Year: 1868

The Republican party does not pre-
tend 70 have the hnancisl sn1arsness
requisite 70 pay Immediately the DEBT
Of 2,5O0 millions fastened upon the
backs Of the people By the Democrats
war Of secession, nor to change il from
burden to q blessing. They propose
to devote their ststesmanship to the
adjustment of its unaYoidable burden,
so as to tighten It a. much as possible.
aud at the same time to see that the
party which brought this load upon
their necks shall not again have the
power to ruin the country.


So vast q Democratic debt can not be
paid in 3 month, nor in q year. Unless
We heap on taxation to an extent that
would stop production, the payment
must extend through many years. To
reduce the present burden, 50 as to re-
Heve production, and thus continually
to increase our capacity to pay, while
we gradually reduce the debt, is the
only sincere, honest and practicable
policy.


Congress passed q bill authorizing
the issue Of bonds at 4 per cent. inter
est, running forty years, payable spe-
officially in gold, and offering the hold
ers of. the sos the chance to exchange
them for these. The sos are 8 per
cent. bonds, the interest specifically
payable in gold. And at the time Of
their issue il was agreed By all depart
ments of the Government, that the
principal was payable in gold. At any
rate, the bonds promised to pay in
money, and not in another promise.


Should the public creditors exchange
their 5-20s for the new bonds, it would
be equivalent to q reduction Of one
third of the debt, and it would have
about scaled the debt to its gold value,
rating gold as high as so per cent. pre-
MUM. To those who intend to deal
honestly with the people it would seem
that the only question in this case
would be whether the bondholders
would accept the exchange, and abate
one-third of their Just claim. The re-
duction of one-third of the vast Demo
cratic debt would seem to be a great
achievement, a thing which would
greatly increase our ability to bear and
ultimately pay off the remainder.


But Mr.. johnson defeated the bill
by the pocket veto. And the Demo
cratic organs and speakers assaiI ik,nOt
because it Is impracticable, not because
the bondholders would not accept the
terms, but because they think it too
favorable to the bondholders. And
what do they propose instead To
take up the sos by issuing greenback
legal tenders. And what IS green
back legal tender notei 1t is prom
ise to pay so much money. How are
these to be psidf They say they do
not intend 70 pay these. Then they
intend to change the bonds, which are
now in the hands Of q comparativeiy
small number Of persons, into notes to
be taken BY the people IS money, and
then to let the notes depreciate and die
in the hands Of the people.


Thus the original Democratic policy
of repudiating the debt in the hands Of
the bondholders, Is changed to a
scheme 10 repudiate it in the hands Of
the people. All the depreciation Of
this two thousand OF three thousand
millions Of greenbscks, viii come out
of the pockets Of the people. And the
worst of this form of reputation is that
80 - tACSA1AAOn VI bnO LAOaCI CO14Ga
chiefly on the laborer. The trader and
the capitalist can protect himself by
enlarging the margin of profits, and by
speculation; but the poor man and the
laborer can not. He must take for his
wages whatever is current in the form
of money, aud must stand whatever
shave is asked on account of its con-
tinual depreciation.


The Democratic system of changing
the form of debt from bonds to curren-
cy notes is therefore 4 plan to take the
burden Of the debt of from taxable
property and capital, and to gut it all
on the laborer. To relieve capital and
other property from taxation to pay
the debt, the Democratic plan proposes
to plunder the mass of the people to
the whole amount. No such rascally
scheme was ever devised to make the
rich richer, BY robbing the lsborer Of
nis wsges.-CSneianati Gazstts.