Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1868-12-15
WASHINGTON, December II, 1868.

ttOtut 0eUt-4H6 1TeStueHto btetOS uHtU
the Tie0s Of Vice President Wade, dc.
WASHINGTON, December IL, 1868.
The storm of yirtuous indignation with
which the Presidents message was greeted in
the Senate and House, and the partisan presses
at the North, has measurably passed away
1t seems Mr.. Johnson's financial views are
now made the sole point of attack, although
it is fact that the war upon him was COM
menced by Comes (who took this means of
recommending himself for the Interior De-
partment (6etore the Clerk had reached that
portion of the document. The truth is that
the aspiring demagoguesin both Houses seized
the earliest possible moment to out do their
competitors in advanced Radicalism. The
more sensible portion of the Radical leaders
feel already that the hubbud was blunder,
in as much as it placed them in dilemma,
and committed them, so far as the fools could
do SO, to policy which they know full well
cannot, in the nature of things, be maintained.
The head and front of Mr.. Johnson's offend
ing is that he recommended population OF the
national debt, and it must be admitted, in
spite of what his friends say to the contrary,
that his language admits OF no other construc-
ton. And pray what else could he do, If he
treated of the subject at all Is it not plain
that, with the figures of the Secretary of the
Treasury before him, he must tell Congress
that whatever might be prated about the honor
and morality of the thing, there was a mani
fest impossibility of ever actually paying in
coin the money we owe!
AS to the particular mode of reputation
recommended by the President, people may
differ in opinion, but the Radicals themselves,
by every one of their thousand and one finan-
cial plans admit the necessity of getting rid
of the debt in some way other than paying it.
Honestly or honor has nothing to do with the
matter-the question is one of simple ability.
The Government is bankrupt 1t never can
discharge its obligations, either in coin or in
anything else, because with the intolerable
burden of taxation now burdening the people,
the debt is Increasing, and the revenues,
internal and from customs, are constantly
diminishing! The country can bear no more!
was much edited at the view which 1
understand the venerable Vice President
Wade takes of the financial question in this
conenction. 1t is this, that whereas the Press
ident's plan proposes to make the interest eat
up the principal, while the Radical continuance
looks (through the issue of forced per cent.
convertible bonds) to reduction of the debt
third of its volume, thereby making the
principal eat up the interest? But he con-
mathematics are altogether faulty, since the
debt by it would be paid off much earlier than
sixteen years, as stated, the original indebted
ness being annually lessencd by the payment
of interest which according to Mr.. johnson
enlightened theory should be considered and
become part and parcel of the debt itself
These financial projects, [ own, present points
too knotty for common comprehension. But
the princepS senutus to whom have alluded
cuts them with the sword of an Alexander.
If says he, the President had studied Euclid
by the light of pine knots, he would have
perceived that his proposition is reducable by
algebraical equation to pretty much our own.
By either the debt would be wiped out in
thirteen years four months and twenty-seven
days, for our plan looks to further gradual
reduction of interest until there is not dime
left, and interest to the amount of red cent
being no longer payable, the debt itself must
vanish into thin air.
1t is proper to add that these views are not
fully conceded in by the honorable gentle-
position of Chairman of the Senate Finance
Committee.
Mr.. Sherman, although in favor of issuing
per cent. bonds, with which to redeem those
bearing higher rate of interest, by no means
intends to force the present "bloated bond
holders" to take them in exchange for those
they at present hold. He will only go the
length of providing for the payment of the
interest only on the new issues. This is fair
enough, and is going no further than leaving
the South to do as they pleased with constitu-
tional amendments, butit they refuse to pass
them, so much the worse for the South.
Besides, the new bonds are to be vastly
improved in mechanical execution. They
are to be printed on finer paper than the old,
and the plates are to be engraved in supe-
rior manner, affording specimens Of the high
est type of American skill. Further, spread
| eagle is to be placed in the very centre of
them "glorious flag" at the right hand
corner, and negro with his heel on the neck
of "cussed" rebel on the left. And be-
yond all this, these new covenants with help
are signed with Grants own hand, and coun>
tersigned by Schenck, the new Secretary of
the Treasury. 1t is among the possibilities
that they will not be eagerly sought for at a
discount upon old obligations of only 333 per
cent ? X.
MI