Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1868-01-30
ISSUES OF 1863.
Speech Of Senator o. p. Morton, of
Indiana, at Washington, Tuesday


Indiana, at Washington, Tuesday
Evening, December 81, 1857.
The following is full report Of the
great speech of Senator o. II. Morton,
delivered in Washington, on Tuesday
Evening, December 81, 1857, before the
Soldiers' and Sailors Union of that city:
GENTLEMEN OF THE SOLDIERS AND
SAILORS UNION: There are two ideas
paramount in the eAmericansmind antag-
onistic and irreconsilable,h each strug-
Cling for the supremacy. Oneiis the JUS
tjee and propriety OF the war TO put down
the rebellion and preserve the integrity
of the Union. The other IL tho rightfui-
ness of the rebellion and the wiekednsss
and injustice Of the Government of the
United States in putting down it by force
of arms The contest between these two
ideas wilL as in 1854, constitute the issue
Of 1868, and all other questions will be
otfshoots from, them and will arrange
themselves upon the one side or the other
Whoever shall vote the so-cailsd "Con-
servatiye" or Democratic ticket in lo06,
whether he so intended it or not, will
thereby endorse the rebellion; and who
ever shall vote the Republican ticket
will utter his voice in favor OF Union,
in the Justice OF the war and the preseY-
walton of the Republic will be in favor of
reconstruction upon such terms as will
give protection to all loyal men and guar
antees against future rebellion; aud who
ever believes in the righttulness of the
rebellion will be in favor of the immedi-
ate restoration of rebels, without condi-
tion or Limitation, to civil and political
rights, just as if there had been no war
aud nothing had happened. The DEM
ocratic or Conservative" party will he
composed of the Northern Democracy
who sympathized with secession and re-
bellion and Of the Southern rebels, with
the addition of n few recruits from the
more fully into this issue of 1868, | will
glance briefly at the present condition OF
affairs. ......-
There is much financial embarrassment
in the country, depression of labor, and
stagnation of trade. Much of this can
be traced directly to the unsettled and
disturbed condition OF the South.
The persistant aud determined efforts
of Southern rebels and Northern Demo
Gratis to defeat reconstruction, and keep
that question open for the chances of fu-
ture events, has greatly impaired conf
dence in the financial and commercial
world, and keeps tho business men of the
country doubtful aud uncertain what to
do. 1t is therefore Of the first import
ance to the general prosperity that recon
suruction be speedily settled upon prn.
! eples of equality and impartial justice
! that will insure domestic tranquility and
permanent peace.
Another cause of embarrassment and
| distress is the great drain which has been
made upon the people since the end o
! the war in the payment Of the public
debt. We now learn that more than
$465 ,O00, 600 have been paid on the public
| debt since the lst of August, 1863; but o.
the vast amount only S265, ,O0O,0 900 have
been reported in that way, $2O0,O0O,0G
belonged to what is called the unliqul
dated debt; that is, debt not evidenced
by Eotes, bonds, or certificates of indebt.
edness, but nevertheless a part OF the
public debt that should have been funded
for the time being. The people would
be in far better condition and far more
cheerful to-day if they had only paid the
interest upon this sum, and had been left
free for a time to recover from the ex-
haustion of protracted civil war The
policy of extorting nearly $500, 900, 900 In
payment of the national debt in SO short
time after the end of the war is most
unwise and disastrous, and cannot be
justified upon any principle or theory -
For several years to come the nation will
I've burdened with heavy taxes for State,
County, and municipal purposes, grow
ing out of the war. while the expendi-
lures of the National Government will
be generally increased by the payment
of bounties, pensions, currency, debts,
and the innumerable expenses springing
from the unsettled condition of our af-
fairs. While the payment, under such
circumstances, of SO large portion OF the
public debt may excite the astOnishment
of other nations, it will certainly fail to
excite their admiration for our good
sense; and they must despise that states.
manship which weuld further exhaust
an exhausted people, to the great detri-
msiit of their future strength ana pros
perity. The sum thus far paid, has been
collected exclusively from the loyal
States, and such will be the case fol the
next few years; and l am in favor o
waiting until the people of the South
who caused the debt to be contracted
shall be able and be required to pay some
part of it themselves. In less than ten
years, We shall have increased our popu'
lstiOn ten millions and more than doub
led our taxable property, and can pay
with case a tax three times the aggre'
gate of the present. Within five years
the southern States will be reconstruct.
ed and in The enjoyment OF comparative
prosperity. Within five years the in.
crease of population, wealth, and capital
will enable the government 10 sell at pai
bonds bearing a much lower rate of in
terest than the present, and thus consol'
idate and reduce the debt. lII .-n..
Should the Government find itself at
any time in possession of coin or cur
rency that can be applied to the reduc-
promptly applied; but any attempt to
pay the bonded debt in avance by heavy
taxation will llbeunnecessary, unwise, and
injurious. .HJ 1o -..r. Ai
/ would reduce the rate of taxation Ia
the lowest point that would defray the
expenses of the Government, econOmi'
cally administered, and pay the interest
and maturing obligations, and leave the
principal of the bonded debt to be dis
charged in other and better times.
Then again we have added to our fl
nancial troubles by the policy Inaugural
ted by the Secretary of the Treasury in
The contraction of the currency, which
has served to EOstrain commercial enter
prise paralyze trade. and keep the mon
oy market In an unsettled AMI feverlsh
condition. The aslDtry Is imperatiyely
demanding the passage OF q law when
shall restrain the Secretary from further
contraction.
We want etrenchment--reforni in the
expenses of the Governments. We do
not want that picayune retrenchment
which will con fine clerks to starving sal