Oregon Republican. [volume] (Dallas, Or.) 1870-1872, 1870-05-28

groes the legal and equitable fulfll-
ment of the 14th and 18th amendments.
aud his position is generally approved
by the Democratic press; while the
Democratic Legislature Of Maryland is
making haste to provide equal educa-
tional advantages to colored children
If there is anything secured by .'as-
surance made doubly sure" it is the.
civil and political rights of the negroes;
and it is only the ''gnawing Of filo'
to fight against it now Revolutions
never go backward, and this legislation
for the black man cannot be undone.
ltNol 90 well the tall
And piilared Allegheny fall
As well ohio's giant tide
Roll backward on its mighty track"
OF course the same rebel esprit
which would attempt TO undo the polit
ical results of the war to crush the re-
bellion, would refuse to pay the ex-
penses Of the war" But we ought TO
expect little common sense, little
''method in their madness" on this
point, inasmuch as it relates to the
practical matter Of dollars and cents.
But if these Democratic leaders can ex-
plain their equitable adjustment" the
ory to any audience Of Oregon voters,
without either proving themselves to
be fools, or, that they have measured
their hearers to be such, then they are
entitled to point. That TO relieve
the country aud restore its prosperity
we favor an equitable adjustment of
the bonded debt of the United States;"
aud it is quite plain, says Mr.. Huma>
son, that don't say reputation. But
it does, for all that, and now let US ana
lyze il. To carry out this Democratic
adjustment, Congress must needs pass
o law, declaring that we owe but fifty
per cent. Of the bonds, (as that is the
amount which | presume is deducible
from the words, "increased more than
two fold,' used in the same section of
the platform with the adjustment
clause) and calling on the bondhold-
ers TO come forward, and be severally
adjusted, and take their money. The
Democrats leaders don't propose to
pay any more interest, and therefore.
like the bankrupt trader, they would
have the nation pay down one half and
call it square. To do that, we must
raise in cash, about thirteen hundred
millions, aud to withdraw which i'm
mense sum from the circulating medi-
um of the world and concentrate it in
one place, would, Of itself, produce n
financial crash throughout Europe and
America. The Treasury has generally
about one hundred millions available,
and would therefore have TO borrow
nearly the whole Of this vast amount.
How would you borrow? Give your
note-giye new bonds, bearing iatcresi,
because the Government could not gel
il in any other way without coDfsca-
ton. Where would you borrow
Here are your bondholders ia response
to your call, from the four quarters oi
the globe and the very ends of the
earth-widows and orphans, life insur.
ancc, annuity and trust funds OF every
description, answering to your Demo
cratic adjustment" and ready to nc
cept your fifty per cent. and 90 home
and reflect on the gratitude of Repub
| lies. But you have no money, and
then, sirs. when you ask for it, in ex
change for new bonds, or ia any othel
way, you will be told, amid the gibes
ieers, contempt and execration of al
mankind, that you have repudtafee
pour contract, you have dishonored your
own paper, and if you viii do that once
you will again. and you can have nj
Imoney, except on gambling specula
tion-ten cents on the dollar for your
new bonds; and TO raise fifty per cent
| of the present debt, it would cost th,
government five or ten times what ",
| nov owe. And the same depreciation
of the bonds end multiplication of th,
present debt would occur if the Gov
ernmcnt offered to replace the fifty pc
cenl., or any .other amount less that
par, of the present bonds with ney
bonds, or any other form of pretende'
payment. Does any one doubt such
result IF SO, let him repudiate fift
per cent of his own note, and see hos
much credit he win gain by 1t. Tha
lis the inevitable result OF the Demo
cratic adjustment scheme, and o
man can disproyetit. 49,
II Actual Reputation.
i Now for The Reputation part Of !
The bonds Of the United. States wer
!, sold by its fiscal agent, Jay Cooke, VII
} disposed of them to banks, bankerl
j trustees, corporations, and private indi
, viduals Of every rank and station, an
) received for them from ninety five. pc
! cent. to par in currency, which we
0 paid into the Treasury. The transas
: ton between Mr.. Cooke and the pul
1 chasers of bonds was o straight fol
: ward business transactioD, just as ne ]
v nows shilling North Pacific Railroa
Q bonds, in which fair price was pal