The States and Union. [volume] (Ashland, Ohio) 1868-1872, 1868-09-16

and oppression, are evidently willing
to await the healing effects Of time
1t is, therefore, for you to determine
and [ pray you.be men-do not be led
by importantly or driven by clamor,
but determine wisely and nationally
whether you will force the renewal of a
civil war in which you will be the ag-
gressor. One thing is certain If the
South attain self government (as they
will, soon, in whatever way it may be
brought about, for tho majority of the
people will it, and they will be heard),
they will not, for they can not, restore
slavery and make it profitable; they
would not, if they could, for its abo-
lition will give them a very large ac-
cesion of power in the House of ReI:
resentatiycs and the Electoral Col
lege.
But I must hasten to a close. I'm
til recently I had intended to support
Gen. Grant for the Presidency, and
would do so still, in the hope that the
Democracy will obtain a majority in
the House of Representatives, and thus
hold a restraining power /; but facts
which l have shown above rerder it i'm
possible. Bad men with more intellect
and moro force of character than him.
self have possession of him, and if. he
be elected President will, probably,
continue to rule him, and the country
with him, and some of the worst exist
ing abuses cannot be corrected against
Executive opposition. In looking over
the whole ground most carefully, and
weighing consequences we'll, 1 have
come to the conclusion that it were
better that the Democracy prevail in
the coming election, and thus divided,
for the present, the Legislative, while
we restore the Executive and judicial
powers. No evil can ensue. We shall
have a season of repose and time for
reflection before called on again to act,
There is profound philosophy in the
Scotch proverb-
1.-THE showers fall soft when the wind
is still"
I have already shown it will give us
a season for inquiry and reflection, and
the same conservative power which can
now give success to either party
can, at the end of two years, do the
same thing, and place the government
in the hands Of those who may be then
found most worthy to control it.
So far neither party has ventured tc
commit itself on the disposition of the
public debt. My mind has long beer
made up as to the principal which
| should govern US in its adjustment
It is this : So far as our contracts are
distinct and explicit, we must abide BY
them, no matter how unequal or oner
GUS. AS for example, whore we hav,
promised to pay the interest. or tn
debt. or both, in gold, national faith re
quires, and We must so pay it bu
where the contract is not explicit, Blu
requires construction, we must deal will
creditors and the people precisely as al
enlightened court of equity would dea
with debtor and creditor under lik,
conditions. For example j.. tho credito
borrows forty cents, or deprecated banl
paper worth forty cents, which tn,
public calls a dollar, and promises t.
pay interest, six per cent. on its nom
inal, or fifteen per cent. on its actua
value, in gold. The promise to pa,
the interest in gold being explicit, tn,
nation who owes the debt should pa,
it, for there is no usury law operating
on contracts with sovereigns but wher,
a distinction is taken in the contrac
between the debt and the interest on
iy made payable in-Rold-equity would
require that the debt should be paic
in that which is equal in value to til,
fund received. Sovereigns have mo-
always melted out this even handed
justice. The coin of nations has beer
sometimes debased after a loan made
% that one pound of silver and one
pound of copper would be made to pay
what was two pounds of silver when
the loan was made. This was a gross
wrong. 1t is equeal!y wrong, on the
other side, to take the name for the
thing, and pay an ounce of silver to
the leader for four-tenths of an ounce
borrowed, because each in its turn was
called a dollar Equity, if called into
action, would suffer neither one nor
the ether, but require the payment
from sovereign or subject of the just
amount borrowed, regardless of name.
This should be the rule of payment
IF currency were borrowed which was
worth forty cents on the dollar, cur
rency or bonds of equivalent value
should be paid.
Such are my views Of the duties of
those represent bondholders and people
and who are alike the agents of both.
The committees of Congress who have
charge of the subject should examine
each class OF cases carefully, and do
justice to each. Il matters not by
whom the bonds are held, whether by
large capitalists or widows and orphans;
each and all are entitled to equity-no
more, 70 less. If you give thom less,
you wrong them ; if you give them,
more you wrong the people, who are
the debtor.
7. EWING, of Ohio.