Year: 1868

Inc following passage from the Bangor
Democrat correctly represents the belief of
the radical Democrats respecting the purpose
oil Inc Republican party in insisting upon the
honest payment of our national obligations:


The aim of the arisrocracy is to flsten the
debt upon the public a permanent insttu-
ton. The people protest But the aristocra-
cy seek TO distract the attention of the public
from their purpose, by melting Congress to
parade before their eyes impeachment and re-
construction. Every hour that the smallest
portion OF the debt goes unpaid the aristOcracy
gain strength. The public burdens increase,
and the ability of the people to pay grows
less. The payment of the principal of a
debt is small matter compared with the
endless payment Of compound interest.


Of course the remedy which the Democrat
advocates is the payment of the principal in
greenbacks-that is, compulsory substitu-
ton of national notes bearing no interest for
notes bearing interest This would be dishon-
est enough, if the bondholders were really
capitalists, and if it could be done without
destroying the value of our. entire currency;
but it would be not only dishonest but ruin
Gus, as tie more conservative Democrats are
well enough aware. The party is fully COM
mitted to this form of reputation, but here
and there an individual, like Governor Sey-
mour puts in an energetic protest Governor
Seymour is Democrat of the strictsst sect.
He is the man who called the New York riot
ers in 1864 his friends" Yet in his recent
speech before the Democratic State conven-
tion in New York, we find the following pas
sage which deserves the attention of all Dem
o,rats who are not mere partisans and spoils-
men:


IL is a mistake TO suppose that they 1.-THE bopdsl
are mostly held By capitalists. Large sums, be
longing to children and widows, under the or
der OF courts, or the action of trustees,
have been invested in Government bonds
The vast amounts held by life or insurance
companies and savings banks are, in fact, held
in trust for and are the reliance of the great
body of active business and laboring men or
women, or of widows and orphans. The saw
ings banks of this State, which are the depos-
itories of the poor, or of persons of limited
means, hold little short of $60O00,000 of gov
ernment bonds. The whole amount held in
the State of New York in the various forms of
trust will not fall below S300,00OOOO If we
look into other States we shall see that only
small share of these bonds is held by men acho are
capitalists; but they belong in fact, If not in


form, to the business, the actiue. and the laboring
members of s0cietg. The destruction of these Sc
curities aooaid make q widespread ruin and dis
treSs, Which aooatd reach into eue1y ao0rkshop
and every home, ho1oeUer humble.


There is perfect accord in the Democratic
ranks as to the policy, and the need of homes
ty and economy; but there is some difference
of opinions as to the construction of the con-
tract with the public creditors. Some hold
that it is right, and that it is due to the tax
payers that we should save what we can by
paying the principal of the debt in currency;
but they underrate the force of their argu-
ment 1t is a mistake to suppose that the inter
ests of the bondholders and tar payers are an
tagonistic. The fact is overlooked that, in or
der to make any saving by giving the bond
holder debased or worthless paper, we must
bring upon ourselves disaster and dishonor,
which will cost hundred fold what we can
save. 1t means that zoe are to giUe the laborer
for his toll q Lase currency. 1t means that the
honor of our country shall be stained. 1t
means that our business shall be kept in un-
certainty and confusion. 1t means that the Ia
boring man shall suffer By the increased cost of
the comforts Of life. 1t means that the tar payer
shall be bltrtheaed By a Government proved to be
corrupt and inbecite by this uery depreciation of
its money. We cannot afford to speculate up
on the nations honor at SO fearful a COST
When dishonest merchant or a corrupt gov
ernment wishes to make large profit in spec
ulation in their own paper, they must dishon-
or the character and credit of the country. IF
they carry out their corrupt revolutionary
schemes they will pay off the debt with paper
which is not worth 10 cents on dollar