The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-08-18

OF labor ana struggle, though they nave poen CneCn
cred with many losses and sacrthces-thougn tens
OF thousands OF brave men have given up their
hves-and great public debt rests upon gs.I nS
our country has received advancement, glory anu
progress amply commensurate for all these losses
and sacrifices. The war WAS necessity we coud
OF the South slavery would have been the national
and controlling clement OF the government ana py
slow steps The Union OF our fathers would nave
melted into dislolnted local governments. five had
allowed The South to secede 1t would have been the
this secession would have furnished the seeds OF
future so as to have obiterated both sections
from among the powers OF the world; me war was
doubt made mistakes, yet the progress or the war
SO completely settled the causes of the war-savery
and secess0n-and the results OF 1t was 30 complete
Triumph OF cause, and such an illustration OF
the strength OF our government and our power as
PATTON that need not in the future, II we choose
do practice the arts Of peace. We have
Just cause OF complaint against foreign Powers but
Our party contests viii again turn upon questions Of
political economy, and not upon great questions IN
yoving human rights or the existence of the Union
on oil these new questions OF political economy the
republican party Is at liberty to be guided by all The
lights Of reason and experience. 1t need not wear
the old clothes OF either the old wing or democratic
parties. No man or set OF men can speak for
the republican party In advance. In the nature or
and we ought each to express our opinions freely
leaving TO the authorized agents OF the people TO
carefully weigh tneir arguments and hereafter de-
Perhaps the most pressing OF these questions are
those growing out Of the revenues and expenditures
penditures should be reduced to tile lowest AMOUNT
ccnsistent with the public honor and safety. But
roadsi Does this include the Improvement q your
rivers and harborf Does this demand further re-
duction Of your army and navyY Does this include
new b0untles to our brave soldiers or the soldiers
1877 Shall we build new forts for sea defence or
levce the Mississippi rverf Shall we fight the In
them over to our Quaker friendss These are the
questions Of expenditure; and, though often talked
Of on the STUMP never nave r been and never can
the locality Of each member Of Congress, and
his personal ideas ia what is necessary. During
greatly reduced the public expenditures. Aside
from the interest Of the public debt aud the pen.
changed by Congress, the national expenditure has
been reduced to $780, OOO 0OO and certainly ought to
be reduced within that sum. When we consider the
ton, but in the extent Of territory brought Under
control OF civil law aud the value OF our currency,
this 10 as small q sum as will maintain the govern
ment. Another thing q republican President Is
now doing. He IS actually reducing the public ex
penditures within the appropriations. In Jonnsons
@s S ssa Hs sa% eESenses
beyond the amount OF appropriations, and we had
Grant means to prevent oil expenditure unless It is
expressly provided for by law. His administration
will be an economical administration.
There Is one kind OF expenditure to which the
people ought not TO object and that Is the payment
OF the public debt. The public debt may be. with
redundant currency, diminished more easily than
hereafter, wnen our bonds rise to par in gold and
our currency Is equal to gold. IL has always been
standing public debt to provide for Its early pay
ment. We ought not to mortgage futurity one DAY
longer than Is demanded by high public necessity.
The future Will have enough extraordinary expenses
to meet without being burdened with ours. The
United States have twice paid national debt equal
ton and resources, and it would be easy to prove
that our present debt vast as it is, readily be
resources or increasing our taxes. / need not
say one word in regard to the sacred obligation
OF this debt, principal and interest. Il Is not
| upon the sacred basis Of the promise Of nation
amply able to fulfil TIA promise which cannot be
Of decay. Tue republican party is fully committed
to the rapid reduction OF this debt-nrst by large
annual purchase or payment OF the principal and y
reduction Of the rate Of interest as rapidly the
| public credit VIII enable US to borrow money at q
rapid reduction Of the public debt, and can in our
growing resources and improved credit see means
for much more rapid reduction that our ability to
pay is no longer question Of doubt or ALARM And
now have only to resist the wish Of capitalists to
procure the debt as permanent basis OF investment
In order to secure the full and ample payment OF
every dollar OF the debt within twenty years
regret inclination to repeal the income lax. This
the only tax now levied by the United States on
Il 9s n sax ina, Dc
ratey the income OF individuals. but this ia din
Guilty that wiii ! am sure, be overcome. ! hope
the taxes on whlskey, tobacco and incomes. These
now II fairly collected. are amply sufficient to pay
every dollar OF our expenditure except the public
debt-and fixed sum, say $3.50, 00o, 900 per annum.
set apart from the taxes on foreign goods will II
taxes ars pledged for the debt. they are amply SUI
ncent and can be 80 levied as not to affect domestic
industry but rather SO as to promote and encourage
The condition OF the currency is a much more diff
fcult and dangerous question. IL Is standing dis
grace and reproacn that our dollar OF promise Is only
worth seventy cents. Four years have now passed
since the war closed aud this promise to pay o dol
four years ago. Why is thls9 Ali other forms Of
public 5ecurities~have advanced IN value We pay
the Donan 2, tnelr s interest promptly and even
IS as much an act Of Reputation as the re-
OF the bond There Isl no want OF means to pay the
notes. We have enough gold to pay one-fourtn Of
would almost II entirely, restore the balance to
gold standard. The funding or q small portion OF
the s even the Isn to nnd he would th
not dOneY The only reason is that public opinion,
which controls Congress- VIII not allow it to be
any measure to advance the market value Of the
currency without reduction Of the amount Will
derange prices disturb the equities between debtor
ana creditor and reduce the nominal but not the
real value OF all commodities to the gold standard.
Tbese considerations are not to be overlooked and
the standing dishonor OF the nation by maintaining
in circulation her broken promises to pay. without
idle in the Treasury and surplus revenue Of seventy
Millions should be speedily put end to. No party
can be charged with this for public opinion, strong
or than ali parties forbade a reduction Of the cur
rency but trust the republican party VIII have the
courage to grappe with this question, aud restore
the currency to the standard OF value III use among
oil civilized nations.
The national banking system was never party
measure, but sprung out OF the vital necessity dur
Ing the war OF absorbing State bank paper. 1t &C
compfshed this purpose and has furnished US an
admirable currency OF uniform value throughout the
country and based on the highest securities. IL
must have two additional qualities, Without which
II VIII not be sustained By any party. The circula
ton must be more equally distributed among the
states, or IL must be open and free to banks wher-
eyer organized, and its notes must he paid Ia specie.
tals can v,.y De wnen the United States sha.! re-
ANNA s,. .-.- Sscma on It's notes. These two con-
dilons compiled WITH fe sy..s.., in my opinion.
Will be the best banking system even orgs,,,sd IN
any country 1t Ii hardly necessary for to Bfo03
that paper money must exist In every commercial
COmmunitY, and from the nature of the husineaa a