The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1868-02-29

SCHEME

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Under this head the last Oregonian
has considerable to say relative to the
scheme advocated by us for the grad
ual and early liquidation of the Ma
tional debt. We give place to n por-
ton of its remarks:
There arc not seven hundred millions Of green
backs in circulation, and the Secretary of tho
Treasury has made no such statement as Is ut
tributed to him. or greenbacks and national
bank notes together, tho amount in circulation IL
somewhere near seven hundred millions, some.
thing moro than half of which are greenbacks,
The greenbaeks are n part of tho public debt, but
tho national bank notes are not n part of II. The
bonds on which the notes orc based are q part of
the debt, and these bonds bear interest. No In
forest is paid on tho grecnbacks, and yet the Abb
bott- Pendleton scheme proposes TO sdpe $aS,OOO,-
900 annually which Is NOT paid, rs n fund with
which to redeem the public debt II proposes,
further, to save 500. GOO. 900 annually which Is
paid to bondholiers as interest on the bonds for
the security Of tho national bank currency In cir
%culation. That is. II would cause greenbacks to
be issued, and the holders of the bonds forced 10
take this non-interest bearing security In place Of
the interest bearing bonds which they received in
good faith from the Government. Three hundred
and fifty millions Of the debt would thus be
changed from bonds into greeubaeks, m net OF
peridy whereby more than $50, O00, 900 Il year
which is now paid as interest would be saved by
tho Government aud with this money, obtained
by a public robbery, the government Is 10 go into
the market to buy groenbacks 10 convert the rest
of tho debt in tho same manner"
The Secretary of the Treasury has
stated that there are about seven
hundred millions of greenbacks i'll
circulation. There may not be that
amount now, because last month about
$50,000,000 of these grcenbacks were
exchanged, by him, for U. States in
tercst gold.bcaring bonds. Owing to
this policy of the Radicals the amount
is becoming less and less all the
time; and against this policy we
utter u earnest protest. We say
let these grecnbacks alone for the
present. In the present state of the
country we must have some sort of
shin-plasters and as greenbacks are
the best, and they bear no interest,
VIC n see no reason why they shodld
be withdrawn from circulation, and
gold interest bearing bonds be placed
in their stead. 1t is in this way we
would save a fund of gold of s4s,-
coo, 900 per annum
We would next issue about $780,
100000 more of grecnbacks; and with
these we would buy up the bonds now
on deposit with L. 5. Treasurer as Sc
curity for a like o of bank shin
plasters thus wiping out the banks
land their currency Of c%ourse) and
saving annually to the people 500
100000 gold interest. The wise man
of the Oregonidn calls this ga act
of perfidy," and "public robbery" be-
cause it involves, as is alledged, a
slight change in the contract between
the government and bond-holders.-
Yet he, and his party, are now advo-
eating Corbett's plan for funding the
National Debt whereby the terms of
the contract are changed in every es-
sential particular-onc of them being
a change in the interest from the ex-
listing rates to five per cent. per an
mum.
We re~itcrate: The plan we advo-
cate will eventually pay the public
debt, without augmenting the pres
ent rates of taxation or increasing the
amount of currency in circulation a
solitary dollar. The policy adyoca-
ted by the Oregonian will increase
the burdens of the people still more,
and our public debt will never be
paid. While it exists It's constant
tendency will be TO make the rich
richer and the poor poorer-to build
up a privileged class upon the bur
dens, and miseries, and misfortunes
of the great body of the people,
This state of things may do in Eng
land, but it will not long be submit
ted to by Americans. If the national
debt be not paid soon, or put in pro-
cess ofultimatc liquidation, the masses
will swear in their might it shall be
repudiated, aud we and every other
patriot will say 4" Amen! !"