The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1868-07-29


these bonds; TO pay interest in gold for this
enormous amount, wh,tevtr il may he, and
to extend the time within which the hnnds
shall be paid. In the megB tine he bonds
are to be exempt from iaxatiUh, ahd the In
terest is to he paid, semi annually, in gold
What the amUunt Of Indebtedness under
that system can finally he shown to be,
can not say; 81, 500, 10000 We know it is
now. Less than that it certainly will not
be. The interest upon that sum will be
$3.50, 600, 900 in 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. 81
TIE DEMOCRATIC POSITION.
The Democratic party upon this question
has given forth no uncertain sound. 1t de-
clares that the debt shall not be extended,
but must be paid as rapidly as possible; all
the money objected from the people shall
not be squandered on freedmen's bureaus
and standing armies, but shall be applied to
the payment of this debt and of the reduc-
tion of the interest. 1t declares that the
$50 bonds shall be paid in legal-tender,
and until they be paid, they shall be subjec.
ted to the same rate Of taxation as all other
property. 1t declares there shall be one
currency for the Government and the peo-
pie; for the laborer and the office-holders;
the pensioner and the soldier; the freedman
and the bondholder.
THE DEMOCRATIC PLAN DEMONSTRATED.
And how soon is it practicable to pay this
debt? Three hundred and thirty millions
of bonds are held in the Treasury Depart
ment as security for the National bank cir
culation. 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 every little imitation Of the currency
and without any addition to the taxation,
will reduce the debt and save the twenty
millions Of dollars, in gold, annually, which
are now paid as bonds to the National
banks.
Five hundred millions $500, O,O00) of
the first issue &C five-twenties are already,
or will this year lie payable at the option Of
the Government, Redeem these, also, in
lega1-tender notes. Were will these notes
come from? ask some friend Stop this con.
traction at the Treasury Department; reverse
its whole policy; give stability to the money
market; let it be understood that fortunes
are not held at the whim Of any Secretary,
and trade will revive and business will be-
come active. Investments will be made,
the rate Of taxation will yield large re-
turn, and these notes will flow in your
treasuary. Let economy be practiced; let
corruption be banished; let peculation Of
public funds be punished; let the army be
reduced; the Freedmen Bureau, be broken |
uo; the impove-ishment ofthe South cease,
and notes will be abundant.
EXPANSION.
But. gentlemen, if these measures will |
not supply funds, speaking for myself, |
would expand the currency; | would cor-
rect the evils which have been produced by
such extraordinary and unprecedented con-
tractian. The business of the country has
become adjusted to a larger volume of cur
rency than we now have. The demands of
the South and West require a greater
amount of currency They are beggars 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 200 per cent and yet at the dccla>
ration Of peace. when the Southerncountry !
Impoverished as it had been, with TO-
600, 900 of people, who had been shut OFT
from the use OF our currency, ready to
strain every nerve to repair the wastes of
war-was opened to our business, gold
stood only at a fraction over l2S.
The system Of contraction was immedi>
ately commenced, and with currency of 7
at least two hundred millions less than it
was then. Gold stands to-day at l4l.-
The value Of the currency then was not too |
large for the demands of the business of
the country. do not believe that it would |
be necessary or advisable to expand the. |
currency to that extent, but if it should /
pi owe to be so, would not hesitate to re-
store the currency to the amount at which |
it stood when gold touched l2S. | tell
you, gentlemen, if this were done, it would
be AZ grateful to you and to- the people Of
the West and South as the dews Of heaven
to the parched earth; as the qualls and
mama which Gnd in his mercy vouchsafed
to the children of Israel in the wilderness.
BY these two measures alone your debt I
would be reduced $3.50, 100000, and the
interest would be reduced more than $50,-
900, 600 in gold, annually, and the accruing
revenue would enable you, without further
expansion, to pay off the residue of the
five-twenties as they mature, and thus to,
diminish still further tic amount Of inter>
est, and consequently the taxes. If, then,
the currency we've found redundant, grad
ual contraction could be effected, and as II +
would come when tho debt had been paid
when the necessity for large sums Of mon
cy on the part ofthe Governm snt had pass
ed away--Shehtan were lbw, il could be
acconplishedcd without the oppression and
disaster which now attend it.
PERSONAL POSITION TOWARD TUE BOND
HOLDERS Az A CLASS.
have been represented as inimical 10 the
bondholder. Gentlemen, you shall judge
me-. I am hostile TO no class or interest in
the country. Isiihrly desire to bc Just
just to the bondabller--- Just 10, the people. \
/ would live up, with straipdihhs fiaelity,
to the terms of our contracts. would pay
the interest OF the tive-twenties in gold, be-
cause tile Government has promised to do
so. would pay botk prineipH and interest
Of the ten-torties in gdld, because the Gov
ernnient has promised to do so. / would i
pay the princ,pdl of the fve.twenties IN /
egal-fen,lcr mites, because the bbndholHers
agreed to receive tlicrii in payment; and as
would not rcpudihtt an honest bargain to
make money for the people, So will | not
repudiate an honest bargain to make money |
for the public creditor.
ALLEGED C0SsEQg ENCEs CONsIDERED.
lt has been SAID that tits policy Will give |
us deprecated currency. think not. / \
think, on the contrary, that just as the pub
lie debt is III this way discharged, will the
certainty of its uhis,ate ndchintion be-
come more apparent, and its value be
steadily increased. These bonds operate as
a mortgage upon the property and labor Of
the country. The.e are two iheasand milI !
lions OF them. Pay off these two ,h0usarL
millions, and will not the lcealtcnder notes
be lust in that proportion aere valuahle2
. Bnt again. give to these notes ,hc nc.
knuwledged undoubtef capacity Ito ray
these bonds; to pay all PUBLIC obligations
and they cmmcdiately incrcas in value. |