Indiana American, Volume 10, Number 41, Brookville, Franklin County, 13 October 1871 — Page 1

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PUBLISHED KVKBT FBIDAY BT C. H. BINGHAM. Proprietor. m the National Bak Building, (Third Story) TESMSDP SUBSCRIPTION: i 00 PER YEAH, IH ADVAKCE. 5'po8tE papers delivered within this County. TWDIAWA HOUSE, 1 163 West Flftl Steet GLdeon Rym an, Proprietor. jj.rch 50't7" Attorneys and Counsellors at. Law gKnnVTLg INDIANA ucalSata -r- a T?TiftOTSr. OHIO

hr sale a ire amount of farm and property in II the Western States. -1-05 Galley house, Brookville, Indiana. PXTES SCUAAF. - - - PROPRIETOU 3an.';y--jvTT. Michener. ATTORNEY AT LAW, llvooWvUle, Intl. Tieedisnd Mortgages carefully drawn. Titles Especial attention to collections. Main Barge. St, over Cooley's Hard tir Store. 5uRiNrvi house. IICHARD DURNAN, PROP RIETOR Jim 9, 1870C- H- CORY. ATT OR NEY AT LAW, Brookville, Indiana, OSrein Davis & Gates' building, opposite the Court House. l'DEALER. IN STOVES, TIN WARE, &c., FAIRFIELD, INDIANA. fclio puts up Lightning Rods.Guttcring, Spouti.si Tin Rooting. All work warranted to gvo satisfaction. iune 9'6m. on. joux. "Brookville. I ndiana J o li i Brady, iTTOllNEY AT LAW, AD A'OTART PUBLIC. nrooUville, lutl Mpreseat, and until further notice, he will b foin'l at the illiee of Adams & Berry. July U ly. POST OFFICE NEISDiPOT. TuKpublicwilltakenoticethaltheundersign lis prepared on short noticeto furnish ALL HIE LEADLNG NEWSPAPERS OF THE DAI tths LeJger, Weeklies, Saturday Night, West r Worll, Duty's Doings, Clipper, Wit ke's Spirit, Seitntide American, Harper's Weekly, Batar, til all the Literary and Scientific papers now UieieJ. Alsothe ro-NrTT-TT.TTriR ttrser'i. Atlantic, l-lodey's, Frank Leslie's ;u fart, all Magatines of note. Dtalso has on hand and will keep an assort eat of Statioxkry, Enelots, Pens, ,Isks Pencils, &c, rofether with all the late NOVELS AND NOVELbTTES t each. -TAMES B.TYNER FRED EATT. I T TAILOR Laurel, Indiana Mfs a full supply of t.iece goods, such as CASSIMERKS, FRENCH AND KNGLISn CLOTHS, JtC, make up suits to order, in the b est style 4f-ording to the most Approved Fashions. Mitrt.t vi u iiuu - largo mi wen Hock of READY-MADE CL0THIX othrar;.. t :v: M U '"'""""'H GROCERY STORE. H. BROCKAMP, IH: ,di0?"'1,w Grocery Store i n the rocm tore, where wa ALL KINDS OF Ar GROCERIES, h v u a J8' coffees, sugars, Spices, &c tueLo west Market Prices. 'Ruined there kept tn a Grocery Store re, eitherat Wholesale or retail toltctts the liberil patrag. J.U. BROKAMPone

