The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-07-22
THE GOVERNMENT CREDIT AND CURRENCY
TO BE MADE GOOD.

pear that there Is an urecOncllaDle antagOu-
ism between the financial views of Governor
Seymour and that part of the Democratic
platform which demands that the bonds of
the United States shall be paid in the lawful
money of the United States, where not other
wise stipulated on the face of the bonds and
they predict that if he is elected, the plat
form will go for nothing in this particular and
his well-known and decided opposition to re-
pudiation, by the process indicated, will pre-
vail in the policy of his administration. On
the other hand, radical papers in the East try
to persuade the classes who are interested in
United States bonds that Governor Seymour's
personal opinions in regard to the obligations
of the government will necessarily be subor-
dinated to the Democratic platform, with
which, as these papers assert, they mani
testify conflict
Now, if the radical statement of the mat
ter in the West is correct, the bondholding
interests in the East have, in Governor Sey-
mour, an avowed champion in whom they
can safely trust, no matter what the platform
may declare. And if the radical statement of
the matter in the East is correct, the people
in the West have all they could desire in the
financial part of the platform, and no reason
to object to Governor Seymour as an untrust-
worthy representative Of that part of the
platform.
But there is, in fact no logical discrepancy
between the views of Governor Seymour,
which are admitted to be acceptable to bond
holders, and to all others interested in the
strict acquittance of national obligations, and
the views of the Democratic platform, which
are admitted to accord fully with the demand
of popular sentiment in the West for the
speedy extinguishment of the public debt in
the way that will prove least burdensome to
taxpayers, and the least harmful to produc-
tive industries. The central idea of financial
reform with Governor Seymour is to lift up
the credit of the government, now depressed
and tainted, by policy which will insist on
retrenchment and economy on a uniform
currency for all classes, and that a good cur
rency, and on securing all the conditions re-
quisite to the revival and expansion of gene
raj prosperity And this is precisely the idea
which prevails in the financial portion of the
Democratic platform. In his great speech in
New York on the financial condition of the
country Governor Seymour said:
We must have a uniform currency for all classes
There is but one question TO be settled. hall our
currency be uniformly good or uniformly bad
Are we TO force the bondholder to take bad
money, or are We to give to labor and business
good money? Are we to have an honest standard
of value for all, industry, enterprise aud
morality to be perpleXed and disordered by shift
ing and dishonest standard. There are two ways
Eipr nj no ana mi 40 cd &c in nnn
is 10 contract its volume by calling in the legal
tenders. This will make them scarce and will
force specie standard, but it will carry ruin and
bankruptcy into every part of our country. 1t
will bear down the prices Of property and of
labor. 1t ia q policy which cannot be carried
through, for the country will not consent TO il.
There is another way of lifting up our greenbacks
TO par which will not harm any, but will help all,
which II bring back confidence, will revive bu-
siDess and enterprise, will tighten taxation, will
give TO labor honest money and will do Justice to
the public creditor. And that way is TO give
to all the world full faith in the honor and
wisdom OF the American government. Our paper
money is not at par in coin because the national
credit is dishOnored. How can the notes of our
government which pay no interest be worth their
face in gold or silver when the bonds of the gov
eminent which pay sixper ntnterest are worth
only eighty cents on the dollars 1t is humiliat
ing to find that when Great Britain borrows one
thousand dollars for twenty years it pays the len
der but seventeen hundred dollars when if we make
the same loan we have to pay 81 90 to the lender.
II we wish 10 help the taxpayer, if wish to get
at the cause Of debased currency in the hands of
the laborer, we must first tin1 out why credit
is dishonored for il is tainted credit that sinks
alike the value of bonds of greenbacks and bank
notes. Make the credit of the United States as
good as that of Great Britain, or of a merchant in
good standing, or of mortgage on a farm, and
our troubles would disappear. If we make our
paper money good by harsh system of coatrac.
ton, we shall cripple the energies of the country
and make bankruptcy and ruin. If, on the other
hand, we debase the currency by unwise issues,
we shall equally perplex business and destroy
sober Industry and make all prices mere matters
Of gambling, tricks and chances. Make our money
good by an honest and wise course, and when this
Is done it will be worth twenty five per cent. more
than II Is now, which will be equal to an increase
OF Onequarter in the amount of currency. Bust
ness will be strengthened. industry will be en-
cOuraged, prices will be regular and men will
then dare TO go on with useful enterprises. We
find right here the cause of our troubles, per.
plexities and national disgrace. Our credit is
tainted But for that we could borrow money, as
Britain does, at three per cent. and cut down tax
alton But for that our paper money would be
good, and gold and silver would glitter in the
hands of labor. But for that fact there would be
no question how the bonds are to be paid and we
never should have heard of the greenback issue.
But for the national discredit business men would
not be perplexed, and the disquiet and fears
which now disturb the public mind would not
exist.
The only passage of the Democratic plat
foIm which captious commentators have
pretended to regard as contradictory to the
policy advocated by Governor Seymour, is that
which declares that where coin payment is
not expressly stipulated-asin the case of the
five. twenties-the obligations of the govern
ment fought, in right and in justice, to be
paid in the lawful money of the United
States" Rut read this declaration eIonc, with
its context, and not even the shadow of the
alleged contradiction is left. Read, espe-
cially, these demands Zone currency for
the government and the people, the laborer
and the Office holder, the pensioner and the
soldier" ECONOMY in the administration of
the government" the credit of the govern
ment and the currency made good" The
purport of the language here quoted is simply
the briefest summing up of the policy previ-
al Oh l,-l M