The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-23


"small BY degrees and beautifully less" 1t IN the
DOUBT which costs. 10 As with our country a. win
an individual, the doubt obiiges the payment OF
extra interest 10 stop that extra interest we must
keep faith.
ABsuRprrY AND AG0RAvArroN
As we look at the origin OF the greenback we shall
find new motive for fidelity do not speak OF That
patriotic character which commends the national
debt; but OF the financial principle on which tne
ruling exigenciea Of seli.defence. The national
existence depended upon money. which could be
had only through forced loan: The greenback was
the agency by which II was collected. The disoyai
party resisted the passage OF the original act pro-
phesying danger and ditficuty. But the safety or
the nation required the risk and the republican
party assumed 1t. And now this same dlsOya
party, against the greenback, insist upon con-
Iinung in peace what was justified only In war
insist upon forced loan, when the everything ex-
igencies OF seIf-defence have all ceased, and the
nation is saved. 10 such absurdty Is this party now
driven.
The case is aggravated when we consider the
boundless resources OF the country, through which
In short time even tins great debt viii be ighened
financially as wei rs politically, is needed. Let rs
have peace. Nowhere VIII 1t be felt more than at
the South. which IL awakening 70 q consciousness OF
resources unknown while slavery ruled. With these
considerable additions TO the national capital five
years cannot pass without sensible diminution OF
our burdens. A rate OF taxation per capita equal
10 only one-half nthat OF 1859 will pay even our
present interest, all present expenses, and the entire
We must keep faith.
u
considered that reputation is Impossible Try as
YOU may, you cannot succeed. You may cause III
caicuiabe distress and POSTPONE the great day Of
peace, but you cannot do this thing. The national
debt never can he repudated. It will be paid dollar
Tor dollar. in COIN, with interest to the end.
How little do these repudiators know the mighty
resisting power which they encounter--how little
the mighty crash which they invitei As well under
take to move Mount Washington from It's everlasting
base, or shut out the ever-present ocean from our
coasts 1t Is needless to say that the crash would
in proportion TO the mass affected, being nothing
Incu hon 10 tph al Of IN NnuU
it appears from Investigations making at this
moment by Commissioner Wells, whose iabors shed
such light on our financial questions, that our
annual product reaches the sum of seven thousand
millions OF dollars But this enormous amount
depends for It's value upon exchange. which turn
depends upon credit. Destroy exchange, and even
these untold resources would be an infinite chaos,
without form anu void. Employment would cease,
capital would waste, mills would stop, the rich
would become poor, the poor I fear would sarve.
Savings banks, trust companies, insurance compa-
mes would ,li disappear such would be the mighty
power. therefore again do say reputation Is
impossible.
cause he buys up bonds paying the current market
rates when he should pay the face in greenbacks.
Very well Suppose the Secretary. yielding to these
wise suggestions, should announce his purpose to
take up the first ten millions OF flve-twentles pay
ing the face in greenbacks. What them cater US
the delnge,". said the French king; and SO, alter
such notice from our Secretary, would Our deuge
come: AT once the entire bonded debt would DO re-
rased the bond would be drawn down. on the
purchase OF ten millions the nation would seem to
save two millions; but tile bondholders would lose
the difference between present rates and par helng
twenty per cent on sixteen hundred millions, which
would be three hundred and twenty millions. All
quences9 Bonds would be thrown upon the market.
From all points OF the compass at home and abroad,
they would come; Business would be disorganized.
The fountains Of the great deep would be broken up
and the deuge would be upon US.
NATIONAL BANKS.
Among the practical agencies TO which the country
cannot fail to be taken into account In all financial
discussions. AS they have done good where they
are now established, would gladly see them ex-
tended, especially at the South and West, where
they are much needed and where abundant crops
already supply the capital. But this can be done
only by removing the currency Limitation in the
existing Bank act. Here should like The condition
that for every new bank note issued a greenback
should be cancelled thus substituting the bank note
for the gfeenback. In this way greenbacks
would be reduced in volume, while the demand for
currency would be supplied by the banks. This
would be an important stage toward specie pay
ments, which am unwilling to see postponed. while
the national banks N the south and West, founded
on the bonds Of the United States, would be a new
security for the national credit.
PUBLIC FAITH.
Thus fellow Citizens, at every turn are brought
back TO one single point, the public faith, which
cannot be dishoncred without infinite calamity.
Is the Ter the ull,grown man. and for the ma
ton also. We cannot tell lie to the national freed.
man or to the national creditor; We cannot tell lie
to anybody. That word OF shame cannot be ours.
But fasehOod to the national freedman and tie ma
tiona creditor Is national lie. Breaking promise
with either you are dshor0red, and liar must be
stamped upon the national forehead. Beyond the
tgnOminy which all OF us must bear VIII be the in
nuence or such transgression Ia discredting re-
publican government and the very idea OF re.
public. For veal or woe we are an example. Man.
kind ls now looking TO US, and Just in proportion to
the eminence we nave reached Is the eminence Of
oIr example Already We have shown how o re.
pubic can conquer IN arms, offering millions of
citizens and untold treasure at CALL It remains tor
US to show how a republic conquer in q field
glorious than battle, where all these millions
of citizens and all this untold treasure uphold the
public faith. Such an example Will elevate republi-
eau government, ana make the idea OF republic
more than ever great ana splendid. Helping here,
you help not only your own country, but you help
humanity also; You help liberal institutions in all
lands; you help the downtrodien everywhere and
ali who struggle against the wrong and tyranny of
earth.
The brilliant rrenchman Montesquien, In that
remarkable WORK winch occupied so much attention
during the last century, "1he Spirit OF Laws,r pro-
nounces honor the anlmatinQ sentiment OF ROYALTY;
but virtue Inc animang sentiment Of a republic.
disturbing the order Of the universe. Faith
is nothing less than part OF that sublime
harmony w whlch the planets wheel surely IN
their appointed orbits, ana nations are summoned
to Justice Nothing too lofty for its power; nothing
too owiy Tor Its protection II Is essential pri-
ciple in that divine Cosmos, Without which all ia
confuslon AL depends upon faith. Who do you
buiidY Lecause you have faith In those laws by
which you are secured In person and property why
do you plant2 Why do you SOW? Because you he re
ih In tue returning seasons, faith lii the generous
lie must be fEed as IN the sun, which iuminates
all. cannot be content with less. Full well | see
that every departure from this great law only 70
ruin. and from height have reached the iall
will DO ike that OF the ancient God IRON the battle
ments Of Heaven--
To noon he fell; from dewy
summers day. and with the setting
prort from the zenith, like a falling star.
II only remains that we should do all that we can
to preserve The public faith. For myself, see ncth.
ing more practical at this moment than fIrst at al
points to oppose the Democracy, and, secondly, tc
insist that yet while longer exrebes shall bt
excused from cOpartnership In government. Will
not be outdone by anybody in cemency; nor at the
proper time viii be benInd any one In opening ali
doors OF ONCE ana trust But this time has not ye
come. There must be security Tor the future
unauestlonable and ample, before am ready; and
| ths would require, not only for the sake OF the
rational freedman and the national creditor but fol
1 the sake OF the ex-rebel himself, whose hignes
interest Is IN tnat peace where all controversy Bha
be eXtinguished forever. The ancient historian
declares that the ancestors OF Rome, the most relI
gsous Of men, took nothing from the vanqushed bn