The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1870-09-17
THE PUBLIC DEBT.
| From Hon. A. G. Thurman's Cincinnati
Speech 60


have now some brief remarks te
make about the public debt. The ad
ministration is now claiming great
credit for reduction of this debt. The
first thing have to say is that, taking
the whole debt together-the unwritter
as well as the written-there were more
than ten dollars of it paid under John.
sons administration for every dollar OIL
it paid under Grants. But If we look
at the written debt alone, there were
paid, under Johnsons administration
Sl47 100000, while the total of the nav.
ments under Grants is but $l12, 600.
600. When, therefore, Radical orators,
as is their custom, charge all their own
crimes, errors and shortcomings 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 for
mer 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 debt? Was it the money OF Pre- 4
dents and Congressman, or that of the
people? 1t was the people that raised
the money, and their agents, the Presi-
dent and Congress, are no more entitled
to credit for the payment than is an
attorney who discharges 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 be-
longs TO no administration, to no Con-
gress, to no one party, but to the entire
people OF the United States.
But must not stop here and leave
unexpoSed the stupendous hypocrisy 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 OF
that intent and capacity. Whereas, the
truth is, they do not mean to pay the
debt. They mean it to be perpetual, as
the debt of England is perpetual. Pay
it off, Why, what would become OF
| their entire system Of National Banks
were it paid off? That system wholly
rests upon the public debt 1t is the
debt that constitutes the security for its
circulation, without which it would not
enjoy public confidence for an hour
Remove that security by payment of
the debt, and the whole fabric would
tumble to pieces in ninety days. Now,
will those who rule the Radical party
give up those banks? Have they the
power to do it if they would? Look at
the House of Representatives. There
are in that House, according to state.
ment of a leading Radical, not less
than seventy stockholders in National
Banks-nearly one-third Of the whole
House. Have they any power there
If you doubt it. hear what your own
Senator Mr.. Sherman, Chairman Of the
Finance Committee, said in the Senate
on the 18th of last July. A funding
bill had passed the Senate requiring
among other things, that the banks, in
stead of the 6 per cent. government
bonds they now own, and which are
held as security for their circulation,
should take other bonds bearing low
rate of interest. 1t did not require
them to exchange the former for the
latter but left them free to sell the
former, pocket the premium they bear,
and with the residue of the proceeds
buy the new bonds. 1t was perfectly
fair requirement, as / then thought and
still think, and so thought majority
of the Senate, Notwithstanding siren
nous opposition on the part of the
banks. But it was otherwise in the
House. Nothing could induce that
body to agree to the proposition, and,
after two conference committees had
sat upon it, it was given up. Report
ing the result Of the conference to the
Senate, Mr. Sherman said:
al do not see how we can 60 before
the people of the United States and ask
them to lend us gold at par for our
bonds. when we refuse to require agen-
cies of our own creation to take them
when we even refuse to require new
banks not yet ora,pized to take these
new bonds, and when we refuse to re
uuire old banks, which have made on
the average from Is to 20 per cent. an
nuallv upon the franchise derived from
the United States, to aid US to this ex-
tent in funding the public debt. But,
sir, the vote OF the House shows the
power of the National banks. 1t is SO
treat, at least in the House, that in
order to secure funding bill, we have
been compelled to abandon all pro,
vision in regard to the National banks. :
But the argument does not stop here.
The funding bill, to which l have allu.
ded, became law on the l4th of last
July. / observe that the Republican
National Executive Committee, in their
address to the people, claim great credit
on account of this law. Let us see
what is the object of this law and what
are its material provisions. The object
is to refund the $40 bonds in other
bonds bearing q lower rate OF interest;
All these $40 bonds are now due and
can be paid as fast as the Government
can raise the means. But this law con-
terminates an extension of the debt rep
resented bv these bonds as follows
5000 OO0, 600 for ten years, $500, OOO, wv
for fifteen years, and 81 ,OOC,OOO!oOO fol
thirty years. If the debt be thus ex,
tended the Government will have nc
power to pay dollar of it for ten
wears, aud at the expiration OF thai
period can only pay $2OO,oOo,ooo
Then it must wait five years more De
fore it can pay another cent and when
those years have gone by it can only
pay $500, 000,0 900, while as to the main
body of the debt, the 81, 000, 000, 600, il
will remain deprived for fifteen years
more, or thirty years in all, Of any pay
ment whatever. For, observe, thu
right TO make any payment before the