New-York tribune., 1868-09-21

opinions IN pnbhC ana Pot iii,n in the
South and repudiatiOn, bOth NQrth anu ~ - ,b
successfully. The issue then, Is pain LII their
lcan party accept the southern - I-r;"n aud
,,r..enf governments "a members OF the Unloh aiu
- ,J f,i+b v,,uld give them all the dement's Oi te
Constitution and it faithfully lnalntains we 80 t
character oi the public deDt Clea'g, ~ tIese ,oy
Union The Democratic party GchouilccS tnoSo tul tl
cruueuts and j. committed 10 Their oNeltnIOW' ana
a. logical result the subst non o lhG oiu o'
thoupb new governments, 10 De uhuef heoel CohIoi;
III, a.. nor declare I'm favor of the payment IN good
f,it& ~ everv obligation OF the Government and we
are led To believe that if they had the authority the
terms of payment II not the payment nSell, "ouIu %
he iropIrdized. In other words, we are con
fronied by party whose spirit and teach
inrs lead US to apprehend fIonl Their accession
IN mower growing dIsTespect TO the fundamental
prlpcpe Of institutions, and disTeg ara OF the
good faith of the nation IL Will be IN VAIN th,t o
opponents attempt To divert the discussion oy caI
ing ms with debt, which their present allies Inaue
necessary, and which Their own course mas u3n9 80 80
much to augment with extravaganza In when ineS
have equally participated and with eXGesS1s WuOn
they have helped 10 swell and 10 Wnicu an P P. Vio
In power are subject. Ii 1t true that our parry
could be Justly aTTaigned in the manner anu 70 i t9
extent they would have the people believe u Is sun
of trfng importance compared win 'ny sle"e Pil ~
cples on which the canvass rests ana "hlcn ar 90
sential TO uninterrupted, restoration ana pedce.
That we have done some things which we ought not
to have done Is probable, but after ali, 10 lhe
everlasting honor OF the Republican party,
they have shown unweaued hdehiy 10 hunan
freedom 10 Justice 10 equal rights ana 10 the hohoI
and ueTpetulty OF the hcpUDnc. Leu INC ltPtdt 'h"u
the question we pass upon is not mainly one OF TAXA
ton and debt although grave considerations OF h'-
cia policy Will continue to form interesting ana I'M
pOrtaut themes for discussion. We 40 nol say thaV
the debt is no larger than IL ought TO be- that taxa
tOn is most equtaby distributed and that the leVe
nue. is in every respect honestly and economically
gathered. Ii may be asked, however ana the inquiry
is significant, which party and which policy WILL AT
the earliest period, reduce and discharge the deot
and conduct the finances with the least derangeneh
10 the industry credit and prosperity OF the country
he q lp
which led to il must add largely To the weight OF Odl
um resting upon the Democratic party, the questonoI
immediate and practical Importance relates not 30
much to the responsibilities of the past as TO the dis
position for the future How shall we meet the pup
lie debit What temper shall We bring TO the treat,
ment of the national expenses lneSe are Tue NIHtl
considerations growing out of this subject. Ihe
maintenance of the public credit Is dependent upon
the preservation of the public faith In these days,
when great emergencies frequently arise, sudden
and unavoidable IN the history OF natlous, ana Wheh
rapid advance in the science of warfare has made
wars so formidable and expensive, the puDlc credit
is the right of the national safety: 1t Is hardly
less essential than sturdy and patriotic popuatlOh'
for while we have civil connections and wars, the
munitions and means 10 support war are almost as
INDISPENSABLE as the stout and willing arms
TO direct them. An lrreprOachable credit is
also sure key tho relief of burdens. We borrow
money during period OF war at higher rate o1
interest than we want TO pay III time OF peace But
sound credit would enable us to negotiate new loans III
exchange for the old at lower rate OF interest En-
gland formerly paid SIX and eight per cent iOi All the
money she borrowed. but three or four per cent
will bring whatever amount X desired to supply her
wants. A Scrupulous maintenance OF the pnbhc
faith, making tho public credit good as the puTest
gold. is the key 30 financial ease, security and
stability. We would put credit on this firm
foundation, aud therefore the chicago platform oe-
oares III the highest spirit OF statesuanshpfo Tor the
payment of the publc indebtedness IN the uttermost
good faith, not only according TO the letter but the
spirit OF the laws. Nor does tins involve any
special hardship, even when judged by the narrow
standard of immediate interest. Much has been said
to whether the debt should be paid IN gold OF IN
greenbacks. II seems 10 me, however that this queS
ton need not at any time assume high degree OIL
Importance; or rather, that we may so conduct the
finances as to equalze at 10 distant day these two
classes of money! and thus to render the one almost
as desirable as the othIr for daily transactions.
