The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-12-17
THE NATIONAL DEBT.
Remarks OF Senator CatteII on the


Remarks OF Senator CatteII on the
Finances.
The following took place in the United States
Senate on Monday last:-
MIR. Cattell-T ask the consent Of the Senate TO
offer resolution at this time. l seld it to the
desk to be read.
The resolution was read, as follows:-
ReS1iUed That the Senate receive with pro-
found regret the proposition of the President in
his annual message to repudlate portion Of
the national obligations, and regard this and all
forms OF repUdation as a national crime. Ma.
tional honor requires the payment OF the public
debt III the utmost good faith to al creditors at
home and abroad, not Ony according to the
letter but the spirit of the laws under which it
was created,
Mr.. Cattell-Mr. President it seems to me
that the extraordinary propositions contained
in the Presidents annual message, tavorng the
population OF the public debt, should not 90 to
the country without prompt and decided eX-
preston by the Senate OF their unqualified
disapprobation. And it is with this view | offer
the resolution just read.
Lest the full scope and meaning of this passage
in the message may have escaped the attention
of some Senators, beg to read it again in your
hearing:-
1T may be assumed that the holders Of
securities have already received upon thelr
bonds larger amount th"r, tne.r IotlSihaI IN
this staten npt OF facts it would seem but lust
and 1uGabie that the six per cent. interest now
paid by the Government should be applied to
the reduction of the principal III semi-annupl
insaments, which in sixteen years and EIGHT
months would hquidatc the entire national debt.
Six per cent. in gold would ut present rates be
equal 10 nine per ce4t. i'll currency, aud eqIiva-
lent to the payment of tne debt one and a half
times in Il traction less than seventeen yeats
This in connection with all the other advantages
derived from their Investment, would afford To
the public creditors a fair and liberal compensa-
tiOn for the use of their capital, aud with Lhls
they should be satisfied. The lessons Of the past
admonish the lender that it is not well to be
over anxious in eXacing from the borrower rigld
compliance with the letter of the boud.n
Mr.. President, here is a simple, plain proposi-
tion emanating from the President of the United
States in his message to Congress, and adyO.
Gated as just and equitable, 10 pay 10 the public
creditor simply the interest provided for by law
and stipulated in the bond for a given number
OF years, and at the expiration of that period to
repudiate the entire principal Of the deOt. 1.
passes belief that proposition so monstrOus as
this, so dsgraceful, IN my opinion, to .he natiou
so damaging to It's credit at home ami abroad,
should emanate from the Chief Executive OF
this Government, whose duty it is to guard the
honor aud faith OF the nation rather than TO
tarnish the one and to break the other. No
man in the United States, so far as my know.
ledge extends, has been found hitherto bold
enough to advocate open, und sgulsed, and un-
qualified reputation. So inletPnsble a DropO-
sitiOn as this has been reserved for Andrew
Johnson, as fitting climax TO the wick edness
and folly 0! his administration.
Mr.. President, the people of the United States
Will repudiale the Tepudlator. In pOut OF tact
they have already done so. At the recent cleo
with all the executive and legislative power OF
this nation the party which had the maullness
to declare against all forms OF Reputation as q
crime, aud to assert that the obligations OF the
National Government should be paid in cool
faith to the uttemost iarthing. And, Mr.. Presl.
dent, the people Of the United States will stand
by their verdict. The debt is a burdensOme one,
unquestionably; but it will be paid: it will be
paid maniuly aud honestly; nay more, sir, il
Will be paid cheeriully, remembering that it is
the tinal instalment OF the price paid for the
preservation OF the glorious institutions under
which We live as a pr Celess Inheritance for our
children and our children's children.
Mir. President, my object IN offering this resO-
prompt denial of the doc rue contained in this
message to go out with 1t 10 the world, A legis-
laCiVe enactment such as the joint resolution
proposed by the Senator from Vermont, which
was ON our tables at the last session, will neces-
sarlly bring up some debate, or require some
time, at any rate, in its passage. Tue House Of
Representatives, | think, pursued the same
course which have nov proposed; they intro
duced and passed a resolution of their Wn bOdV
and | felt that it was exceedingly desirable that
the Senate should at once promptly declare its
views in relation TO this proposition.
Moreover, sir, this proposition OF the Presi-
dent differs from all others. There is no ques-
tion in this proposition as TO whether the aebt
shall be paid in greenbacks or in coin. The
suggestion is that 1t shall not be paid at all; and
il occurs to me that SO open aud undisguised
proposition as this ought to be met, at least, by
prompt and decided expression OF the Senate
OF the United States against IL. When the other
question comes up, II involves, perhaos. some
points on which there will be found differences