The weekly Panola star. [volume] (Panola, Miss.) 1857-1881, 1870-10-08
The Public Debt.

hFhN FN"
$500
From Hon. A, q. Humans Cincinnati Speech
/ have now some brief remarks to
make about the public debt. The Admin
i~stration Is claiming great credit for a re.
duction Of this debt. The first thing |
have TO say is that, taking the whole debt
togethor-the unwritten as well ss the
written-there were moro than ten dollars
of it paid under Johnson's Adninittra-
ton for every dollar paid under Grants,
But IL we look at the written debt alone,
there were paid, under Johnson's Admin
istration, SAT- 00, 900, while the total OF
tho payments under Grant is but Sl12,-
100000. When, therefore, Radical ora
tors, as is their custom, charge all their
own crimes, errors and shortcomings upon
Andrew johnson, and claim credit for
what has been done under Grrnt, 1t Is
right 10 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 the reduction
None whatever. Whose money paid the
debtY Was 1t the money of Presidents
and Congressman, or that Of the peopleY
1t was the people that raised the money,
and their agents, the President and'Con
gross, arc no more entitled to credit for
the payment than Is an attorney who dis
| charges o note Of his principal with
money placed In his hands by the latter
for the purpose. No, my iellow-citizens,
whatever credit is due for the reduction
Of the debt belongs 10 no Administration,
10 no CONGRESS, TO no party, but TO
the entire people Of tho United States,
But | must not stop here and leave I'M.
exposed the stupendous hypocrisy of
this claim TO merit on the pert 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 1t to be perpetual, as the debt
Of England Is perpetual. Pay 1t OIL Why,
what would become of their entire 'ys
TEN Of National Banks were it paid Jfr
That system wholly rests upon the public
debt. II is the debt that constitutes the
security for its circulation, without which
1t wouldlnot enjoy public confidence for
an hour. Remove that security by a pay
ment of the debt, and the whole fabric
would tumble to pieces in ninety days.
Now, will those who rule the Radical
party give up these bsnks' Have they
the power to dOitif they wouldf Lookat
the House Of Representatives. There
are in that House, according to q state
ment Of q leading Radical, not less
than seventy stock holders In Ma,
tlonal Banks nearly one-third OF
the whole House. Hsv5 they any
| power tbere2 If you doubt IL, hear what
your W Senator, Mr.. Sherman, Chair
| man Of the Finance Committee, said in the
Senate on the 18Th Of last July. A fund
ing bill had passed the Senate, requiring
| among other things, that the banks, In
stead Of the 0 per cent, government bonds
they now own, and which are held as q
security for their circulation, should take
other bonds bearing a lower rate Of in.
terest. 1t did mot require them TO ex-
change 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. II
was o perfectly fair requirement, as then
thought and still think, and so thought a
majority of the Senate, notwithstanding
a strenuous opposition on the part of the
banks. But it was otherwise in the
House. Nothing could induce that body
10 agree 10 the proposition, and, after two
conference committees had sat upon 1t, II
was given up. Reporting the result Of
the conference TO the Senate, NJ. Sher-
man said
"I do not see how we can go before the
people Of the United States and ask them
to lend US gold at par for our bonds, when
We refuse TO require agencies Of our own
creation TO take them when we ven re-
fuse TO require new banks not yet organ.
lied 10 take these new bonds, and when
we refuse to require old banks, which
have made on the average from Is TO %
per cent annually upon the franchise de-
rived from the United States, to aid VS. to
this extent in funding the public debt.
But, cir, the vote Of the House shows the
power Of the National Banks. II ia 80
great, at least in the House, that In order
TO secure a funding bill, VIC have been
compelled 10 abandon all provisions In
regard TO the National Banks"
But the argument does not stop here.
The funding bill, 10 which have alluded,
became a law on the i4th Of last July. ]
observe that the Republican National Elk,
ecutive Committee, In their address 70
the people, claim great credit on account
Of this law. Let us see what is the OBJ.
ieot Of this law and what are It's material
provisions. The object is to refund the
5 20 bonds in other bonds bemi ng a lower
rate Of interest AL these $50 bonds arc
now due and can be paid as fast as the
Government can raise the means. Bal
this law eentemplates an extensien Of thu
debt represented by these bonds ss fol