The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-05-16
AND THE PUBLIC DEBT.

The New York World denies the assertion
of the New York Times that there is widen
ing and irreconcilable difference between the
views of the Eastern and the Western expo
nents Of Democratic sentiments on the sub
iect of the national debt. Mr.. Belmont and
Mr. Pendleton, according to the World, are
not at any fatal variance respecting the paya-
bility of the debt in gold or in currency; the
case being so far otherwise that Mr.. Belmont
is found agreeing with Mr.. Pendleton that
the bonds could be legally discharged in
greenbacks, although he regards the question
as of no immediate practical importance
These gentlemen, we are told, regard the
legal and moral question in the same light
and differ, if they differ at all, only on point
of expediency; and if it be true that Mr.. Pen
dleton's views are making Roadway in the
East. as well as in the West, the tendency of
such progress is not to a family feud among
Democrats, but to party unity As to the
payability of the debt in greenbacks, the
World admits that Democrats continue to diff
fer: but it believes that the doctrine ''can
neither split the Democratic party nor dam
age it in the presidential canvass" The diff
ference, says the same paper, "does not
generate any heat. 1t is possible the Demo-
cratic National Convention may not think 1t
worth while to make any declaration on the
subject and for our part we consider 1t as OF
very little consequence whether it does or
not" Meanwhile it is to be observed that
Mr.. Pendleton's financial plan is quite as
popular among the Republican as among the
Democratic masses; a fact Shrewdly OWNED
by leading Republican politicians in Congress,
who are preparing to shape financial policy
in prudent response to the sentiments of the
rank and file of their party But on the part
of these politicians other considerations, quite
as strong if not so visible, are at work
The nature of those considerations is
indicated in the height to which speculation
in stocks has been running in Wall street,
thus raised, it is said by the confident antici-
patton by the spectators that an issue OF one
hundred millions Of greenbacks will be
authorized by Congress before it adjouns.
The general idea of relieving tax payers will
be employed as a pretext for the expected
issue, while its principal objects will be to
play into the hands OF stock spectators, and
to give to the country deceptive and
transient appearance of pecuniary abundance
and commercial prosperity under Repub-
lican rule during the presidential canvass.
The extent of the interest and the influence
of Wall street speculation in the imitation of
the currency by act of Congress may be
/ judged from the subjOined remark in a recent
editorial of the New York Post:
We estimate the amount of railroad capital
now held by the Wall street combinations at GER
taiDly not less than $4,000 000 an issue Of
grtenbacks to the extent of 500 900 would
lead TO an advance IN price OF these securities,
on the average, of certainly not less than twenty
FIVE, and n many cases OF fifty per cent. On the
other hand, a forced sale of tue whole, in the
present Indifferent and distrustfli condition OF
the public mind, could not be made Without
corresponding decline. On a moderate estimate,
then, an act of Congress iufatBg the currency ia
worth in money 70 few scores OF Walt street
capitalists, who are capable Of mutual under
standing and of united action. not less than sew
eDty or eighty millions of dollars.
But whatever may be done by the present,
or by any subsequent Congress, in the way of
issuing more greenbacks, it is sheer delusion
to suppose that the principal of the public
debt is to be got rid of by such an expedient,
OF diminished. Yet it is extremely desira-
bic that the government should reduce the
annual burdens of the people by stopping
the interest on the bonded portion of the
debt. The people have a right to demand
this at the hands of Congress; and it is for
this that Mr.. Pendleton has advocated the
discharge of the bonds before maturity in
! greenbacks.
Mr Pendleton wants the taxes reduced, and
/ the debt, principal and interest, extinguished
| as soon as possible, and in every form in
/ which taxes are levied and the debt exists.
/ Debt in the shape of bonds he deems simply
greater evil than debt in the shape of green
backs; and, therefore, in electing between the
/ two, he would prefer greenbacks, with the IN
/ derstanding that the country should be rid of
! them also just as soon as the radiance could
be effected without too great a shock to the
! business of the country. But we can discover
/ no such ideas and purposes as these in the
financial schemes of the Republican politi-
clans who are for an early and copious issue
of more paper money by the government.
/ They want imitation for the sake Of imitation.
They have no thought of finally wiping out the
national debt. They know that it is neces-
sary condition Of centralized government,
/ fortified in gigantic financial monopolies and
corTuptions, such as they aim to establish.
From all indications, then, it is reasonable
| to expect that a considerable addition will be
made to the present volume of greenbacks be-
fore the country car begin to see the way to
the upshot of the financial question, whether
| it be some sort of payment or some sort Of re-
| pudiation. Should it be decided to use green
/ backs in extinguishing the debt, the most
sensible way of doing this, as regards bonds
which are not yet due, would be for the gov
eminent to enter the market and buy those
bonds with greenbacks. If it issued more
1 paper for this purchase, the proceeding, if it
did not reduce the principal of the aggregate
debt of the nation, would at least relieve the
people of the interest on a large portion with
I :. l. n. l.