Year: 1868




primary Importance in our Government, and
are destined to be largely influential in our
politics, we desire to fix in the public mind
certain elemental truths which all citizens
should know and comprehend. These truths
are briefly set forth rs follows


/. Our country owes National Debt of about
Twenty five HUNDRED Millions of Dollars, most
of which was incurred in putting down the
Shareholders Rebellion. a small portion was
incurred fifteen years earlier, i'll prosecuting
War with Mexico; but most of it is the costof
our gigantic War for the Union


III. A large minority of our people condemned,
and still condemn, that War as needless and
aggressive. President Buchanan's Attorney
General Black (nOw squat like a toad" at the
ear of Andrew Johnson) officially declared that,
though no State had a constitutional right to
withdraw from the Union, still, if State saw
ft to withdraw, there no constitutional
power in the Government to prevent or resist
it. And very large proportion OF what IS now
called the Democratic party held that 1t was
unjust and unconstitutional to "cocrce the
South Those who so thought and felt-who
believe that the Constitution was violated IN
putting down the Rebellion, and who recognize
in the loans made by citizens and aliens to
our Government an indispensable element of
coereion"-will naturally be disposed to get
rid of paying the Debt if they can. They will
catch at every pretext and magnify every ex-
cuse for defrauding the public creditors.


III. The National Debt is mainly due to our
own citizens, though considerable proportion OF
it has been transferred to Europe. Whoever
holds National Bank notes is indirectly pub
lie creditor, since the payment OF those notes
is secured by deposit of Government bonds.
Every widow or orphan who has property in
the hands of executors, administrators, or
trustees, is deeply interested in the Debt for
the Currency must necessarily be debased rs
the Debt is likely to be rcpudiated. Let 1t be
officially declared that the Debt IL payable
in greenbacks, and that these are to be
AUGMENTED in volume in order to make
such payment easy, and cunning, crafty, un-
principlcd men will enormously enrich them
selves by paying off their trust obligations at
twenty TO thirty cents on the dollar. Every
one who has money in savings bank, or in
bonds of any kind has direct and vital in
terest in the maintenance Of the public faith
pledged to the bondholders. 1t Will not be
found possible to repudiate the Debt without
unsettling and upheaving all the foundations
of property and industry. Every man who has
ANYTHING to lose, or who tries to live by honest
industry, has a vital interest in the maintenance
Of the Public Faith.


~. The Debt is too large to be conclusively
repudated. popular vote to cheat the pub
lie creditors might stop the payment Of princi-
pal, and even of interest, for year or two-it
might destroy the public credit and deeply dis
grace the National character-but the Debt
would nevertheless remain, and would ulti-
mately be paid-for this, if for no other reason.
that more persons ,could lose than e0uld gain by
its reputation.


Y. Our own decided choice was and would
be to pay tho Debt promptly. We have no
faith in financial expcdients or devices. We
do not believe q National Debt to be q
blessing any more than any other debt. In
cidentally, it may have some good infiu-
ences nevertheless, we regard it as q
burden, to be borne with patience while il
must, and paid off so soon as it can be. And
we have proved that it need not be perpetual
burden, by paying off Two Hundred and Fifty
Millions of principal since the War ended. We
have done this while struggling under heavy
load of local debts for bounties, &C., which we
have also in good part paid of. At least Five
Hundred Millions of War Debts, loyal and gen.
eral, have been paid off since the Rebel armies
surrendered though our payments for bounties
to soldiers, &C., &C., have also been large. Al
least one-eighth, and probably one-sixth' OF all
the public debts contracted during the wal
have since been paid. We would prefer to &c
on paying. 80 as to have paid of the Last cent
before 1880. But the clamor for reduced taxa
ton prevails, and we submit. t.t


VI. Since it is settled that our National Debt


is not to be paid off directly. our first care