Year: 1867

the dollar of currency is worth 72 cts.
to buy gold to pay for labor abroad
Its purchasing power in wages and sub
sistence at home, as compared with
prices before the imitation, Is less than
ffty cents. The tariff furnishes no
protection against this difference in
the purchasing power of the currency
at home and abroad. In such an un-
natural situation the way is to lay on
the revenue duty until it brings trade
to a balance. In all Mr.. McCulloch's
remarks On the nature Of the obligs-
ton of the public debt and on the ma
tional honor, we coincide. If govern
ments can pay their money debts in
their promises to pay contracts cease
TO have any meaning. And what would
be the shape of the debt if Govern
ment should force the holder to take
greenbacks? They are promises to
pay money and are due. To dishonor
them is reputation. Can a nation
escape the obligation of payment. by
one simple shifting of promises, and
then repudiating the last promise p
Could We expect any honesty among
individuals when in the aggregate they
have turned rascals


Mr.. McCulloch has queer plan for
consolidating the debt in a single six
per cent. loan, which looks more like
financial juggle than 8 legitimate
measure. He thinks he could place
five per cent. long gold loan at par ;
but he makes this six per cent. to place
at the same rate, so as to deduct one
per cent. from the interest for taxes !;
and half of this he proposes to pay to
the States in ratio to population. in
lieu of their taxation OF the bonds
The only intelligent reason for this is
as sop to the part demsgogues who
cry against the untsxed bonds of the
rich. But is it not hopeless undertak-
ing to stop the clsmor of demagogues
for party capital? Would not the
most ignorant see through this trick,
by which the Government would pay
the bondholder one per cent. extra in
interest in order to pay it back in tax
Demagogues would make bigger howl
over this. And why should q Govern
ment which owes $500 millions pay a
part of its revenue to the States .
What is gained by it to anybody p
Must the Government, after such war
to establish the nation, come down and
pay tribute TO the States for permission
to borrow money! What justice would
there be in collecting tax upon capi-
tai and distributing it upon popnla-
ton? And would not the paltry dema-
gogue still POINT to the two per cent.
tax on the poor in such a town as Gin
cinnati, and compare it with the half
per cent. tax on the rich bondholder,
and make it appear more invidious,
since the principle of taxing the bonds
is admitted?


Away with all juggling measures of
money and finance. and all ways Of de-
grading ourselves to stop the mouths
Of party demsgogues, which will never
be stopped till gorged with the spoils
of office. If the party is to go down
on account of monetary and financial
calamities and prejudices, let 1t 90
down erect in its integrity and man
hood, and not sink dishonored after
having tried every shuff1ing trick to
avoid the catastrophe. And such will
be its fate if it flies to such resorts
Such projects rely for success upon the
ignorance of the people, and they will
always fail. The policy of public integ-
Fity and national honor is the only one
that will hold the Republican party
together, and we should have to doubt
the continuance of Republican insti-
tutions, and to con fess that they ought
not to continue, if the policy of.na-
tionsl honor will not prevail with the
American people. Let Congress trust
to the sentiment of honesty in the
people, and deal with them in straight
manner.