W . ILI'-I&IaY

ERCHAN

VOL. 10, NO. . Secretary BoutwelTs Address. Delivered in Cincinnati, Sept. 23th, 1871. I have come to Ohio because 1 made a promise a few weeks since that I would come. That promise was made at a time wben yor fortunes were less clear than they now are. Happily, the Administration needs no defense in Ohio, and in Ohio the Republican party needs no aid from abroad. As I understand your con. ditioa, you are united in your political organization; you are giving to your candidates a faithful and zealous support; and in the main, you accept the policy of the Republican party as illustrated in its history and set forth in the proceedings of your State Convention. In this view your cause seeing etrong and your success certain. But in this State and in other parts of the country there is a vigorous opposition to what has been done, as well as to what is doing, by the Republican party. While this opposition continues, the work of the Republican party is not finished. Hence they who hope for its dissolution are to be disappointed; they who strive for it arc to be defeated. It is not a reasonable expectation that those who hesitated to sustain the Government in a war against secession, which had its roots in slavery, should approve of emancipation, the first fruit of the war, or of those measures which were needed to secure to the emancipated the rights as men and citizens. The Republican party is the only party that has either the disposition or the capacity for this work. Nor is it a reasonabla expectation that those who opposed the war should be actively concerned for ttfl credit of the country or the payment of the debt incurred in the suppression of the rebellion. This, too, is the work of the Hepubliparty. The Republican party is chiefly responsible for the great events of the last ten j ears. Those events have changed the character and opened a brighter future for the country. The old slave States have been brought within the influence of a progressive civilization which in all their previous life they had refused to accept. A vast territory is opened to immigrants from the North and from Europe, but the power of the National Government must be exerted for the security of the citizens or those lands will remain as they were in the days of slavery. Tbe Republican party is the only party that favors the exercise of this power. The history of the Republican party is clear and pure. It saved the American Union, and by means that will stand the test ot justice, logic and law. It emancipated the slaves, and, through amendments to the Constitution, secured to them the rights of men and citizens. It main tains the constitutional amcdments, not merely because they are, but because they are right also. In the Republican party there is no difference of opinion upon this pointv Its adversaries, however, are divided. borne say the amendments are ot no force. Others admit that, in form and fact, they are parts of the Constitution to be observed, but they deny the justness of the guarantees which the amendments contain, and assert that the weans employed to secure their ratification were despotic and unlawful. These amendments, in fact and by their terms, depended upon the legislation which Congress may see fit to provide. It is this now of which our enemies complain. Advance them to poer, and, whether thecontrolling force in the organization and in Congress shall be of the old school, or the New Departure, all laws for the enforcement of the amendments will be repealed, and all further efficieut denied. This is the logical result of the positions occupied by tho two wings of tbe Democratic party, and of their ultimate co-operation in depriving the amendments of all legislative power there can be no doubt. At the beginning of the war, and during its continuance, the Republican or ganization was the only political organization that stood firmly, and always and everywhere, against the rebellion and in support of the Union. But for the existence, power and firmness of that organization the Union would have been lost. It controlled most of the old free States. By its power it placed those States unreservedly on the side of the Government. Its patriotic policy attracted multitudes from the Democratic party, not to its own ranks merely, but to the ranks of the army of the Republic. Thus was the nation saved. Now; in time of peace, we are brought face to face with a policy which may be stated in the three propositions: First The Democratic party does not accept the constitutional amendments as right in themselves, although, as we affirm, they are the only national guaranty for the principles on which the war was prosecuted, and the only security for the rights of four millions of human beings, emancipated on the 1st of January, 1S63. Second The Democratic party proposes to annul the banking system, and to eliminate from the tariff system the quality of protection wherever it can be found, and this without regard to the effect upon the business and prosperity of the country. Third It challenges the financial poli cy of the Government, and seeks to substitute its own will for the plighted faith of the nation. Ihis statement may not be accepted without proof. That 1 shall attempt to furnish. These propositions are, 1 think, fairly drawn from the first, fifth, ninth, tenth and twelfth resolutions adopted by the Demooratio Convention of

Ohio. 1 read these resolutions, however, in the light furnished by the history of tbe party which adopted them, and also by the speeches of distinguished men who ask the people or Ohio to ratify what the Convention his proposed. To;nightI ebaU deal with the third

'THE UNION, THE CONSTITUTION, AND THE ENFORCEMENT

BROOKVILLE, IND., FRIDAY, OCTOBER 13, 1871.

