The New York herald., 1875-10-29

| or this sum there was paid for interest
debt and pensions. ............. $136 000 900
For other expenses more than. ...... I49 600 900
IL should have been reduced at least $500 900 o00 or
we should have paid of about e-quarter OF our
against us about $50 600 900 annually sum equal to
the whole cost OF the government before 1846 But
this by no means shows the full gain should have
made. This reduction Of debt would have given US
such credit in the markets Of the world that we could
have reduced the interest upon the balance of our in
debtedness.
Now ask yon to see how literally have dealt with
the administration in saying that this should be
paid, and the interest account thus diminished The
average receipts ofthe government for six years end
ing June 80 1874, were 1926 600 900
Deduct interest on war debt and pensions 155 900 900
s14o. ooo, 900
Deduct what should have been paid debt 65oooooo
Leaving for support Of government each
Ifihe SOS 900 600 had been applied on the debt an
$500 600 COO and the interest besides which is more
than spent by any administration before the late
war or more than the cost Of government during the
Mexican war when we conquered that country.
Last year our navy cost $4,000 1000 although our
carrying trade is destroyed 1t cost but $12, o0o, 900
when at peace and shipping on every ocean
If this policy Of economy and paymeDt Of debts had
been pursued the example Of the general government
to the States had been the side Of rerenchment and
reform, does any one think our country would have
been in its present condition? Would there now be
contest about currency? The democratic party at
all times curing the past ten years have earnestly and
persstently urged return to specie payments while
our political opponents were silent upon the subject
AS the enemies to Capitalization OF power at Washing
ton we have resisted to the utmost tie purpose to
| make
THE GENERAL GOVERNMENT A FINANCIAL DEsPoTIsM
by abandoning the standards OF value recognized by the
commercial world and by the constitution and substi
tuting the judgment of Congress- acting under the in
! huence OF a multitude of speculative schemes How
can any one who is opposed to usurpation OF
power by Congress consent that it shall also be
| made fact bank OF issueH Can
we safely make the question of currency Congress
sional oobalS If cut loose from the national and
universal standards of value and submit to mere Con-
gressiona discretion, lost. All confidence will
be destroyed No will embark in any business
when care, industry prudence can save him from
danger of bankruptcy by changes OF currency made by
Congressional struggles Under that system any wild
corrupt scheme could be 1oated Off by food Of cur
rency All that Congressman would have to do would be
print notes. which the people would have to pay and
which would be mortgages upon the property and In
dustry OF the country. Among the saddest
and worst influences of this theory of relieving
the distress of the country by paper money Is that
it has turned away the public mind from the
of our misfortunes and their rightful remedies 1t
has tended to teach people that the consequences
Of Congressional waste and extravaganza can be
averted cured by paper panacea and TO that ex-
tent to shield unfathful officials from public condem
nation AS both political parties in this State in
accord upon the currency question: should here drop
the subject, If an attempt had not been made to
weaken the moral power OF the democratic party OF
New York with regard to IT, and TO represent its mem
bers time yielding to the pressure OF
public opinion in this section Of the Union. read
with regret the following passages in the speech OF
official representative OF this State, and one
eminent and powerful in the councils of his party Il
regret that he should have done himself great wrong
by assaiLg unjustly onehalf of the citizens OF his
own State when, II he had read the records of the
! democratic party, he would have seen there was no
foundation for his charges He says-'I know that
year and this year the democracy in this State has
announced hard money platform; out know also
that the same democracy fought for years under the
| banner of imitation" The democracy Of this State
never fought under the banner Of imitation for day
for hour. II has for ten years demanded re-
1 by democrats which put into our State constitution
| this article :-"Secton S. The Legislature shall
have power to pass any law sanctoning in any man.
directly or indirectly the suspension OF specie pay
| ments by any person, association corporation
| issuing bank notes Of any description" II was
publican Congress which overrode this section. twas
a republican Court which decided that could be
| forced TO take deprecated currency when by the
contract he was promised coin He also says that at
the National Democratic Convention held in 1868 It
"decared plainly for imitation and repudation that IL
declared that the national bonds, which were payable
! In coin, should be payable In paper prom
ises | VIII give the very words of the
lutions which we're passed by that body, that
all may Judge of the fairness OF these assertions
Thrd-Payment OF the public debt OF the United States
rapidly practicable; all moneys drawn from the
people by taxation except 50 muen as ,s requsl.e lot
tered, being honestly applied to such payments, and
when the obligations Of government do not expressly
state upon their face the law under which they
issued does not provide that they shall be paid in coin,
they ought justice be paid in lawful money Of tho
United Statesn Here is express recognition Of the
fact that the bonds payable in should be paid In
coin. As the residue there was difference OF opn-
ion in the republican and democratic ranks Mr. Ste
vens the chairman OF the House OF Representatives and
the leader OF the republican members who reported
the bill for the issue Of that class OF bonds about
! which there controversy, declared that
they payable In paper money, and this opinion
was held by many prominent members OF his party.
republican Congress felt the uncertainty OF the obi-
cation and passed decaratory act which settles the
question. The bonds in question were sold ior paper
| money The bonds OF New York, ropudiated by the
republicans Of New York sold Tor gold As TO IN
nation, there is word inference in the resou-
ton looking In that direction. on the contrary, the
convention approved that policy the part Of Con.
gress which 10 called for to-day by every advocate OF
specie payments. In its resolutions the Convention
echoed the sentiments Of It's candidate for the Presi
dency, uttered few days before its meeting in the
CITY n which II was held, speech that was In the
hands OF all Its members every paper dollar put
| out is
| GOVERNMENT FALsEHooD
lot claimed 70 be worth more than its real value,
ana u goes about the country dcfaudng the laborer
the pensloner, the mechanic and the farmern Again.
There y another way Of lifting our greenbacs to par
which viii not harm any, but viii help all which will
bring back confidence, revive business viii hghien
taxation will give labor honest money and will do
justice 70 the public creditor" Again he said d:-'The
whole question brought down to this clear pont.-
shall We use our money 70 pay our debts relieve the
taxpayer, make our money good IN tho hands OF the
laborer or pensioner, and help the bondholder1u IL
the policy marked out by the Democratic Convention in
1865 had been sustained to-day should have specie
payments and our country would have been spared
from the Affections OF wild speculatons disastrous
bankruptcies. With good currency, rcdeemabe in
gold, should have been saved from the III feeling
engendered In the minds OF individuals and communf
ties by offensive distinctions In modes pavmenL A..