The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-09-29

and CURRENCY. tSeems TO me plain that the leaders
OF the democr2iic party fail TO estimate the ineva-
Indifferent the real welfare or the country. II
their project could be carried out, and II they could
save on thirteen hundred millions OF dollars twelve
and O half or fiieen per cent by redeeming
the nve-twenty bonds IN greenbacks, who does
not see that the temporary advantage. thus gained
would be no adequate compensation for the loss or
credit and the loss OF public confidence throughout
the world, or for the pccunary burdens that would
should be under the necessity OF raising large sums
OF money by loan and upon pledge OF The public
than seven " nanarsq al %2ps ana "nn' mum
woul. erect VI casing IL TO 1000 600 900
ing nye-twenty DondsY DO you believe that 500
or 500 OF such paper would buy 81 OF gold
already some Of the evil consequencess The bond
holder paying out ereenbacks FOR real property OF
every sort; the employer compelling his wOrkmen
TO receive deprecated paper Tor their Wages the
dep0sitors In savings banks turned or with what
would be Of little value to use and OF less value TO
keep. All these and kindred evils are TO be &C
cepted, because, we are told by men who now
solicit the confidence OF the country, We did not re-
ceive the par value in coin Of the bonds In question
Do they forget, would they have rather forget,
that these bonds were issued while we were strug
cling in desperate war, when the credit OF the
foreign and domestic financial and political, civil
and military were increased by the policy OF that
party which now seeks to involve us In pers hardly
less serious than those from which We have just
DO You ASK ME- OF THE FuTUREG
The future Is IN your own hands. Imay suggest
or even advise but It Is you alone who can act
Your first duty In connection with the topic am
now treating IS TO continue to provide for the pay
ment Of the public debt In coin It's equivalent
You cannot meet the demands OF ordinary public
virtue, you cannot satisfy the requirements Of
private morality you cannot Justify yourselves
TO yourselves, II you compel the public cred.
itors 10 accept a new promise Tor an old one,
even though coupled with the suggestion or
agreement on your part that they may have third,
II desired, and so on al ininituan. nation cannot
trust its honor to technical defence. This Ia the
resort OF individuals only when they are In extreme
peril. Next provide for considerable annual pay
ment OF the public debr. Delay transfers the
burden more ana more from property to labor
Delay postpones the time when the nation can be
independent In its own affairs and powerful in
the AFFAIRS OF the world. Delay retards immigration
and hinders the settlement or the new States
On the other hand. payment frees capital for Olher
tends to lower the rate Of interest shows the
superiority OF our country and institutions and in
fine. gives to America a new claim to be the leader
and teacher Of mankind. There was time when
an American in foreign country might justly be
tainted as citizen of slaveholding republic.
We have escaped from that ignOminy through blood
hut when we are once branded nation or repudi.
ators who VIII show us u way 10 regain our lost
honor