proposition only. To-morrow night I am 10 speaic in Cleveland, and it is now my purpose then to address my self to the remaining two. For tho present it is sufficient for rue to read the twelfth resolution. Resolved That, while we reject repudiation, we equally reject the proposition to pay the bondholders more than the eontract with them demands; that if bondholders have rights, so have tax-payers, and we insist upon justice being done to both; that the creditor is entitled to be paid in the same currency he loaned the Government; that where he loaned greenbacks he should be paid in greenbacks, unless the contract otherwise provides, and where he loaned gold he should b? paid in gold; that, to guard against too great expansion, greenbacks should be made convertiable into three per cent, bonds, at the option of noteholders, said bonds to be redeemed in greenbacks on demand; that the true method of returning to specie payments is to make customs dues payable in legal-tender currencv. whether Darker money or gold; that such policy would secure unitorm currencv. stoD cambhosr in gold, and thereby elevate the credit of! " ' a u c" the Government. In dealing with the financial historv of the country it is proper, first, to state the amount of the public debt at the close of the war, and the progress made in reducing it during tho administration of fir. Johnson. On the "last day of Julv. 1865. ascertained principal of the debt of the United States was $2,755,995,275. On the 1st of March following it had fallen to $2,530,763,8S9-80, the reduction being due in part to the sale of war material. During the same period the aggregate annual interest was reduced from $151.832,051 to $140,595,845-15, the difference having been in some degree due to the redemption of bonds bearing currency interest at the rate of 7 3-10 per cent., and the issue in their stead of bonds bearing ooia interest at the rate of 6 per cent. Un the 1st ot March, 18G9, the princi pal of the publiodebt was $2,491,399,90450, showing a decrease during the two preceeding years of only 39,363,985-30. It is unnecessary for me to comment upon the causes which prevented a further reduction of the debt during the period named. On the 1st of march, 1S69, the fivetwenty bonds of the United States Bold for coin at S7 73, and gold was at a premium in New York of 32 per cent. During the preceeding year, and especially during the Presidential canvass, numerous propositions were submitted to the country for the payment of the public debt by the issue of grceubacks, or by the interest of bonds convertible into greenbacks at the pleasure of the holders of the bonds. But none of these propositions contained any satisfactory plan for the payments of greenbacks themselves; and they were all substantially rejected by the election of General Grant in November, 1S63. In his inaugural address, on the 4th of March, I860 he stated clearly and forcibly the opinions which he entertained, and laid down the policy which would govern his administration. These arc bis words: A greater debt has been contracted in securing to us and our posterity the Union. The payment of this, principal and interest, as well as a return to a specie basis as soon as it can be accomplished without material detriment to the debtor class or to the country at large, must bo provided for. To protect the national honor, every dollar of the Government's indebtedness should be paid in gold, unless otherwise stipulated in the contract. Let it be understood that no repudiator of one farthing of our public debt will be trusted in public place, and it will go far toward strengthening a credit which ought to be the'best in the world, and will ultimately enable us to replace the debt with bonds bearing ies3 interest. To this should be added a faithful collection of the revenue, a strict accountability to the Treasury for every dollar collected, and the greatest practicable retrenchment in expenditure in every department of the Government. 'It will be my endeavor to executa all laws in good faith, to collect all revenues assessed, and to have them properly accounted for and economically disbursed. I will, to the bast of ray ability, appoint to office those only who will carry out this design.' ! These explicit declarations on the part of the President, accepted as they were by the judgment of the country, put an end, at least for the time, to all propositions for the payment of the debt in anything but coin. The first act of Congress after his inauguration was the passage of a bill enti tied 'An act to strengthen the publio credit,' by whioh Congress and the country were pledged to the payment of the fivetwenty bonds in coin, and to the resumption of specie payments at the earliest practicable time. The passages quoted from the President's inaugural address, and tho act of Congress of March 18, 1S69, form the basis of the financial policy of the Government from that day to this. That policy is, no doubt, a rejection of all schemes for postponing, avoiding, or repudiating the public debt. It accepts the sturdy fact that the debt can only be paid by taxation, and that the taxes must be drawn from the resources of the people. It accepts the fact learned by the English nation through long experience, and stated in a speech made in June last by Mr. Lowe, in the British House of Commons, that a debt will not pay itself, and that unless the payment of a debt is commenced it can never be completed. In accordance with the President's recommendations, the first effort of the Treasury Department was to provide for the efficient collection of the revenues. During the first year the revenue from customs was increased fourteen millions of dollars, and from internal sources twen tj-seveo millions more, while the expenses cf, the Government, excluding preauum

on bonds and payments on the principal of the public debt, were reduced twentyseven millions of dollars. The increase of revenue and the decrease of expenses enabled Congress, at the session commencing December, 1S69, to abolish internal taxes to the amount of nearly sixty millions of dollars, aud to diminish the taxes on imports nearlv

