The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1871-07-06
The Radical P1an-The Democratic Plan


The Radical Plan-Ehe Democratic Plan
Choose. Ye.
In his speech delivered atSt. Clairs-
vile, on the Goth of June, General
George w. Morgan briefly but ably
contrasted the plans of the Radical
and Democratic parties for the pay
ment of the $40 bonds of the Gov
ernment, and demonstrated that under
the Radical management the people
have been robbed of S25,5l9, ,454 for
the benefit of the bondholders. From
this part of General Morgan's speech
we make the following extract, and
commend it to the careful and candid
consideration of every reader:
The pamphlet hold in my hands,
my fellow citizens, is the /" Statement
of the Public Debt of the United
States, by DAY Cooke, the Govern
ment agent for the sale of its bonds.
II is prepared with care and is reliable.
He SAYS: The United States notes
-greenbacks-were issued under acts
of February, 25th and July l1th, 1862.
and March Sd, 1858, and are a legal
4
except duties of imports and the in
terest on the public debt" This ex-
tract from the law is printed on the
back of every greenback the Supreme
Court has declared the law to be con-
stitutionaI; and snch was the under
standing between the bondholder and
taxpayer when the5-20's were issued.
But i'm violation of the law, in breach
of the contract between the bondhold-
er and the taxpayer; in contempt of
the decision of the Supreme Court of
| the United States since Grant became
President, on payment of the bonds
that were by law payable at par, on a
little over two hundred million dollars
of bonds, he has caused the bond hold
ers to be paid twenty-five million six
hundred thousand dollars more than
1 the law entitled them to receive. This
4 seems almost incredible, but here is
the proof This paper is the state
4 ment of the public debt of the United
States on June 1st, 1S7f,'n' and is signed
by George T. Boutwell,, Secretary of
1.-The Treasury. 1t shows the amount of
bonds paid from May, 1869, until May
i II, 1871.
The principal of the bonds paid Was:. BOG, $50
Amount paid more than was owed. IS 25. ,454
Itake the figures from this official
statement. They are no doubt correct
Here it is admitted that this Republi-
can Administration has made gift to
the bondholder, who is exempt from
taxation, of twenty-five and half
millions of money, wrung from the
people in the shape of taxes, without
one dime of consideration in return.
These bonds were made payable, at
lfpar, in five years at the option of the
Government, or in twenty years at the
demand of the bondholder. If the
Secretary wished to pay the bonds, it
was only necessary to designate them
4 by number and amount. and name a
day for payment, and if not then pre-
sented, interest. to- cease. Shall the
robbery be tolerated? Are wrongs
4 like these against the people to be con-
tinued by the people themselves P
Boutwell, calls this process purchasing
bonds" But why purchase bonds
above par, when you have the right to
pay them at par? why pay fo1. an
article more than 1t is worth?
This is Grants plan, the bondhold-
er's plan, the Republican plan, for il
is true, Republicans, you will be re.
sponsible if you keep these men in
power.
You would like to know what is the
/ Democratic plan? 1t is this: AS rap
idly as possible, consistent with the
Interests of trade, we would pay tho
5-20's in greenbacks at par, according
r to the contract-hundred dollars for
hundred dollars, and not one hundred
| and twenty for hundred. The pay
ments would be made to suit the de
mands of trade. When wool an6
u wheat and corn and cotton had to bt
e bought and sent to market, none,
: would be in demand, and by the pay
ment of the e-five-twenty bonds money
a would be furnished for that purpose
! To guard against initiation, we pro
l pose to issue three per cent. bondI
payable in greenbacks-on demand, thu
. bond to be again converted into green
:, backs at the will of the owner. B,
: this process the interest on the deb
e would be reduced from six to thre'
percent; the amount of currenc.
: would be determined by the demand
: of trade and not by the banker t.
suit his own purposes. This is bus
!. mess plan, and will receive the sup
! port of business men.
:, GoIn dollar will buV twice a