Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1868-07-21
For Democrats to Read The New York
World on the aucConvention.

The New York World, the organ
of Horatio Seymour, thus explain
the meaning of the financial part o
the Democratic platform
The declarations relating to til,
finances are scattered through differ
ent sections OF the platform. They
need to be brought together befor,
we can get an Intelligent view O
their scope The platform is explic
II enough upon each particular point
but its several declarations so limi
and modify one another, that il
would be very misleading to consid
or any one Of them apart from Tho
rest Payment of the principal o.
the five>twenty bonds in greenbacks
will easily be found in the platform,
if searched for. The language is
that "when the obligations Of the
Government do not expressly state
upon their face, or the law under
which they were issued does not
provide that they shall be paid in
coin, they ought, in right and in JUS
tice, to be paid in the lawful money
OF the United States" -that is to sa
in greenbacks. This is explicit
enough SO far as it relates to the me-
dunn of payment A; but how does the
platform propose to provide the
means? La other words, where are
the greenbacks to come from2 On
this, also, the platform is explicit
they are not to be manufactured by
tho printing press, but to be raised
| by taxation. BY this method, the
payment of the public debt can not
be very rapid. The bondholders
need have no fears that their proper
ty is to be swept away by new in
undation of paper money. Payment
of the public debt in greenbacks,
without increasing their present
amount, pay ment in greenbacks out
of the proceeds OF reduced taxation,
will leave all the greater portion of
the debt standing for many years to
come.
There is another part of the plat>
form which has pertinent bearing
on the subject. It is the declaration
in favor of zone currency for the
Government and the people, for the
bondholder and the producer. Now,
although nothing is expressly said
upon that point, we suppose the
platform contemplates the payment
of the duties on imports in coin as
heretofore. This seems to us JUS
tifablo, nay, an evitable, inference
from what is said about paying in
coin such obligations Of the Governs
mont rs stipulate for coin upon their
face. The interest upon both the
ten forty and fiV> twenty bonds is
payable in coin by the very terms OF
the law, and also the principal of
the ten. torties. If the Government
keeps this express engagement, it
must by some means raise the coin,
and no other method is suggested
than by collecting it, as now, at the
Custom House. Now, as the plat
form pledges the party to pay specie
to the bondhoiders, to meet their in
terest and that part of their princi>
pal which the law requires to be paid
in coin, it seems evident that the
''one currency for the Government
and the people, the bondholder and
the producer" must contemplate an
early return to specie payments
The zone currency" must mean Ell
Their uniform good currency or
uniform bad currency. 1t is incon-
ceiUabIe IN itself, aad Inconsistent Nth
the platform, that the old, hard money
Democratic party should promise a
uniform currency Of bad money. The
one currency means a COED curren-
cy-a currency equivalent to coin,
and at all times exchangeable for it.
One currency of deprecated greens
backs would be inconsistent with the
payment in coin of that part of the
public obligations which is acknowl>
edged by the platform to be due in
coin, inconsistent with the collec-
ton of the revenue from imports in
gold inconsistent with the idea
that we are ever to return to specie
payments.
Another declaration, is still anoth~
err section of the platform, evinces an
intention to make an early return to
specie payments. After calling for
a reduction of the public expenses
and reform of the system Of taxa
ton, the platform proceeds thus =
$50 that the burden of taxation may
be equalized and lessened, the credit
Of the Government and the currency
made good" The credit o. the Coz
ernment is not "good" 50 long as its
promises sell for less than their face
the currency is not ''good'' so long as 1t
is inflated and irredeemabie.
We cordially indorse the financial
part of the platform, and will stand
by every word of it. The platform
proposes to pay the five-twenties in
greenbacks proposes to raise the
money for this purpose by taxation
promises unequivocally that "the
burden Of taxation shall be lessened; !"
the credit of the Government made
good the currency made good and
that the good currency shall be the
same for all classes, including the
bondholders. We do not regard
these several declarations as contra,
dictory, but as mutually explanatory
perfectly consistent and harmonious.
The Democratic party is pledged by
the platform to appreciate the green
backs to par and use them for the
payment of that part of the public
debt which is not by express pro
vision OF law due in coin.
New York. JuIy II