, 1869-02-26

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GENERAL sCHENCK'S BILL.
On Wednesday the House Of Repre-
sentatlves came to direct vote upon
General Schcnk's bill, authorizing gold
contracts, and declaring the invariable
character of the matt debt, the infle1-
iblc purpose CT the American people to
pay it, principal and interest, and that 1t
shall be paid In coin, or with greenbacks
when the latter shall have become equiv
alcnt in value to gold. The bill passed
the House By yeas, 1l9; nays, (jl. This
is triumph OF NATIONAL credit over
national dishonor. It is vindication Of
tie American people from the s1aEdcrs Of
the demsgoeucs Of all parties, who as
sumcd that the people were dishonest
and would prefer repudiatlng to paying
tho debt. II Is u fitting greeting by the
representatives oil the people to the In
coming President WIN proposes TO tighten
the burden Of taxation, not by rcpu1ia-
tton oi tho debt, but by the abolition Of
ali sinccurcs, BY the discontiDuancc Of all
uEclcss Officers, civil md military, by o
ialthiul collection OF the revenue, by the
suppression OF thctt in the public service,
and by tho general management Of the
government with honesty Anl integrity.
This bill declare that the debt shalt be
pail, and that public creditors shall not
be- compelled to take grccnbacks until the
SAINT hhnll be equivalent to coin.
One year ago, thelo were four proposi.
lions before tEc country: !. Tint the guv-
erpmcnt should take Ut, Its insEscst. .bcar.
irg debt by Issuing to tho holders thereof
itretltcmablc gEeenbaclss btnrfpg no In.
,trcst, reducing tho wllolo dobt 10 tho
condition OF llc Continental currency,
which wns nrccs,nrily no dcprcci. .lcd ns
l,o alnndon.l Ivy universal conaunl ~
| worthlcNs. 9. 1'hu plan nj ls,utng now
honda 1T long slntcs, bearing low tntcrchl,
AID Offering the debt llul.lerh thu nlterl!a-
live ot thctu buntls or irredcrmahlu sreUn'
bachA. y. Andrew .Joinaon'a ptnn, nt
making nll future payments Of interest
| apply to the payment and cxtlngui4h.
| mcnt of the principal. 4. The payment
o1 tho debt, principal and interest, hon
1stly md in good faith. For Il time the
1trec tirst-named propositions attracted
all that class Of politicians who, destitute
If principle themselves, thought they
could ride into power Bnd place by as
euming that the American people woulc
prefer an escape from present and long
continued taxation by actual rcpudia
tfon undcr the technical form Of abid
irg the contract. The Democratic
party alter considerable chatfcring adop
cd as its policy the sc-called payment O
, the deb. by the issue Of irrcdeemahle cur
Icncy, In the advocacy Of that policy q
. number Of "statesmen rose init
| prominency in that party. All owe
: the West it was imagined that thougl
:. the Democracy had erred in supp oBln
J, the people would not engage in war, ant
vote mea and money, and subject them
selves 10 privations and taxation to up
hold the Union and blot out slavery, thor
's could be no mistake In assuming that th
# people would gladly purchase releas
> from debt by "paying the public creds
&c 1oIs in the same money paid 10 the arm
&c and the pensionlrs." Alarmed at thi
4 appeal 10 the lowest personal consilcra
e, 1ions, number Of very weak men in IL
lie Republican party thought their onl
; safety was in going just as far for 1epr
$ d:ation as the Democracy, and Tor tin
:, the politicians OF bo,h parties in Oh
Il and Indiana, and in some other S!ats
Il struggled as 10 which should bid mo
as successfully ior the vote Of the repudi
= tors.
al During all this time the gre
hc heart Of the American people W
al true to the national honor. There nev
b. was desire among the people to rcpul
ID ate the debt. That desire was contIn
y exclusively TO that comparatively tns
II niticant portion Of the people who :oak
III upon reputation as the next resort, aft
n. the failure OF the rebellion, to destroy Il
lg Union. They sought disunion throuf
y. reputation as q mtasurc OF revenge +
IS the failure Of the rebellion and the
rs st1uction OF slavery. The Republic
81 Conycntinn, despite the III 'rts of t
Il tlmil ard the unprincipleJ, met Il
u. issue fairly aId Eqnsrcly, and dcclar
lr. that the debt should be paid, that tht
n, Should be no reputation, partial or co
IS plclr, and that the national credit shol
he be upheld at all hazard and cost.
lcr y The result Of The election indicated
hc nonu1ar will. Thc c1r,nh,r,; ,hro,v u
~ uniyefsa]ly r. nrrlIatcd. Thu. Dpmocr,
su dill not carry n Norlhtrn State. In whi
" tic pnrtv did mt il,s, ,I,sclsim I'm rrc,
il: baek pollcy. The vholc North yul
Tint thu debt should br paid su gc
In. fn,,h. NM, In co,r
,rr 11,r vn,r I'M this I'LL, eh,n, how.
cr, mn,n,;7rd ,t,u n,uoc,srv INV, ,no,,
IN ,hta financial nr,rouI,,nr In ,,. ,,u
~ '''' .'| no