Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-07-31


Whom Mr.. Psndleton advocated the
payment orthe fvs-twsntiss in legal ten
dsrs no vas denounced - repudiator.-
Nov Mr.. Morton, the bright and shining
light Of Republicanism. comes out in the
Senate aud declares IF you prove that
Ii. Government Is bound to pay these
bends in coin, you do II in the face ofyour
direct and plain statatss. - unsq uivosal -
any statutes that ever we're written. The
attempt, therefore. TO erect . standard Of
good faith fer the nation not only outside
the law, but in violation Of its express pro-
Visions, does the nstion great injustice BY
contributing to place it in false position
before the people Of other Countries"
n M. Pendlston WAS . repudiatsr. what
10 senator Morton. who occupies tho came
financial platform. Senator Shsrn man
holds TO the same Interpretation Of the Law
In regard TO these bonds. Ia fact that 10
the snly statesmanliks vis~ to take Of it,
and the country 10 rapidly coming TO I'M
dsrstand and appreciate il. We believe in
sstinguishing. with the Iartal MONEY o.
the country every dollar Of our interest bear
ing var dsbt Of every kind and description
that i NJ agreed especially to b paid ia
eoss. With notice to creditors that oil inter
80, will cease on given day. Then VI
should have all tho country and all III,
channels Of trade for the exclusive cireula
''on OF our own legal tender notes until tn,
whole Of the Federal debt 10 paid OF /; .,
which tins all Federal taxes, except dutie,
On imports. will cease, and legal tender
and coin be the only circulating medium
With prices Of al commodities as before tn
war.
We may nov estimate Tho amount Of pr
per circulation to be about seven hundrs
million, three hundred million Of nationi
b.nk, aud four hundred million Of leg
tender and compound interest trsasus
aetes Suppose We retire these notes
The national banks and issue three Lundrs
million per year, for tho next eight year
eflssal tenders. to bs applied emily to Il
payment Of the interest bearing debt, While
Il would fully pay and, during The ssu
period, the treasury shall redeem, BY meal
sfprsssot taxss. the sum Of three huudrs
million per year Of these notes which Y
have no doubt eau be done, besides psyiu
oil The current expenses Of the Govsrnosn
II Congress viii 40, With any Difference
the principles OF common honesty.
By adopting such plan. we Are sure
avoid any commissions. and perhaps me
the views Of the more timid and caution
and eoasummatc the end without any inj
ricus Effect OH the agricultural, tho cor
msreisl. the manufacturing, or the lab,
inssrsst Of our country, aud without On
depreciation Of value in the current mons
70 any injurious extent.
The aristocrAts, plu,ocrats, and oligaret
In Congress are shaping oil their me asur,
9th view to the pcrpetuity Of the Fcdsl
ai debt. and not its psymsnt They disavo
BY their acts any intention to have il pai,
One can eos At glance that the deminau
party Of the present administration, and {
the Congress. 10 included in the sections
istsrssts Of the so-callsd New Enelan
States, and that the interests Of that POI
tisn Of the people Of the Union oontrs
every act and every measure Of policy
Their mansfacteries and bendholding car
-
Federal debt. requiring very high tart
and immense taxes. - necessary to insur
them and their successors their immsns
pro6ts. and oil the great agricultural II
forests Of this country must sweat und,
the burden.