Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1871-08-16
THE REPUTATION PARTY.

Eyer since ths establishment Of the
national greenback cure icy, made nee
essary by the great expenses Of the late
civil war, large proportion of the
Democratic party in the north have
openly advocated the reputation Of the
national debt. Nothing but the infiu.
enee Of some Of the more di,creet and
cantinns members Of the party prevent
Ell the democracy from engraf ing re-
pudiation plank in their platform at
their last National Convention, held in
New York, andson many occasions from
that time to this, the democracy have
threatened to force this issue upon the
country in connection with other
schemes which they had in view for the
regeneration and welfare of the nation.
We believe that Mr. Pendleton, Of
Ohio, was the first to propose the re-
pudiation plan to the country, and it
has been growing in favor with his
political brethren since its promulga-
zion, until the proposition has become
such fixed principle with the democ-
racy that they are making it one OF the
live issues Of the gubernatorial cam
pa gn in Ohio this fail. At large
meeting of Democrats at Columbus,
Ohio, held last Friday Evening, Gen.
Ewing spoke on the subject, giving the
Pendleton scheme his fullest indorSe-
ment: The Democracy viii doubtless
make the reputation of the Public
Debt one of the issues IN the preSIden
tial canvass of 1872, and we trust the
people will be prepared TO meet the is
sue squarely. This Republication plan
IS one that is calculated to deceive and
disco es programme not easily unde :
stood, and quite mysterious. We will
endeavor to explain it. Weowe about
two and a quarter billions of bonded
debt, and about four hundred millions
Of greenbacks. Interest is paid on the
bonds, but none On the greenbacks
Dir. Pendleton proposes to take up the
bonds by issuing an equal amount Of
notes, and thus stop the payment Of
about sI30 10000 year in interest
This, it is said, will dispose of the debt,
and make money SO plenty as to greatly
relieve the people. The plan is to pay
debts With debts, leaving nothing ow-
ing, to save int. est by issuing paper
which does not call ior interest, max
ing taxes not requisite, and currency
permanently irredeemable. And this
way of doing things comes from the
lard money Democracy, who are all the
time grumbling at bank paper circula-
ton, and signing for the restoration of
the good old times when gold aud sill
yer was the circulating medium, ana
here they favor the issue of a curren-
cy, whose chief merit is that it has no
security whatever. What an absurd
proposition it is to entertain that the
country can pay one debt by issuing
mother, and then not owe anything.
Then the interest would be saved, but
What gives our bonds any value but the
payment Of interest? This was the
prlncipal motive that induced the PEG
10 to lend their money to the govern
sent. And if the government should
include not to pay, IN what shape
oes that leave the contract ? No one
il dispute that it is very good thing
y save interest money. but why not
I've the principal the same way Of
rse it is cheaper not to pay either,
en- why not make square job Of it ?
- present greeuback circulation