The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1870-10-08
the PUBLIC DEBT.
A Few "Bx1ef Remarks" from Senator
Thurman.

Crom Hon. A. G. Thurman's Cincinnati speech,
| I have now some brief remarks to
make about the public debt. The Ad-
ministration is claiming great credit
for a reduction of this debt. The first
thing have to say is that, taking the
whole debt together-the unwritten
as well as the written-there were
more than ten dollars oft paid under
Johnson's Administration for every
dollar paid under Grants. But if we
look at the written debt alone, there
tration, s147 ,OOO,OOO while the total
of the payments under Grant is but
$112, ,OOO,O 900. When, therefore, Radi-
cal orators, as is their custom, charge
all their own crimes, errors and short
comings 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 reduction?
None whatever. Whose money paid
the debt? Was it the money of Pres
idents and Congressmen, or that Of the
people? 1t was the people that raised
the money, and their agents, the Pres
ident and Congress, are no more enti-
tied 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
belongs to no administration, to no
Congress, to no one party, but to the
entire people of the United States.
But must not stop here and leave
,k,, 1nHy
of this claim to merit on the part Of
our Radical rulers. They would have
the people to understand that they in
tend to, and will, pay off the debt, and
they ask the support of the people be-
cause 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 Eng
| land is perpetual. Pay it off !! Why,
what would become of their entire sys-
tenn of National Banks were it paid off !?
That system wholly rests upon the
public debt. It is the debt that consti-
without which it would not enjoy pub
lie confidence for an hour. Remove
that security by q payment of the debt,
and the whole fabric would tumble to
pieces in ninety days. Now, will those
who rule the Radical party give uI
these banks? Have they the power tt
do it if they would? Look at the Hous.
r of Representatives. There are in tha
House, according to a statement of q
leading Radical, not less than sevent.
stockholders in National Banks
nearly one-third of the whole House
Have they any power there? If yo,
Mr.. Sherman, Chairman of the Financ,
Committee, said in the Senate on tn,
18th of last July. A funding bill hat
passed the Senate, requiring, among
other things, that the banks, instead o
the & per cent. gOvernmen bonds they
now own, and which are held as secu,
rity for their circulation, should take
other bonds bearing q lower rate o.
interest. 1t did not require them tC
exchange the former for the latter, but
left them free to sell the former, pockc
the premium they bear, and with the
residue of the proceeds buy the new
ment, as then thought and still think
and SO thought a majority of the Sen
ate, Notwithstanding a strenuous oppo
sition on the part of the banks. Blu
it was otherwise in the House. Moth
ing could induce that body to agree t.
the proposition, and, after two confer
encc committees had sat upon it, j
was given up. Reporting the result 0
the conference to the Senate, Mr.
Sherman said:
81 do not see how VIC can go befor,
the people of the United States an,
). . ask them to lend us gold at par for ou
bonds, when we refuse to require agen
cies Of our own creation to take them
when we even refuse to require neI
banks not yet organized to take thes
new bonds, and when we refuse to re
quire old banks, which have made OF
: the average from Is to 20 per cent
= annually upon the franchise derive,
I from the United States, to aid us t.
!, this extent in funding the public debt
But, sir, the vote of the House show
G the power of the National banks. !
c is so great, at least in the House, tina
in order to secure IL funding bill, W
have been compelled to abandon n
provisions in regard to the Nations
banks"
But the argument does not stop her,
The funding bill, to which l have a
luded, became u law on the 14th of las
July. 1 observe that the Kcpublica
National Executive Committee, in the
address to the people, claim great cred
on account of this law. Let us sec VIII;
is the object of this law and what a,
its material provisions. The object
to refund the 5-20 bonds in other bono
bearing lower rate of interest. A
these 5-2O bonds are now due and Ca
be paid as fast us the Government ca
raise the means. But this law col
o. templates an extension of the debt re