Year: 1871

GEN. EWING. of Ohio, occupied several
hours last evening in explaining to a
meeting of his Democratic friends in Co
lumbus this last astounding marvel, which
has been supposed to be something very
mysterious. A glance at the programme
discicses the SIX leton- 1t is Pendleton's
plan rehabilitated-the old shadow in a
very shabby dress. The grand Ideals, ''to
relieve the people OF much of their bur
thens and taxes; leave no heritage of debt
to oppress and enslave our children" and
very much else of the same kind. But
how is all this to be done? The reader is,
no Goubt, anxious, and we will endeavor
to explain It.


The country owes about two and a
quarter billions of bonded debt, and about
four hundred millions Of treasury notes
or grGenbacks. 1t pays interest on the
oonds but none on the greenhacks. The
proposition, nakedly stated, is to take IN
the bonds by issuing an equal amount of
notes. and thus stop the payment of about
$3.50, eco, 600 year in interest. This will
dispose of the debt, and make money SO
plenty as to greatly relieve the people.
How unfortunate IL is that when a nat
entee discovers q new principle in either
finance or mechanics the outer world hes
itatos to adopt tin fact is so stubborn as
10 make inquiry as to both the novelty
and value of the invention. Here, now,
is plan to pay debts with debts, leaving
nothing owing-to save interest by issu-
ing paper which does not call for interest,
and to put the country into tha. happy
state where taxes will not be required,
and where currency viii be permanently
irredeemable. And yet the unfeeliag
world pauses and hesitates in view of so
grand an exploit.


The scheme is not without its little diff
ficulties and inconsistencies. For in
stance, the hard-money Democracy who
could not stand even well-secured bank
paper circulation, make q sudden jump,
and demand an issue whose chief merit is
that it has no security whatever. Such
phases in politics make us pause in admir-
alton at the possibilities Of human genius.
They impress us with the stability of
Democratic principles, and the great reiia-
bility that attaches to them. Indeed, we
are even led to conclude that absurdity it.
self is capable of gTaduation-that it has
maximum and minimum-height and
depth-like things of more tangible
nature, and that this departure is in and
of itself past dispute, a good climax.


First, the country can pay one debt by
issuing another, and then not owe any
thing. Who but a bright particular spirit
of Democracy could have originated so
profound conception Then, the inter
est would be saved. But here the harsh
worldings interpose and ask what gives
our bonds any value but the payment oi
interest? What other motive, unless a
patriotic one, induced the people to lend
their money to the government? And il
| the government should conclude not to
pay, in what shape does that leave the
contract? 1t is q good thing to save in.
terest money-a very good thing-bui
then, why not serve the principle the same
way? 1t is cheaper not TO pay either thsr
to make payment What is the use of go
ing a roundabout way to repudiate debts
when it is easier to make the short cui
and make square job of it?


The present greenback circulation i:
nothing else than forced loan made dur
ing and as necessity of war. The gov
ernment has received four hundred mil
lions of the peoples money, for the use ol
which it pays nothing. Because it ha:
done that, does it follow that it should
tax two and half billion dollars more on
the same termss Even with the present
issue it has never been worth above
ninety per cent of its face. If increased
six fold, does any sane man believe il
would command five cents on the dollar
Our Revolutionary fathers made an exper
iment on a paper circulation based OF
credit only. The Confederate govern
ment tried the same thing. Other coun
| tries had tried it before, and all with OF,
result-failure. No country can long sur
vive an irredeemable currency; and in
creasing the quantity only intensifies the
evil OF all stupidities that human con
ception has achieved, nothing has evel
equaled that of holding that mere credi
is a safe basis for currency, when the very
basis of all credit is the possession o.
something to make redemptions with.
1t is too much like trust ng to Demo
cratic promises. They have been so plen
tiful that they will not command the frac
ton of mill on the dollar. They are ir
redeemable. If they would shorten in th'
issue to some traces of honesty the,
would find the quality would be wortl
much more than the present quantity
Chicago Post.