Oregon Republican. [volume] (Dallas, Or.) 1870-1872, 1870-05-07
Political Notes.

" !
The Albany Democrat has been TAX
ing other papers. to task for Interpreting
ssequitable adjustment" to mean repu-
diation though the 9th resolution is in
dorsed by that paper. The 'Oregonian
thus shows up the consistency of the |
Democrats position:
We now turn to the platform itself.
That document declares that the amount
of the bonded debt was increased more
than two fold be the veaal, illegal and
unyustifabie terms of its contraction f"
Further, it is declared that there should |
be an equitable adjustment" Now
will the Democrat state how debt that
was contracted in the manner asserted
by the platform could be ''equitably ad>
justed" without pairing off a portion OF
it cutting it down, and repudiating the
part (more than half) that is said to
have been added to it by "venal, illegal
and unjustifable meansy" Either the
platform asserts what is false when it
states that the debt was increased more
than two fold in this manner, or
equitable adjustment" means repudia>
ton of more than half the debt, as as
serted by Kelly, Slater and the Herald.
The same paper, speaking of subsi-
dies to aid ia the construction of rail-
roads, says:
Grants of land for railway purposes
stand on a very different basis from
money subsidies. They do not add to
the national Indebtedness. On the
contrary they open the country for set
Element, they increase its wealth, and
add vastly to the means whereby the
national debt can be discharged One
of the essential differences of parties is
on this very question. Republicans, as
a party, favor land grants for railways
in order to open new regions for settle.
ment and develop the country. Dem
ocrats oppose land grants, because, as
party, they are attached to old fogy no
tions and do not comprehend the wants
of the country in these times of activ-
ity aud progression. AS for money or
bond subsidies, however. it is useless to
talk about them. Nobody proposes to
grant any more aid for railways on
this principle.
Mr. Fitch in his terrible speech last
week. says the State journal took this
position: That if man at the time
when greonbacks were worth only DO
cents in gold bought one thousand
dollars in gree1backs with four hundred
in coin, and invested his greenbaeks in
$1,000 boud, when that bond was
equiiably adjusted the excess of inter
est-that il, interest on six hundred
dollars for The time be held the bond
shonld be first deducted from four hun
,lred dollars, then tho balance, if any.
of the four hundred should be paid him.
Farther. that il mattercd not how many
times this bond had been transferred
nor what price had been paid for it,.
The man who buys the bond now for
nine hundred dollars in gold does so
knowing the circumstances and at his
peril, and can expect no more than the
original holder would have received,
viz !: four hundred dollars less interest
on six hundred dollars from date of the
bond to the time of adjustment. We
call that brilliant contribution to the
science of finance. 1t presents a new
system by which a debt soon pays it.
self and finally compels the unfortunate
creditor to disgorge to his more lucky
debtor.
The Sentinel has the following
| The Josephine county Democratic Con-
vention, which met on Saturday last, in
Kerbyville, had an exceedingly stormy
session, which fasted till midnight, and
then broke up in row, without max
ing any nominations. The delegates
| left for their homes in bad humor, de-
claring that they would never hold an
other convention in that county. A
party whose main principle consists 10
obtaining the "loaves and fishes" should
not expect entire harmony and good
feeling among its members in the dis
;, tribution thereof.