The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1869-07-03
Dailp Argus.
saturday Evening, July 8, 1852
REPUTATION OF THE NATIONAL DEBT

REPUDIATlON w AN
A Republican journal gives prom,n'A
N Tho fact that an obscure candidate loe
Congress in Kentucky has aphouneea ms
belief tina, the repudiatior ofthe national
debt is the only solution Of our financial
problem, and at once conclndes line
Democratic parry, fin power would be con
trolled by zach men.
The speaker to whom the sin OF iavoring |
re,udiation is charged, himself declared that
!, is no part of the creed of the Democratic
party. The journal referred to knows that
no such policy exists as party measure
Wendell Phillips recently expressed hope
that the Indians on the plains would take
the soaps of passengers over the Paclhc
railroad. He is prominent Republican,
and has pioneered the party into nearly all
of its labyrinth OF bad legislation and party |
yiany and yet the most reckless of Dem
ocrats have not charged or inEinuated that
the Republican party is in favor Of or intends
to adopt the policy of scalping passen'
gers TO the Pacific. When it is remembered
that large part Of the Republican party it.
SELF, particularly in the west, lies under the
ban of this same charge, Democrats should
not feel greatly aggrieyed; for the Pendle'
ton theory OF paying the debt in the cur.
rency of the country was uniformally de.
nounced as reputation by those who soar
in the more ETHEREAL regions Of light and
loyalty, and majority of the republican par.
~ of the west favored, and are individually
in favor Of, ibis theory, to day; but the bond
holding srstocracy Of the east constitute
such powerful element in the party that
it furnishes its platform to it.
The future history Of this country will
demonstrate one of three things that our
bonded debt will constitute the germ from
which will spring a moneyed aristocracy
which will lock up in its treasure vaults the
the destines end liberties of these people ;
or that the debt will be paid by a Democratic
administration of the government, or that i,
will never be paid at ALL Ifwords and pro
LESSONS constituted good faith and estab
lished and maintained public credit, then
would there be no doubt that the last dolla'
OF our national debt would be more thar
faithfully paid; for Republicans have repeat
edly said it should be, and lestsomebody VIII
had not been impressed by the sincerity c
their declarations, should doubt they hay
put il in the constitution that the publi
debt should not be called in question, ano
have enacted statute declaring that unless
the bond expressly provides otherwise, it
shall be paid in gold. But the whole pol.
icy Of the party, except such as Secretary
Boutwell, las adopted from the Democratic
parry, tends to the Reputation of the debt, by
keeping it up TO its maxum amountby waste
tulness and extravaganza, and by having nc
fixed financial system for reducing and con
trolling it. Under Democratic admnistra
-- ton the expenses OF government would be
reduced nearly one half by con6uing gov
ernment to its proper functions, and b. APP
plying the surplus funds Of the treasury to
the absolute payment of as much Of the pTiu-
cpal Of the public debt as possible, and
thus stopping the interest, and Selling con
troll of what will otherwise become an over
shadowing upas to the whole country, and
lead to the necessity Of applying the axe Of
reputation at the root OF the evil If the
Republican party wishes the debt paid, let
them abandon about one half of their policy
and reduce expenditures; let them apply
the revenues that are now worse than wasted
in maintaining military despotism over one
half of the people of the Sonth and an aims
houses for the other, to the payment Of
the matured bonds in the currency in which
labor is rewarded, and it will soon place our
vast debt, where the most humble can see its
reduced proportions, and hope for its speedy
payment; otherwise lot them prepare them
selves not merely for Reputation but for the
advocacy OF II as q necessary means Of es-
cape from an unsupportable burden.