Year: 1868

\ SoeVt fNohotUDicS, Ntt |. Address of Hon. Thomas Ewing

 The Hor. Thomas Ewing, of Ohio has published an address to the people of the United States, in which he gives his reasons for deserting Grant and his associates. We have only room fol the following extract: ~ r

 Until recently had intended to sup port Gen. Grant for the Presidency and would do so still, in the hope that the Democracy will obtain majority in the House of Representatives, and thus hold restraining power; but facts which have shown above render it impossible. Bad men, with more intellect and more force of character than himself, have possession of him, and if he be elected President, will probably continue to rule him and the country with him; and some of the worst existing abuses cannot be cor rected against Executive opposition. In looking over the whole ground most carefully, and weighing consequences well, have come to the conclusion that it were better that the Democracy prevril in the coming election, and thus divide, for the present. the legis- lative, while we restore the executive and judicial powers. No evil can en- sue. We shall have season of repose and time for reflection before called on again to act. There is profound philosophy in the old Scotch proverb ''The showers fall soft when the wind is still"

 have already shown it will give us season for inquiry and reflection, and the same conservative power which can now give success to either party, can, at the end of two years, do the same thing, and place the government in the hands of those who may be then found most worthy to control it.

 So far, neither party has ventured to commit itself on the disposition of the public debt. My mind has long been made up as to the principle which should govern us in its adjustment. It is this: So far as our contracts arc dis tinct and explicit, we must abide by them, nc matter how unequal or oner- ous. As, for example, where we have promised to pay the interest or the debt, or both, in gold, national faith requires and we must so pay it; but where the contract is not explicit, but requires construction, we must deal with creditors and the people precisely as an enlightened court of equity would deaf with debtor and creditor under like conditions. For example: the creditor borrows forty cents, or deprc- cated bank paper worth forty cents, which the public calls dollar, and promises to pay interest six per cent, on its nominal, of fifteen per cent on its actual value, in gold. The promise to pay the interest in gold. The promise to pay the interest in gold be- ing explicit, the nation which owes the debt should pay it, for there is no usury law operating on contracts with sover- eigns but where distinction is taken in the contract between the debt and interest-the interest only made pay able in gold-equity would require that the debt should be paid in that which is equal in value to the fund re- ceiyed. Sovereigns have not always meted out this evenhanded justice The coin of nations has been some times debased after loan made, so that one pound of silvera and one pound of copper would be made to pay what was two pound, of silver when the loan was made. This was gross wrong. It is equally wrong, on the other side, to take the name for the thing and pay an ounce of silver tho lender for fourtenths of an once bor. rowed, because each in its turn was called dollar. Equity is called into action, would suffer neither the ono nor the other, but requires the payment from sovereign or subject to the jus amount borrowed, regardless of name This should be the rule of payment If currency were borrowed which wal worth forty cents on the dollar, cur rency or bonds of equivalent value should be paid.

 Such are my views of the duties o those who represent bondholders and people, and who are alike the agents O both. The committees of Congress who have charge of the subject shoule examine each class of cases careful, and do justice to each. It matters no by whom the bonds are held, whether large capitalists or widows anf orphans: each and all are entitled te equity, no more, no less. If you giv' them less you wrong them; ifyou giy' them more you wrong the people, who arc the debtor.

 p0-It seems the great spoon fancier i not forgotten, but Gas Artemas Wart would say,) "on the contrary far other

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