The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1869-11-02

beliion, and disfranchised the rank and
file for few years. The South, with
out cause, brought on the war, and it is
right and just that they should pay the
expense, aud forget their rights as
American citizens;, they should feel
grateful to the North that their lives
were spared. But it is now too late, it
should have been done at the close OF
the war, and would have been had it not
been for the acts and influence of the
most corrupt ruler that ever presided
over any natl d, the darkest page OF
whose life is not yet written. When
Lincoln was assassinated every rebel
North and South rejoiced. They said
now they would have the right man,
aud they would share his favors. What
right had they to expect favors from A.
j.? None But from his acts and the re-
joicings Of the rebels imm ediately after
Lincoln's death. we are compelled to
believe that his assassination was by q
combina alton of traitors North and South
and history will hold Andrew Johnson
as guilty as John Wilkes Boothe, but
not as brave.
Congress and the incoming admins
istration have great work IL do. The
first act Of Congress should he to stop
every possible appropriation. and
squander no more land or bonds on
railroads. or in purchasing regions
around the north pole. If Congressman
do not do som ething to save the country
from bankruptcy and ruin, the country
will not save them much longer. Con-
gress has the power to introduce a rigs
id system of economy. They should
commence it at once, and if the in
coming administration appoints honest,
capable men to office, we shall see con-
fdence again restored. and our country
flourish as it has not done for many
years. Stealing among public officers
under Jshnson's administration has be-
come so common that no honest man
who has any regard for his character,
would accept an Office under him. Be-
fore we resume specie payment, our
currency should be reduced to three
hundred millions and our national debt
to at least one thousand five hun
dred millions; this can be effected in
few years by economy in appropria-
est men to Office. Let Congress pass law
to authorize the Sec'y of the Treasury
to reduce the small currency to thirty
million, aud take in and cancel one mil
ion of greenbacks per month, and with
any supplies of coin or currency in the
Treasury, purchase al market price, our
bonds in the market, and cancel them
as fast as purchased. If we can stop
Wholesale stealing and what is equally
as bad, improper appropriations by Con-
gress, we can reduce our debt from one
to two hundred millions a year; that
would soon bring our currency to par
with coin We are owing large debt,
say twenty-five hundred millions. This
debt was created by selling our bonds
for currency worth seventy five cents or
less on the dollar; now il we can buy
them back again for currency worth the
same we received for them, the bond
holders ought not to complain, if they get
the same amount, aud the same kind OF
money they paid for them. they should
be satisfied. II the Government pays
interest and principal as they become
due on her bonds, that Is all that is re-
quirea OF her. If they depreciate, it is
the fault Of the bond holders, and not
OF the Government, and the more they
depreciate them the better for the coun-
try. Our circulation should be reduced
gradually, our debts have been created
under an inflated currency,let US paythem
with like inflated currency, if we re-
duce circulation gradually the price Of
every thing will come down in proper
ton to the reduction of the currency,
and we could pay our debt without inj IL
ry. If we could, to day, wipe out one
half Of our circulation, we would bring
down at once all the productions Of the
country one half, and consequently re-
duce our income one half. but the inter
est on our bonds and other expenses of
the Government would be the same.
This would produce ruin and bankrupt
cy to the Government. and individu
ais who have contracted debts under an
inflated currency. But if the plan of
gradual reduction is adopted we can re-
sumo specie payment as soon IS nine
tenths Of the people desire it; the farm
er, merchant, manufacturer and labor
ing men do not desire speedy resump-
ton, they want it brought on gradual;
it is the broker and the speculator that
wants speedy resumption, that they may
profit by the general ruin as thieves do
by a fire When our national debt is
reduced to twelve or fifteen hundred
millions we can call in the greenbacks,
then the national banks would have to
redeem in coin as their charters require
them to do. Two or three times this
country has suspended specie payments
with less than two hundred millions cir
culation. Our circulation is now about
seven hundred millions, it would be fol-
ly to think Of resuming until it was re-
duced one half or more. England at
one time suspended specie payment for
twenty or twenty five years, and by that
wise and judicious act saved the country
from ruin. -..s
If we should attempt to resume specie
payments with our large circulation. we
would fail in less than ninety days then
would you see general wide spread ruin !;
all debts, ,national and individual, would be
repudiated and we would be disgraced
as q nation. This would be worse than
q dozen Bull Run defeats.
Sir, l would not weary your patience
With reading any more Of my ideas on
the financial policy Of the government.