Year: 1869

Fund for the payment OF the Public
Debt, provided for in the act of 1862


This is one OF the most important steps
yet taken towards that great end. Its
immediate effect must be a further ap.
probation of Government credit. II
this policy is adhered to firmly and we
get along smoothly with our foreign re-
lat1ons, the period ought not to be very
far ahead when the Government can
float enough short Eve per cent, or even
long four per cent, gold bonds to
enable it to take up the six per cents
that have come within the option of re-
demption. This is the path to a sue
cesstul management of the debt. Make
the credit OF the Government so good
that we can borrow all the money We
want at low rate OF interest; then as
fast as the outstanding bonds, bearing
high rate of interest come within the
option, sell the needed amount of low
interest bonds and take up the six per
cents and save the difference IN the in
terest. British consols, which are prac-
tically irredeemable, only pay three per



up to par and gold down to par, (and
under policy such as MIR. Boutwell,
foreshadows steadily pursued they will
both graYitate to that point.) Why
should not the United States be able to
borrow money at as low rato as Eug
land or anybody else?


Mr.. Boutwell, has now S87 900, 900 In
coin and $4,000. 900 in coin certificates.
With gold at 1877 this would equal
SAG, 500, 900 currency. Tho new five
twenties are quoted at 117A. but this
includes four months and half inter-
est, 2h per cent. in gold or 3.42 per cent.
currency-leaving the real cost Has.
This balance would therefore purchase
about 128 millions OF bonds and stop
interest at the rate OF over seven and a
half millions of gold interest annually
The purchase of so large sum for pur-
poses of cancellation would no doubt
cause so great rise that the excess in
price over present figures would equal
the interest saved. Mr.. Boutwell,
must therefore proceed cautiously 30 as
not to bull the market too much in
which he ia purchaser. Nevertheless
the enunciation OF the policy deter
mined on renders rise inevitable, and
it is doubtful whether the Secretary
can make many weekly purchases at
the present favorable rates. There are
other reasons why he cannot use all
this large balance. a large part of it
must be kept for contingencies. But So
much Of it as safely can could now be
used to better advantage perhaps than
a like sum can at any future time.


THE Register, commenting on our ar
ticle of Wednesday morning on the
subject of liberalizing the present Re.
publican policy in this State towards
ex-rebels, expresses regret that we In.
troduce "the party policy argument
in support of our proposition; that is,
that we make it with view to the per-
petuation of Republican ascendency.
We quote: "In our view question like
this ought to be considered solely with
reference to the principles involved,
and the question of maintaining Repub'
lican ascendency or bringing about
Democratic ascendency ought not to be-
allo we'd the weight OF a straw in the
discussion" Now while we humbly
aspire to that lofty standard of patriot
ism, we are not at all confident that we
have yet attained it; neither are we
quite convinced that the practice OF our
Democratic cotemporary is what he here
breaches. We believe the general poll
cy of the Republican party is best
for the country. He quite as honestly
prefers the Democratic. But when he
shows q willingness to yield as much
of partisan advantage for the sake
OF a principle. as we do in the article
criticised, his criticism will be moro
appropriate than at present.


The very soul of the Democratic par
ty as it formerly existed was embodied
in the resolutions of '9S. A belief In
the divinity of slavery, a claim that
the States were independent sovereign
ties and had right to secede if they
chose, were prime articles OF the Demo-
cratic faith. Both these dogmas were
put 10 the crucial test, and they have
disappeared forever; and hundreds of
thousands of men who once held them
as the very essence of their political
convictions, now recognize as estab-
lished beyond all possibility of contro-
versy, present or future, the equality
before the law OF all men under this
Government and the indissolubility of
the Union of the. States. The Democ-
racy of West Virginia have been slow
to learn the lessons learned by their
brethren further South. The disfran-
chisement of the ex-rebels in this State
to-day is due to their refusal to give up
these party dogmas. Dlsregarding and
defying the overwhelming results of the
war they have persisted in holding to
the same secession and pro slavery
doctrines they held when they began
the rebellion. It was the undisguised


bitterness with which this persistence
was man ifested that put them and has
kept them in the position they occupy
now. The great and victorious peo-
pie fparty II You prefer-but 1t was
composed of all former political faiths)
are not to be asked to surrender the
principles they have established by
war. But those involving the issues oi
war. having been established by war
mnst prevail. Our Democrats will
have sooner or later to give up their
Rourbonism. They will have to un'
learn the heresies buried with the Con-
federacy and to learn some of the great