Year: 1867

| tional debt-that my efforts in behalf Of then
true interests (which are certainly involved II
the maintenance of law and the Constitution
| have been everywhere encountered, and almos
everywhere overwhelmed by the preponderatins
| influence which they have. acquired from the
natural force of capital and the agency of oul
national banks.


'And what has been the course of that Con.
gress which has just ended, and which this blind
arstocracy of national debt sustained in over
riding my efforts for a return to sound princi-
pies of internal government? Look at the bill
giving from four hundred and eighty to six
| hundred millions of dollars s-nominally for back
bounty, or as an equalization of bounties to the
soldiers, but really, as all intelligent men must
be aware, to be parceed out as prey among
the bounty sharks and claim agents, who are
the most reckless and clamorous adherents OF
the dominant majority in Congress. Then look
at appropriations amounting to another hun
dred millions for internal improvements, which
should properly be left to the laws governing
private industry and the progress of our nation
al development. Look also at the increase oil
all salaries with prodigal hand this virtuous
Congress first setting an example against re-
trenchment by voting to themselves an increase
of salaries. Everywhere, and in an ever-in-
creasing ratio, the motto seems to be: Always
spend and never spare; fresh issue from the
paper-mill over yonder Slightly pointing his
pencil to the Treasury Department. being the
panacea prescribed for every evil Of our present
situation.


Every effort to increase our annual taxation
is resisted, for increased taxes might help to
awaken the people from their false dream of
prosperity under the sway of revolutionary and
Radical ideas but no addition to the national
debt can be proposed, no further imitation of our
inflated currency which the preponderating
votes Of the Western States will not be certain
to favor The war Of finance is the next war
we have to fight; and every blow struck against
my efforts to uphold a strict construction of the
laws and the Constitution is in reality blow in
favor Of repudiating the national debt. The
manufacturers and men ofcapital in the Eastern
States and the States along the Atlantic sea-
board-a mere strip or fringe on the broad man
tie of our country, if you will examine the map
these are in favor Of high protective, and in
fact, prohibitory tariffs, and also favor con-
traction of the currency. But against both
measures the interests and votes Of the great
producing and non-manufacturing States of the
West stand irrevocably arrayed, and glance at
the map and the census statistics of the last
twenty years will tell every one who is open to
conviction how that war must end.


''The history of the world gives no example
OF war debt that has ever been paid but we
have an exceptional country, and present an ex
ceptional case. Our debt naiglt easily be paid,
provided, the brakes against excessive expendi-
lures could be turned on quickly enough-but
now is the appointed time, and now or never
the work must be commenced If that debt is
never to be paid we need economy in every
branch Of the public service-the reduction, not
an increase of salaries to Congressman and other
officials; the systematic reduction of our nation
al debt; and not its increase by such monstrous
bills as this last demagogue measure for the pre-
tended equalization of bounties. The Congress,
forsooth is so patriotic, so loyal, that it can re-
fuse our gallant soldiers nothing; but you must
have seen how promptly it rejected the names
of nearly every gallant veteran sent in by me
for confirmation to any civil of1ice--a majority
of our extremely loyal Senators using their
guiotlne, without remorse, in nearly every in
stance.


And whittier is all this drifting? To intel
llgent men there can be but one answer: We
are drifting towards reputation, and the mon
eyed aristocracy Of the national debt-the very
men whose interests are most jeopardlzed-
so blind that they are practically helping to &C
ceerate, not check our course in this downward
direction We need the industry and enormous
possible products Of the lately revolted States to
help us in bearing our heavy burden We need
confidence and calm-we need internal harmo
ny and above all, we need return to the un-
questioned supremacy of the civil laws and con-
stitutional restraints if our debt is not to be re-
pudiated within the next half score of years


Financial prosperity was secured up to with
in a recent period but already the delicate IA
brio Of public credit-a house of cards at best
begins to totter under the conclusion of the va
rious revolutionary ideas which have been re-
Gently exploited on the floors of Congress-
bop t.1l 81 fSop
Who is not now made a laughing stock in the
papers and speeches Of the violent revolutionary
party, if he shall be so hardy as to claim that,
being again at peace, the sway of civil over mil
itary law should be Immediately resumed, if we
desire to maintain our liberties The Consti-
tuition is played out, we hear on every hand
and every effort to advocate the just ascendency
of the civil law only furnishes fresh food for
rdicule.


mo party as yet, and possibly no party for
some years, will openly hoist the banner of re-
pudiation. But majority of those who shaped
the legislation of this last Congress must know,
unless they deceive themselves, Or are too igno-
rant to appreciate their own acts, that we are
drifting in that direction, and that it is by their
votes We have been swung out into the down
ward stream. Doubtless some Of them would
either be, or affect to feel, Mortified if to-day





fancy of the free soil agitation, it was considered


bitter slander if the 'freesoier' should be styl-
ed an abolitionist. There are steps in every
thing, and the term of reproach to-day will be
worn as feather In the cap some years from
now, unless the true conservative wisdom Of the
country can be awakened, and, rapidly, from its
asphyxiating dream that our national debt is
national blessing


''And look at the effect of the reconstruction
bill just passed over my unavailing veto I
mean its peculiar effect as step in the direc-
ton of reputation, and not its general effect as
a high handed measure of Congressional usur-
PATTON striking out OF existence SO many States.
and establishing military despotism over more
than one-third of our geographical Union.-
This bill suddenly adds four millions of igno-
rant and pennless negroes to the voting force
Of the country-an accession of just so much
strength to the party whose interest it is. and
must increasingly become, to favor reputation
as policy. 10 secure the public creditor our
efforts should be-lf that were possible-to re-
strict rather than to extend the right of suf-
frage; for money rapidly aggregates in a few
hands; and whenever the men who have an in
terest In seeing that our national debt Is paid
shall have become out Of all proportion few,
compared with those who have an interest in
it's repudiatlon, the votes of the many will carry
it, and the debt of three thousand millions will
be struck out of existence by ballots, just as
rapidly and utterly as the similar amount in
vested in Southern negroes has been abolished
during the recent war under showers of bullets.
At least, this is possible.


THAT we are to have great financial crash
this year [ hold to be inevitable though de
precating it, and having used every effort for