American citizen. [volume] (Canton, Miss.) 1864-1890, 1868-08-01

When the legal. tender act was
passed, the private Indebtedness OF
the country amounted to very large
sum. 1t was contracted to be pad
gold, bu WAS in fact discharged
III paper. The public necessity was
alleged to he sufficient reason for
this wholesale confScation. Is there
no public necessity now to demand
| the payment Of the bonds in the
money which was paid for them
Policy Of ,hc Republican Parry oa this
0uc-iion.
The policy Of the Republican party
is to pay all these bonds i'll gold !;
to convert all the currency now out
standing, and all the indebtedness
of the United States, into these
bonds: tG pay interest III gold for
this cnormGus amount, whatever it
may be, and to extend the time with.
in which the bonds shall be paid.
+ In the meantime the bonds are to be
exempt from taxation, and the in.
terest is to be paid, semi annually,
in gold. What the amount Of i'll
IdebtrdnesS under that system can
finally be shown to be, cannot say:
-, 800, 100000 we know it is now.
Less than that it certainly will not
be- The interest upon that sum will
be $50, 900 III gold, and this
amount is to be drawn annually from
the people of the country, during all
your lives, and the lives of your
youngest 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 uncer-
tain sound 1t declares the debt
shall not be extended, but must be
paid as rapidly as possible; all the
money collected from the people
shalt not be squandered on freed
mems bureaus and standing armies,
but shall be applied to the payment
of this debt and the reduction Of the
interest. 1t declares that the j-2O
bonds shall be paid in legal tender,
and until they be paid, they shall be
subjected to the same rate of taxa
tion as all other property. 1t de
carcS there shall be one currency tnr
the Government and the people; for
the laborer and the office holder; the
prnSioucr and the soldier; the freed.
man and the boudhOlder.
The Democratic Pinu Demon Stratcd.
And how soon is it practicable to
pay this debt ! Three hundred and
thirty millions Of bonds are held in
the Treasury Department as security
for the National 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 paper. This |
measure alone, with very little intla .
ton Of the currency, and without /.
any addition to the taxation, will re. |.
duce the debt and save the twenty
million OF dollars, in gold, annually, !
which are now paid as Il bonus to
the National banks.
Five hundred millions 600, 900, 0OO)
of the first issue of the five .twente> .
are already, or will this year, he
payable at the option OF the Govern
ment. Redeem these, also, in legal /.
tender notes. Where will these /
notes come truln? asks come friend. .
Stop this contraction at the Treasury
Department reypTSt its whole poll,
cy; give stability tC tie money
let it be understood that
fortunes are not held at the whim
Of any Secretary, and trade will re-
vivc and business will become active,
will he made. the rate
Of taxation will Weld II larger return,
md these notes will flow into Your
treasury. Let economy he praCtiCcd;
ct corruption he baniShcd; let spec.
Ilation OF public funds he punished i
ct the army be reduced the Freed
mems Bureau be broken up: the I'M I
DovcriShmrnt OF the South cease,
md notes will be abundant.
Expansion.
But, gentlemen. ii these measures ,
will not supply funds, speaking for
myself, | would expand the curren- !
~; would correct the evils wkich