The Plymouth Democrat. (Plymouth, Ind.) 1869-1941, 1870-10-06
The Public Debt.

FROM Hon. p. U. thurman 8 CINCINNATI speech ]
I hare now come brief remarks to
make about the public debt. The Admin
istration is claiming great credit for re-
duoti0n If this debt The first thing /
have to ssy is that, taking the whole debt
tOgesher-the u2written as well as the
wriltcn-there were more than ten dollars
Of j. paid under Johnson's Administra-
lion for every dollar paid under Grants.
But if we look at the written debt alone,
there were paid, under Jobnson's Admin
istration, s147, 000 600, while tie total OF
The payments under Grant is but S112,-
0o00 CO., When, therefore, Radical ora
tors, "a is their custom charge all their
c IN critics, eTrcTs and shortcomings upon
Andrew Johnson, and claim credit for
right to remind them thst far more Of the
debt was discharged uEder the former
than has been under the latter.
But, in truth, what credit is due to
| either Administration for the reduction !?
None whatever. Whose money paid the
! ccbt? Was it the money OF Preaidcnts
and Congressman, OF that of the people !?
! Il was the people that raised the money,
and 5heir agents, the President and Con
| gross, are no more entitled to credit for
charges 9 note OF his principal with
money placed in his hands by the latter
for the purpose No, my fellow citizens,
whatever credit is due for the reduction
| Of the debt belongs to no Administration,
70 no Congress, to no one party, but TO
the entire people OF the United States.
But l must not stop here and leave I'M
exposed the stupendous hypocrisy of
this cl-im to merit on tie part of our
| Radical rulers They would have the
snd VIII, pay of the debt, and they ask
intent and capacity. Whereas, the truth
is, they 90 not mean to pay the debt.
! Trey mean il to be perpetual, rs the debt
OF England IS perpetual. Pay it of! Why,
what would become of their entire 0ys-
| tenn IF National Banks We're it paid Jf ?
Thai system wholly rests upon the public
debt. 1t is the debt that constitutes the
security for its circulation, without which
it wouldsnot enjoy public confidence for
IN hour. Remove that security by pay
nlent Of the debt, and the whole fabric
would tumble to pieces in ninety days.
Now, will these who rule the Radical
| party give up these banks? Have they
the 30 Eee to doitif they would9 Look at
the House Of Representatives. There
ere Il thst House, according to a state.
mcnt Of g. leading Radical, not less
than seventy stock holders in Ma
tional Banks nearly one-third of
the whole House. Have they any
power there? II you doubt it, hear what
your Own Senator, Mr. Sherman, Chair
man Of the Finance Committee, said in the
Senate on The 18Th If last July. 4 fund
ing bill had pas 1ed the Senate, requiring
among other things, that the banks, in
stead OF the per cent government bonds
they LOW owD, and which are held as a
security for their circulation, should take
other bonds bearing lover rate of in
terest. II did not require them to ex-
change the f5Tmer for the latter, but lef,
them free TO sell the former, pocket the
premium they bear, and with the residue
Of the proceeds buy the new bonds. II
was perfectly fair requirement, az I then
though1 and still think, and SO thought 3
majority Of the Senate, notwithstanding
4 strenuous opposition on the pant of the
! banks. But ii was otherwise in the
House. Nothing could induce That body
to agree to the proposition, and, after two
conference committees had sat upon it, il
Vas given up. Reporting the result OF
the conference to the Senate, NJ. Sher.
man said.
al do not see how we can 90 before the
people Of the United States and ask them
10 lend us geld at par for our bonds, when
we refuse to require agencies Of our own
creation 10 take them when we even re-
fuse 10 require new banks rot yet organ
lied to take these new bonds, and when
we refuse 10 require old banks, which
| n IN no o.
per cent annually upon the franchise de-
rived from the United States, to aid as 10
this extent in funding the public debt.
Bat, sir, the vote of the House shows the
power of the National Banks. 1t ia SO
great, at least in the House, that in order
10 secure funding bill, We have been
compelled to abandon all provisions in
regard TO the National Banks"
But the argument does not stop here.
The funding bill, to which have alluded,
became n law on the i4ta of last July. /
observe that the Republican National Ex-
ecutiye Committee, in their address 10
the people, claim great credit on account
OF this law. Let us see what is the OF
ject of this law and what are its material
provisions The object is to refund the
52O bonds in other bonds bearing lower
rate of interest All these 5 90 bonds are
now due and can be paid as fast as the
Government can raise the means. But
this law contemplates on extension of the
d. bt represented by these bonds az fol-
lows 500. O0o, 900 for ten years, $780,
600 GOO for fifteen years, and $lGO00OO.
COD for thirty years. 1t the debt be
thus extended the Government will have
no power TO pay dollar of it for ten
wears, and at the expiration of that pc
rid can only pay $2a9,000,Q0o. Then it