Year: 1870

Debt by the Issue OF new gfeenoackS
for that purpose. / quote his language;


''Then we may at once commence the
payment of the National Debt by the
issue OF Treaury notes, and thus stop
the payment gold interest and also in
crease our currency, and thus stimulate
commerce, enterprise and labor, and in
connection with a wise policy toward
the Southern State, and the develodment
of their resources, restore prosperity to
the whole country


1t is but justice, however, to state that
he afterwards threw out anchor to wind
ward by declaring that the volume of
currency should not be increased be-
yond the demands of business The
two positions were, of course irrecon =
cilable; but so are all the professions
OF the Democratic party on this sub
ject.


Ia New York and the Eastern States,
they are in favor Of paying the bonds
in gold, returning to specie payment,
advocate the National Banks,a op
pose the expansion of the cure lcy,
while in the Northwest, they profess a
medley of contradictions and have no
position on the financial question that
any white or colored citizen is bound to





have been slaughtered in the house of
their friends That Supreme Court
which they so much revere, has cut up
their financial theories by the roots;
stripped them Of all their poor pretenses,
AMI left them without a peg on which to
hans ar argument In the decision
rendered at Washington, week before
last the majority Of the Court decided
that the law making the United SCates
notes leg i tender was unconstitutional
advoided as to all contracts male before
its passage; that all bonds and debt, of
whatsoever kind, made before the 25th
OF February, 1862, could be paid only
in gold was demanded by creditor.
The effect of this decision is that, if
Congress were to authorize the issue of
new legal tender notes, they could not
be made applicable to the payment of
OF any debt created before their issue.
Thus legal tender notes issued in 1870
could not be made applicable to debts
created In 1869, and could not be used
in the payment of the national d ebt. as
recomm ended by the Democratic poll
| tlclanS in Indiana. So that the tn cory
or playing the national debt by the issue
OF new currency, which is never to be
redeemed, however lovely in itself, must
be abandoned.


The argum ent Of Chef Justice Chase
went to show that the legal tender act
was unconsrional in all respeces, but the
but the majority of the Court confn ed
the decision to contracts made before
the passage of the law While do not
approve of this decision, as had never
doubted that the legal tender act was
! ctiff1finpa al o- Contracts Cfili
it has had the effect to greatly simplify
the financial situation, and 10 remove
the vast pile of rubbish which with the
Democratic party were endevorin5 to
obstruct the vision of the people; end
as il was made by the Democratic mem
bers of that tribunal watch the Demo-
cracy hold in such supreme regard, they
can not complain that this is Repuo
lican outrage committed for the benefits
of the bloated bondholders.


The decision of the Supreme Court, is
not hereafter overrnled, has substantially
settled the question Of the emission OF
any more legal tender notes, and the
financial question is the future probably
be between the national banking sys
EN- ard the possible revival of the sys-
tenn of, State banks The latter seem



"reminiscences of the doctrine of State s
Rights and their aversion to everything
that grew out of the war.


The Senate recently passed bill au
thorizing distribution TO the West
an South of So 100000 OF National
Banking currency, which is all they will
| need for some time to come. What its
fate in the House will be do not know
but hope it will pass. as it will grant re-
| lief by furnishing banking facilities SC
much needed / have resisted the con
traction of the currency in any form
| believing the volume is nvne too great
for the business wants of the country
and that specie payments can ultimate
ly be obtained without reducing the
volume of paper circulation.


DEMOCRAT AND THE CoLoRED VOTERS.


For many years the Democratic par
ty lived upon prejudice against the col
ored race. This prejudice was stimu-
lated by every means within their pow
er; by heaping upon the colored man
the foulest abuse and ridicule by de.
nying his humanity and manhood by
describing him as semi baboon, and
as cross between the ape and the hu
man, and by denying to him every right
| that can make life sweet and attractive
| Year after year, canvas, after canvas
this disgusting idea was repeated, and
the lowest passions of the white
race appealed to by the mean
| est motives that can move man
kind. My late colleague, Mr. Hen
rieks, few days since made speech
in New Orleans to a Democrtic com
posed of eX-confederates. The burden
| of it was devoted teiIino them thew
should conciliate the colored vote, and
how to do it. They should tell the col
ored men that the Democracy had al.
ways been their best friends, and were
in favor of just and equal laws, and
would protect them in the enjoyment oil
civil and political rights; that the Re
| publicans were their enemies and would
| betray them and that the men who h a1