The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-06-08
sPxRxT OF rHn.PRzss.
Editorial Opinions Of the Leading Journals
upon Current Topics-Compiled Every
Day for the Evening Telegraph.
THE DEMOCRATS AND THE NATIONAL
BONDS.
Prom The N. Y. Times.

The ''hardheadedness" Of the Democracy
was strikingly illustrated in the platform they
adopted in the State Convention in Ohio the
other day. The party has, if not really, at
all events ostensibly, abandoned those pecu-
liar views about greenbacks which we're its
boast and glory two years ago, and which fur
nished so striking an illustration of the way
it adapts itself to circumstances. During the
war, for instance, no firmer opponents of
Government paper currency could be found
than Messrs. Pendleton, Vallandigham d Co.
They stood, with legs far apart upon the con-
stitutional prohibition of the issue of any
legal tender but gold and silver, and raved
over the Chase shinplasters like so many
bowling dervishes. One might reasonably
have expected that they never would have
accepted them; that they would never have
given up denouncing them; and that, the
war over, they would have called night and
day for their redemption as matter of con-
stitutional obligation no less than of national
honor.
But the war was hardly over when all oppo-
sition to the greenbacks was abandoned
One heard no more of ''hard money" and
constitutional prohibitions. The Democratic
leaders were not only satisfied with the ire
deemabie paper, but while some of them
wanted more of it issued, the rest, so far
from wanting to see it redeemed, demanded
that it should be used in payment of all the
Government obligations, including those
which were contracted on the express under
standing that they were to be paid in gold
In fact, their performances at this period
showed that their opposition to the legal ten
ders during the war was purely factious that
it had no foundation whatever in principle
and was begun and carried on solely for the
purpose of making an uproar and embarrass-
ing the administration.
The plan of paying off the public debt in
paper has completely failed and the atten-
tion of the party now seems to be devoted to
the task of finding out whether there is not
some other way in which the people, who
trusted the Government in the hour of its
difficulties, can be got at, and outman@uvred
and disguised, so that the nation shall never
be able to borrow at low rates of interest
The Ohio State platform seems to show that
the party has found something that will
answer the purpose, but it does not seem to
have had brains enough to devise anything
original, for this last contrivance is one of
General Buffers, and was produced in the
House by that eminent financier two years
ago, for Republican use-but it met with no
favor. 1t consists in Injecting the interest
on the bonds to special tax, over and above
the income tax, to which, in common with
all other sources of income, it is now
exposed. This new tax ought, according to
the Ohio Democrats, to equal in amount
each State"-we presume for State purposes.
An effort has been made already to accom-
plish this through the State Legislatures,
which, if successful, would of course have for
ever put an end to all borrowing on the part
of the United States, as it would have left it
in the power of any State to prevent any of its
citizens deriving benefit from any loan made
to the General Government by simply taxing
away all the interest. The new plan pro-
70 ho, fIa do
the work of killing its own credit by arbi-
trarily reducing the interest on its own
bonds, by retaining portion of the money
under the name of "a tax" and it really ap-
pears as if some of the Democratic politicians
believed giving it this name would deceive
people as to the nature of the operation.
Nobody, however, would be deceived by it.
To pay man the stipulated interest on his
loan, and then have a revenue collector sta
toned at the door to take five or ten per
cent. of it from him as he went out, would be
simply cheating, and the simplest and most
ignorant would know it. 1t would be neither
more nor less than roundabout and some
what impudent way of repudiating our lawful
obligations.
What is most remarkable about all this,
however, is not the moral obliquity on the
part of the Democrats which it reveals, so
much as its gross stupidity. What does more
than anything else to keep the party out of
power is the total want of popular confidence
in its honesty. The majority does not be-
heve what it says, questions the sincerity of
its indignation, and doubts whether it advo-
Gates anything from conviction, or has any
settled principles, or has any other aim than
''to make trouble" Instead of trying to get
rid of this bad reputation, by steady adhe-
renee through good and evil report to some
plan or other, the party hardly ever opens its
mouth without confirming it. If it had
stuck firmly to its hostility to greenbacks,
it would now have the benefit of whatever
opposition has recently shown itself in
the Republican ranks to the legal-tender
policy. If it had stuck firmly to the
hard money and good faith doctrine, it would
have had the benefit of the alterations on
these subjects which were witnessed among
Republican politicians in 1S67-S; and if it
were now to take up financial reform, pure
and simple, it would make no small impress
sion on the minds of large portion of the
public. But nothing seems to attract it which
has net grain or two of what Irishmen call
''divilmint" in it. 1t rarely takes up anything
nowadays which cannot be used as missile.
Indeed, the whole party has almost dissolved
into band of ''bummers," without order,
organization, leaders, or any fixed object
beyond the general one of frightening the
country, and picking up whatever happens to
be lying about, which somebody else is likely
to want.