Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1868-07-03
Mr.. BEATTY said .

Mr.. BEATTY said
Mr.. CHAIRMAN: One of the greatest
evils resulting from the war is the ma
tional debt. How to manage this debt
at present, and get rid of it in the future
involve questions which cannot be too
thoroughly considered by the Represent
tatives of the people. Managed howev-
eT skilfully il VIII continue great bur-
den to the country. Unwisely managed
it must lead us to national bankruptcy.
At this time the people are looking
with intense anxiety to Congress, ap-
prehensive lest it may take some step
in reference to the debt which will prove
disastrous, yet hopeful that it may de-
termine on some plan which will enable
them to carry the burden with great
er ease, and open up in the early future
a way to get rid of it forever.
This debt amounts in round numbers
to twenty-six hundred millions. It
matters not by whom the bonds are
held; it is enough to know that the
country owes the debt and it must be
paid. ....f. -.
Much the larger portion of this debt
Will soon be represented by five-twenty
bonds, which the Government has wise
ly reserved the privilege of paying any
time after five and before twenty years
from the date of their issue. In refer
ence to the kind of money in which
these bonds may be paid; the time of
payment !, the rate of interest which
should be allowed on Government Sc
curities and the kind Of money in
which the interest should be paid, there
exists an essential difference of opinion
among honest men. -A-7
oHNsON-M'C 'CULLoCH PoLICY.
One party, respectable in numbers
and infiue ence, contends that the i've
twenty bonds, according to law and
equity, are redeemable only in coin. o.
PLATFORM OF THE OHIO REPUBLICANS,
Others hold that these bonds should
be paid in any currency of the country,
which may be legal tender when the
payment is ordered.
SCHEME OF THE OHIO DEMOCRACY.
Another party, holding that 6ley may
be paid in the 1egal-tender currency OF
the country, and opposed as they say
''to extending the time of payment %
propose to issue an amount of green
backs sufficient to pay off the entire
sum represented by the bonds. To the
latter proposition the objections are In
Vulnerable, and some OF them OF a
serious character. The first is the Vio-
lRtion which it proposes OF the solemn
| pledge of the Government made sub
stantially IN previous acts, and def
nitely in the act Of June 80, 1854, as
| follows '- tna 8su AEs5aEIll
"Nor shall the total q amount OF United
| States notes issued or TO be issued ever
! exceed four hundred millions, and
1 such additional sum, not exceeding City
| milliOnt as may be temporarily EequiF-
/ ed for redemption of temporary loan"
AS an indication of the deplerable
consequences certain to follow depart
ure from this limit, and as an filustrRs
ton of the utter folly Of those who favor
the scheme under consideration, read
from Richard Hornsr Mills g Principles
of Currency and Banking" In refer
ence to the practical working Of similar
schemes which doubtless had distin-
guished and learned advocates in its
day: 1908
"FRENoH ssIGIATs.--HSy OF
currency have been from time TO time
established which, conhding Che issue
OF the circulating medium either to the
State or to private companies, have pro-
vtded no limit TO such issues, but the
discretion and caprice OF the issuaras
Such was the scheme Of the French ua-