In the
light OF this presentation, Notwithstanding
the OBVIOUS waste, fraud, and incompetency bv
which the government has been often embar-
raised, and for which it has been somestime re-
"a eXlraVaglnce
statement that "the finan ces of the country
nave been managed by the Republican party
Twin snccess never before known in the his
tory of the world" r.H.
The staten, MIS- of Mr.. Atkinson relative to
the cost OF the war we propose to lay before
our readers at an early day. We have space
In this issue only for the concluding portion
of his admirable paper in which he refers to
the doctrines OF the repudiationsts After
saying that there is no tax so negotiable or so
onerous as the tax imposed by the use of an
iTredeemable paper money, he thus continues:
If the Pendeton policy were adopted, our
ponds OF every name including those known
as greenbacks, would at once become worth
less, after fearful collapse in which the poor
er classes would be ground down in misery
and want gold and silver would gradually
come back into use, and dshonorable pros-
perity would slowly return. =.
But If the Butler policy of substituting
some OF the existing greenback bonds bearing
no interest for the 20 bonds under the false
name of payment were adopted the discredit
would be slow and subject TO fluctuations ont
OF which sbrewd Spectators would make
their profit. The people would be taxed but
% Wouia not know IT. and they would suffer to
four times the amount they would nominally
gam IN thus defrauding their creditors -
ana as the capitalists who now hold small
portion OF the bonds are men accustomed to
stand the insidious nature of this measure.
they would sell out and put the whole burden
upon the middle and poorer classes The
latter would buy the bonds in small parcels.
because the same miss ,atements which would
lead them to vote for the policy would prevent
their detecting the fact that they were de-
stroying their OVID property III
By the use of this inconvertible and ire
deemable paper money, estimate that there
Is a tax imposed upon the mass of the people,
a unu 49,.
small portion of the community, of not less
Than SlOO.0OO,OO0 year. The aggregate sales
81 commodities alone, emitting stocks bonds
ana real estate, have been ascertained from
sne tax returns to be over $11 600 900 900 year.
and an allowance of one per cent. is but
small rate to allow for the risk of measuring
all these transactions with f1uctuatiug meas
ure OF value. This guaranty is not lost to the
ers or middle men by whom exchanges are
made. 1t causes an unequal and unjust dis
iriDutlon OF the annual product of the coun-
Try. 49,
- Il we are to paw the $40 bonds in green
" PACKS we cannot finish the Job until 1879 as
the last of the bonds were issued in 1868. and
even Generai Butler does not propose to an
hclpate payment during the first five years. Il
ask you, gentlemen, II there were no other
and higher reason for condemning this poicy.
VIII 1t pay? Can we afford tax of 800 OO6
, 0Oo year in order that we may cheat our
caim? ' 'i'-H ~4'', '''1'-i
~ HYlli 3D.. .Ig
1t will be time enough to talk about tbe nav
ment OF bonds which are not yet due, buc only
fedeemable, when we have provided fer the
payment or funding of our demand notes.
r :, congress passed an act for the funding of
these notes into long bonds, but the act failed
TO become law because Andrew johnson
" pocketed IT. When Congress meets again fer
business his opposition will become nugatory.
custlce is due to the people whose wages are
mot -
ed by their fuctuatipg valueJ Redeem them
say.and don't defraud the mass of the peo,
PIE under the pretence of saving them some.
, tn,hg. Don't make great financial mystery
uuI OF matter OF simple honesty. To an
honest man there is no mystery in this matter
OF finance. Recognize your debt and paw ID |
of finance, a'lIl - '0'"'0
Inc problem now before us is to establish
the credit of the country upon the firm basiS
winch our wealth and resources warrant This |
requires no craftsmanship and no great tinan |
Gal ABILITY. All that is required is that souI'd
great exponent. '' ''iN
fhe first step must be to defeat the so-called |
democratic party and elect Grant and Colfax
but we must also defeat the N ,minatiou or |
siection OF all those who claim to be Republi. |
cans but do not stand upon the platform Of tba
party. We must not embarrass the adj minis. |
Tatlon OF President Grant by electing to Con-
9ress men who have not sufficient political sa-
gSolty 10 avoid giving aid and comfort to the
snemy py advocating disguised reputation
Gnaer the cover of a legal quibble,-men who
cam to regard the spirit of the law under
1nlch the 5-20 bonds have been issued and TO-
more The letter, but substitute their own
mean meaning OF the law under which the green
. Neither must we embarrass the administra-
Ton Oh PRESIDENT Grant by electipg men to |
congress who will take from his admnistra-
!! ti9n Inc power to borrow more money should
10 xar1f1 AZ ry.
threatened. This we sbs uld do if we nv onr
U nited States bonds. upon
ser bas SO well said: 'P'
r1n 4nee grant to the States the power to tax
y ro.S se9cks and secession will have
on." "'"ed rebel
tell you, gentlemen, dishonest lepis,atio,
9 an expensive luxury. 1t ruins our credit
See where we stand:
Bonds Of Brazil 80 per cent deorec;a+oa | !
Uni ell States |