The Conservative. (M'connelsville, Ohio) 1866-1871, 1870-09-30

000, 600, while the total OF the pay
merits under Grant is but S112, 000,-
900. When therefore, Radical ora
tors, as is their custom, charge all
their OWL crimes, errors, and short
upon Andrew Johnson, and
claim credit for what has been done
under Grant, it is right to remind
them that far more of the debt was
discharged under the former than
has been under the latter.
But. in truth, what credit is due
to either administration for the re-
duction? None whatever. Whose
money paid the debt? Was it the
money of Presidents and Congress-
mon, or that of the people? 1t was
the people that raised the money,
and their agents, the President and
Congress. n no more entitled to
the credit of the payment than is an
attorney who discharges o note of
his principal with money placed in
his hands by the latter for that pur-
pose. No, my feI!ow-citizcns, what
ever credit is due for the reduction
of the deb: belongs to no adminIstrG-
ton. to no Congress, TO no party,
but to the entire people of the Uni
ted States.
But L must not stop hero and leave
uneXPOsed the stupendous hypocri-
sy of this claim to merit on the part
of our Radical rulers. They would
have the people to understand that
they intend to, and will, pay off the
debt, and they ask the support of
the people because ofthat intent and
capacity. Whereas. the truth is,
they do not mean to pay the Lebt
They mean it to be perpetual. Pay
it off? Why, what would become
of their entire system of National
Banks were it paid off? That sys-
tenn wholly rests upon tie public
debt. 1t is the debt tha. constitutes
the security for its circulation, with
out which it would not enjoy public
confidence for an hour. Remove
that security BY a payment of the
debt, and the whole fabric would
tumble to pieces in ninety days
Now, will those who rule the Radi-
cal party give up those banks?-
Have they the power to do it ii .hey
would? Look at the House of Rep
resentativCs. There are, in that
House, according TO the statement
of a leading Radical, not less than
seventy stockholders of National
Banks nearly one third of the
whole House. Have they any pow,
err there? If you doubt it, hear
what your own Senator, NJ. Sher~
man, Chairman ofthe Finance Com
mIttee, said In the Senate, on the
18th of last July.
4 funding bill had passed the
Senate, requiring among other
things, that the banks, instead OF
the six per cent. Government bonds
they now own, and which are held
as security for their circulation,
should take other bonds bearing IL
lower rate of interest. 1t did not
require them to exchange the for.
mer, pocket tho premium they bear
and, with the residue of tie pro-
ceeds, buy the new bonds. 1t was
Il perfectly fair requirement, as
then thought and still think, and
so thought a majority OF the Senate,
Notwithstanding a strenuous opposi,
ton on the part of the
banks. But it was otherwise IN
the House. Nothing could induce
that body to agree to the PROPOSE
ton, and, after two Conference
Committees had sat upon it, it was
given up. Reporting the result oil
the conference TO the Senate, Mr..
Sherman said:
Il do not soc how we can 60 be-
lore the people of the United States
and ask them to lend us gold at par
for our bonds, when we refuse to
require agercIes ofOur own creation
to take them F.; when we even refuse
to require new banks not yet or
ganized to take these new bonds.
and, when we refuse to require old
banks, which have made or the av-
erage from fifteen to twenty per
cent. annually upon the franchise
derived from the United States, to
aid us to this extent IN funding the
public debt. But. sir, the vote OF
the House shows the great power
of the National Banks. l. is 50
great, at least in the House, that in
order to secure a funding bill, we
have been compelled to abandon all
provisions in regard 10 National
Banks"
But the argument does not stop
here. The Funding Bill. to which
[ have alluded, became a law on the
14th of last July. l observe that
the Republican National Executive
Committee, in their address to the
people. claim great credit on ac-
count of this law. Now, let us see
what is the object of this law, and
its material provisions. The object
is to refund the Five-twenty bonds
IN other bonds bearing n lower rate
of interest. All these Five-twentv
bonds T now due, and can be paid.
as fast as the Government ian raise
the means. But this law contem-
plates an extension Of the debt, rep.
resented by these bonds as follows
5000, 900, 900 for ten years, $500 OOO-
900 for fifteen years, and $780,
900, 900 for thirty years. If the
debt be thus extended, the Govern
ment will have no power TO pay a
dollar of it for ten years, and, at the
expiration of that period, can only
pay 5000, OOO, 900. Then it must
wait five years more before 1t can
pay another cent, and, when those