The States and Union. [volume] (Ashland, Ohio) 1868-1872, 1868-07-29

publican Convention, at Chicago, that
the bonds must be paid in gold accord.
ing to the spirit and letter of the COZ
tract ; by a declaration of its President
that the debt of the bondholder i, as
sacred as the grave Of the soldier.
PAYMENT IN LEGAL TENDERS.
deny that it is according either to
the spirit or the letter Of the contract
under which fi%ve-twenty bonds were
sold. I say that neither the spirit
nor the letter of the law under which
those bonds were Issued, nor good
faith, mol good morals, nor exact jus
tice to the bondholder, require that
they should be paid in gold.-They are
payable in legal tendr, and in this op
inion l am sustained by the resolution
of the Democratic Convention in New
York, which declares that where the
obligations of Government do not ex
pressly state upon their face-or the
aw under which they were issued Dies
not provide-that they shall be paid
in coin, they ought in right and Justice
to be paid in the lawful money Of the
United States.
When the legal tender act was pass
ed, the private Indebtedness Of the
country amounted to a very large sum
1t was contracted to be paid in gold,
hut was in fact discharged in paper.
The public necessity was alleged to BE-
sufficient reason Tor this wholesale con
fsca,ion. Is there no public necessity
now to demand the payment of the
bonds in the money which vas p-:d
for them.
POLICY OF THE REPUBLICAN PARTY ON
THIS QUESTION.
The policy of the Republican party
is to pay all these bonds in gold to
couvert all the currency now outstand-
ing, and all the Indebtedness OF the
United States into these bonds ; to pay
interest in gold for this enormous
amount, whatever it may be, and to ex-
tend the time within which the bonds
shall be paid. In the mean time the
bonds are to be exempt from taxation,
and the interest is to be paid, semi an.
nually,.i gold. What the amount of
indebtedness under that system will be,
I cannot say ; So, 500 600 900 we know
it is now Less than hat it certainly
will not be. The interest upon that
sum will be $50, 900 900 in gold, and
this amount to be drawn annually from
the people of the country, during all
your lives, and the lives of your young
est children, in order to carry out the
dogmas of the republican party.
THE DEMOCRATIC POSITION.
The Democratic party upon this
question has given forth no uncertain
sound. It declares that the debt shall
not be extended, but must be paid as
rapidly a. possible /; al money collected
from the people shall not be squander
ed on freedmen bureaus and standing
armies, but shall be applied to the pay
ment of this debt and Of the reduction
Of the interest. 1t declares that the
5 20 bonds shall be paid in legal tender,
and until they be paid, they shall be
subject to tie same rate oil taxation as
all other property. 1t \dcclares there
shall be one currency for the Govern
ment and the people /; for the laborer
and the Office holder ; the pensioner
and the. soldier ; he freedmen and the
bondholder.
THE DEMOCRATIC PLAN DEMoNsTRA-
TED
Aud how soon is it practicable to pay
this debt ? Three hundred and thirty
millions of bonds are held in the Treas
ury Department as security for the Ma
tional bank circulation Redeem them,
the very instant you have the option to
DO SO, with legal.tender notes, and let
them supply the place of the bank pa
per. This measure alone, with very
little initiation of the currency and with.
out any addition to the taxation, will
reduce the debt and save the twenty
millions of dollars, in gold. annually,
which are now paid as a bonus to she
National banks.
Five hundred millions $500 600,
O00) of the first issue of ive-twenties
are already, or will this year be paya-
Bile at the option of the government
redeem these, also, in legal tender
notes. Where will these notes come
from? asks some friend Stop this
contraction at the Treasury Depart.
ment reverse its whole policy; give
stubilty to tho money market; let it be
understood that ~ior,unes are not held
at the vhim of any Secretary. and trade
will revive aud business will become
active. Investments will be made, the
rate of taxation viii! yield q larger re-
turn, and these notes will flow into your
treasury. Let economy be pIact'sed /;
let corruption be punished; let the
ormv he redueod . the Il Bu-
reau be broken up the i%mproverish
ment of the South cese, and notes will
be abundant.
EXPANSION.
But, gentleman, if these measures
will not supply funds, speaking for my
self, I would expand the currency ; L
would correct the evils which have been
produced by such extraordinary and
unprecedented contraction. The bust
ness of the country has become adjust.
ed to a larger volume of currency than
we now have. The demands of the
South and West require q greater
amount OF currency They are beg
gars for money. and are willing to pay
from ten to twenty per cent. During
the war, when the currency was at its
largest amount, gold touched $50 per
cent, and yet upon the declaration OF
peace, when the Southern country
impoverished as it had been. with 10,
O0O, coo of people, whohad been shutout
from the use Of our currency, ready to
strain every nerve to repair the wastes
of war /; was opened to our business,