Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1868-06-05

| LILO ioLoWlng is the plan III general
form OF Mr.. Pendleton, as stated in one
Fof his speeches last fall.
Details may be varied as experience and
sound discretion may indicate Mr. Pen
dleton says:
And now ] say not only that these
bonds are payable in legal tender, but that
they ought to be paid as soon as it is pos
sible to do so. | do not know that it is
possible tC pay these bonds as fast as they
mature, even in currency; but do know
that every effort ought to be made to do it.
But at this point I am met with the
statement that this policy will issue an i'm
mense amount Of paper. and thus so far
initiate the currency as to destroy its value
and bring disaster upon the country. Now,
gentlemen, let me examine this objection
Mr.. McCulloch in his last monthly report
stated that the public debt which bears in
| Ferest is comprised in three kinds that
$500 0GO, 600 of this debt could not be re-
deemed before 1874; that $500 900, 600
more could not be redeemed before 1881 ;
and that the rest of the debt, amounting
to nearly $1,700, 100000, is comprised in
| tive-twenties and bonds which bear inter
est in currency.
| Seventeen hundred millions Of five
twenties and bonds, which bear interest In
currency, will fall due within the next five
| y
portions in which these bonds fall due. l
mean these five-twenties. Their very name
implies that, when five years shall elapse
after their issue, the government may pay
| them but need not pay them until twenty
years have elapsed.
| Now, gentlemen, l maintain that the
| go bonds should be paid as far as 1t is
possible to do SO without INITIATING the cur
rency beyond safe and just point. And
it is my business now to show you how
rapidly that can be done. The unliquida-
ted debt Of the United States consists Of
gfeenbacks and claims which have not been
adjusted, and amounts to $500, 1000, 900. 1t
pays no interest.
"Ihree hundred and thirty eight mil
| lions of these bonds are, by the report OF
the Secretary of the Treasury, deposited
to-day as security in the vaults of the Trea-
sury. Three hundred millions of bank
paper is issued on the faith of these bonds
Now, gentlemen, l maintain that this cir
culation ought to be called in that these
bonds ought to be redeemed with legal ten
ders, which will take the place of that bank
circulation. Applause.
| "What would be the effect Of this The
81, 700, O00,O 600 of interest bearing bonds
would be reduced to 81, 400, 100000 +; and
$40 600, 900 would be saved to the govern
ment from the interest which is paid to the
bankers for bonds which they have deposi-
ted. Cheers.
Now, then, suppose you take this $50,
900, QUO OF interest which is saved and add
1t to the S4S 600, COO which these gentle
men say they can pay from the current
revenue, and you have $6S, 600, 900, year
by year, and If you convert that sum into
greenbacks, at 14O, you have 800, 200
u year, and if this is appropriated as sink
1 lo1N4
less than fifteen years, without adding 81
to your taxation or 81 to the circulating
medium. Applausel.
Bear in mind that l am arguing q pro =
position that these bonds can be paid in
greenbacks without initiating the currency.
Bear in mind this can be accomplished in
twelve or fourteen years without the adj
dition of 81 to your taxation, or 81 to your
circulating medium. And now bear in
mind, also, that [ have not touched the
revenues of the government which, in 1866,
amounted TO $500, 900; nor have I
attacked the expenditures Of that year Of
Radical administration.
| 81 But now set the reformer to work.
Let him cut of every extra7agance-lopo off
every unnecessary expenditure. Let him
reduce the current expenses of the Gov
eminent to 81, $50, 900, 900 year, mean
expenses independent Of the interest on
the public debt ; though it ought to be
reduced to 100000, 900; that would be
S25, 900, 900 more than Mr.. Buchanan ex-
pended hat would be as much in one
year as Andrew Jackson expended in any
of the four years OF his administration
But let the expenditure be reduced to $3.50.
900, 900 and what do you have? $3.50,
600, 900 for current expenses, $3.50, 600, 600
for interest upon the public debt, and
l. I
described, and you have the aggregate OF
$3.50, 900, 900, and if you take that from the
revenue of 1866, which amounted to $500,
000 coo. you have balance of $3.50, 900,
600, which you may add to your sinking
fund, and thus bring it up to $3.50, 600, 900
annually. And with that you can, in five
years, pay every cent of the principal and
interest upon your debt, without the adj
dition of dollar to the circulating medi-
UNI of the country. Applause.
"When five years shall have passed, you
can reduce $3.50, 000,Cf0 of your taxation,
and yet be able to pay the $500, 900, OOC
which fall due in 1874. When you can re-
duce your taxation $500, 600, 900 more, and,
by retiring your greenbacks, as the great
burden OF taxation is reduced, you Will be
able to pay the debt maturing i'll 1881, and
at the same time to call in your green
backs and return to the constitutional cur
rency of the country.
land yet you see that [ have not pro
posed to increase the taxes or add one
farthing to the currency. ]
From the g Revolution
The Chicago Platform Under the Ink.
When Henry Clay was running for The
Presidency in 1874, he was told that tt
carry New York he must secure the Catho
lie vote. To this end 1t was proposed tia
he should write letter advocating sepa
} rate schools for Catholic children. meas
ure then under consideration-to be reat
; to Bishop Hughes, and thus secure his in
fuence in that direction. Accordingly on,
/ of Clay's most polite letters was written
, and a gentleman called one day to maxi
the good Bishop friendly visit, letter il
pocket In the course of conversation
which he skillfully directed towards Cla
and the Presidential election, he incidentoH
? drew out the letter and handed it to tn
3 Bishop, to prove to him that Clay wa
E sound on that question. The Bishop rea'
it carefully, but without changing the ex