The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1870-09-15

aud that It should have this exemr-
ton as an element of strength In bor-
rowing. or in funding Its indebtedness
While we denounce, In our national I
platform, every proposition that sa
vored of population, direct or indi-
rect, we declared also, as already /
stated, that the rate of interest on our |
debt should be reduced whenever It |
could be honestly done. But for the
constant denunciation of the bonds
and bondholders, the threats BY many
of our leading opponents that our oh.
legations should be scaled down to
what we received for them in our hours
of emergency when Democratic Ma
tional, Conventions were resolving that
the war was & failure, and Democratic
national leaders were predicting that
our currency and our bonds would
both become equally worthless, and
the other threats that they should be
heavily taxed or wiped out with
sponge, Congress could long since have
funded our debt at a lower rate of in
terest and thus been enabled largely TO
reduce its burdens en- the people. But
with powerful party. struggling for
national ascendancy, and with such
declarations IN their mouths, our
credit improved more slowly than il
We could have shown a united people,
as jealous of our national honor and
national obligations as are all the
people Of Great Britain, of all par
ties, in regard to their debt. And
thus, sincs the war, as during the
war. our opponents have proved them
selves a terribly expensive organiZa-
ton to the nation.
Lest / may be charged with stating
this point too strongly, / quote, as
one Of the many proofs of its correct
ness that could be given, the follow
inc editorial remarks of the Cincin-
natl Enquirer. the leading organ of
the Democrats party of Ohio and In
deed of the Northwest. printed only
last June: AE
The Democracy of Ohio are now
divided. and only diUlded upon the
point 10Aether any portion of The debt
should be paid at all. a large and
perhaps q controlling section Of the
party, here and an the West, are for
open and uHdisgRised population.
Another division adheres to the old
views, and favors the payment with
greenbacks worth what they were
when the debt was taken. The diver
sity Of sentiment was such that it was
not thought advisable to make any
distinct declaration &C this time.
And this paper did not misrepre-
sent the feelings of large portion of
the Ohio Democracy. / quote fur
Their the following resolutions adopted
unanimously in the same month of
this very year by the Mercer County,
Ohio, Democratic County Conven-
ton:
!" Resolved, That the SO called war
debt is a fraud and q sHindle, and was
created under false pretenses and ia
violation of the Constitution; We are,
therefore, uncompromisingly in favor
OF repudiatiR0 the whole of the bonded
soar debt of The United States"
Costly as these ayowals have been
to the nation in retarding the en-
hancement of its credit, the time ar
rived during the last session, when,
By the more faithful collection Of our
revenues, our retrenohed expeEdi-
lures and the consequent monthly
reduction of our debt, the premium
on gold had dWindIed down to about
ten per CENT and our six per cent.
bonds had becme worth their face in
the recognized currency Of the world
A Funding bill vas then passed.
proposing 10 issue two hundred mil
lions of. bonds, payable after ten
years at i've per cent. interest, three
hundred millions payable after IF
teen years at four and a half, and
one thousand millions payable after
thirty years, at four, to be ex-
changed at par for our six per cent
obligations, or to be sold &C par in
gold, and the proceeds applied to
paying off an equal amount of bonds
b caring a higher interest. The sud- |
den breaking out of the European
war during the last days of the session,
deranged the money markets Of the |
world, by the great monetary neces- /
sites OF the belligerents. advanced |
the premium on gold. aud weakened /
the prices of bonds of all ma
tons. This unexpected event has |
retarded the success OF ]
this measure, which, if fully carried /
ont, would have saved the nation over /
twenty six millions of annual interest. /
and enabled it to largely reduce taxa
ton; but l am sure the honest reduc-
e&OA Va O4A AAANACG1 aGLOAuGs IL u U4TLR 4
pledged to the ''uttarmost good faith
as regards our obligations and their
payment remains in power, is happily
only question of time. And
when our opponents insist, as
they did, when opposing this bill,
that the new bonds would be too good
an investment, ask them why their
Belmonts and other Democratic mil I
Ionaires, do not rush TO the Treasury
or them. They are not generally blind
o their pccuniary interests; and we
you'd rejoice to see our opponents |
axe and pay for more millions Of
hese bonds, at a reduced interest,
han they did when the original ones
we're issued. and when patriotic men
md women all over the land were
legged, except By the Democratic
lress and leaders, to pay into the
Ereasurr the money for them.
Tw0 1,w frowvrrn,rrr,