While insist upon the observance OF the strctest
good faith we 90 not pr, a 70 pay any considerable
portion OF the debt at In the language of the
Chicago platform, t Is OLt policy to extend II over
fair period Of redemption. Meanwhile 1t Is to be
hoped we shall be gradually aud steadily approach
ing a sound specie ba..s. Men recognize the truth
that, it the eXlgency OF war winch
channel with the return OF peace we shOuld again
seek that condition which Indispensable TO health
tul prosperity. 1t should not be 80 pTecptae as To
derange business, but 10y careful and prudent adj
vances consulting all interests and guarding all IN
dustries, aud thus gradually proceed toward the
necessary end. And when we nave arrived at That
point there viii no longer be much question as 10 the
mode of paying the debt Greenhacks Will then De
equivalent to gold, and whether the creditor be paid
in the OF the other will be matter OF little prac-
teal consequence either TO hlm or the nation Since
the close of the war, two hundred and sixty seven
millions have been paid on the principal Of the Public
Debt. With the reduction of taxation. this rapid
liquidation cannot be continued, but the simple state
ment refutes the charges Of fnhdey to its trust fTe
~ made against the party In power. need not say
that the statements Of expenditure which have been
made in ths high quarters of those who are adyocat
ing the election of Democratic administration, are
greatly overstated and made to convey an erroneous
and unjust impression. careful research into the
reports will show that, while the expenditures Incl
dent 10 the unsettled period Immediately following
great necessarily large, the cost of the Gov
do Of INT. lnn halt
and the pensions and bOunties which grateful
nation has Justly decreed exceeds very little the cost
of the Government in the average eight years preced
ing the war, under Democratic rule, II We consider
the initiation Of prices and the increase OF popua
tiOn. As we approach more settled period. tins
cost can ana should DO reduced. For the
next year the national appropriations are but little
over one hundred millions. Taxes have been abated
in the OF more than one hundred and fifty mil
lions within the last three years; so II Is apparent
that the Republican party tends toward retrench-
ment OF expenses and reduction OF burdens. 10
no one could the of economy aud rigid account
ability be more safely lntrusted than 10 Cen Grant
who while temporarily in charge Of the War De-
partment, at the head Of the army, has shown the
rm purpose TO tighten the burdens of the people by
systematic and wise retrenchment. Nor is 1t even
question whether the reconstruction measures are
wholly right IN every provision, but whether IN
their scope and general character they were not
necessary and WISE acts, to the end that
loyal men should be protected and loyal
governments established II is TO be re-
gTetted that Congress has at any time been compelled
TO exercise unusual powers, even in the work of
binding up aud endeayoring TO heal the bruises Of
our assaulted Union. But 80 it during the war,
because the exigency had not been anticipated and
amply provided for in our Constitution and laws,
and so It has been since, because the mild
which the loyal nation prOf1ered, again and
again rejected, ana thus driven from point 10 point,
resort was had TO the military acts the least that
could be done to compel peace and prevent VIOLENCE
and anarchy YOu can all bring 10 mind the cOncill
atOry character of the proposed amendment which
was rendered in good spirit as a basis Of settlement,
and how the Rebel element Of the South and the
Democratic party North denounced il and spurned IT,
Moderate yet firm in purpose, consistent and
uniform in the work of restoring the Union, had
urged this measure for their acceptance. To dis
appointment the ruling element in the South con-
Of Int