a . t -at- - twenty-eve minions, or aoout eighty mil lions in an. "o me ist ot oeptember, 1S71, the net debt of the United States, including ac crued interest, was $2, 274,122,560 38, showing a decrease from March 1. lSb'9 of $251,340,699 63. In the same period, the annual interest account was reduced from $126,389,550 to $111,439,385 50, or about a million and a quarter per month. This reduction only, if treated as a einking fund, would pay the public debt, exclusive of United States notes and fractional currency not bearing interest, in about thirty-six years. In his inaugural addiess, President Grant anticipates the time when, by the improvement of the public credit, it will bo practicable for the Government to issue bonds bearing a lower rate of interest, and to redeem outstanding bonds carrying a higher rate of interest. On the 1st of July, 18G8, when the Presidential contest was just opened, aud when there was some uncertainty as to its results, the five-twenty bonds of the United States, less secured interest, sold for seventy-nine and one half per oent of their par value. On the 1st of January, 18C9, when the result of the election was known, tbey had advanced to eighty-one and one half per cent, on the 1st of March to eighty sevon and three fourths per cent., and for the last few months they have been substantially at par with coin. This result is due, at first, to the declaration of the President as to the policy of his administration, sustained by Congress; and secondly, to the disposition and ability of the country to furnish revenue which enabled the departments to make constant and considerable reductions to the public debt. Under the same influence tho '81 bonds, beating six per cent, interest, and having ten years to run, have advanced from eighty per cent., the price in July, 176S, to five per cent, above par; and tenforty bonds, bearing interest at five per cent., have advanced during the same period from less than Beventy-five per cent, to more than ninety-nine per cent. Under the same influences the paper currency of the country is now worth in coins about eighty-seven cents to the dollar, while on the 1st of March, 1S69, it was worth only seventy-five cents. Nor can it with truth be said that these changes insure exclusively to the benefit of the bondholders. True, the bonds are worth in coin many millions more than they were on the first of March, 1869. and to that extent tbe bondholders have been enriched by the improved credit of the country. Rut it is also to be said that the indebtedness of the nation has not been increased by the improvement in its credit and the additions thus made to the value of the bonds outstanding, but it remains precisely the same, except upon the theory maintained by our opponents, that the bonds themselves are to be paid in greenback?, and no provision made for the redemption of the greenbacks. If the greenbacks are to be paid in coiu, as one would suppose they ought to be paid, then nothing would be gained by compelling the public creditors to take the greenbacks in exchange for their bonds, unless it be the saving of interest, aud this seems a poor compensation for the destructiou of the public credit aud the disgrace of the country. The apprccation in the value of the currency, due to the improvement of the public credit, is for the benefit of ail those who held any part of it at th time the appreciation took place. The improvement of the public credit in the manner and to the extent specified has not been advantageous alone in te particulars referred to, but it has. enabled the Government to carry oal, although to oniy a uuuieu ex.;e.ui as yet, tne sugges tion of (he "resident that new bonds could

be iasued at a lower rate of interest, andjdueto tus purpose of tbe Republican paity

the proceeds applied tJ the debt then out standing, and bearing iuterest at the rate of six per cent. This suggestion of the Presideut was followed in December, lt'o9, by a specific recommendation of the Secrotary of the Treasury that authority should be given tor the issue of four hundred millions of bonds, bearing inter est at five per cent, four hundred millions at the rate of four and a halt per cent,, and four hundred million at tbe rate of four per cent., payable respectively, in ten, twenty and thirty years. A bill in accordance with this recommendation was passed by the Senate early in the session, bat was delayed in the House so that it did not receive the approval of the President until the 14th of July, 1S70. This was at the moment of the declaration of was by France against Prussia, and as a consequence no efforts were then made for placing the loan, In March last, however, books were opened for subscription to the five per cent bonds to the amount of $200,000,000. Within a comparatively short time subscriptions were made for about $60,000,000, chiefly by the National Banks, and by the 1st of August last the subscriptions had reached 570,000,000. At that time, however, it became evident that renewed efforts must be mde for placing tne new loan. A proposition was received by Judge Richardson, Assistant Secretary of the Treasury, then in Lon don, from prominent bankers in Europe, which after some modification, was accepted by the Treasury Department. The act of July 14, 1S70, for refunding the national debt, provided that the proceeds of subscriptions should be used for uo other purpose than the redemption of outstanding five-twenty bouds, and also that three months' notice should be given to the holders of such bonds, and that after its expiration interest thereon should oease. This time was thought to be neoessary and proper to enable the holders of

OF THE L A W the bonds to present them at the Treasury Department, and it would havo been manifestly unjust to stop the interest upon less notice than that given. These two provisions of law involve necessarily a loss of interest to the Government upon such subscriptions as might be made, as the Government would be obliged to issue the boards upon payment of the tar value of the same in coin, and hold the money until the bonds called in should mature. To this undoubtedly there would have been slight exceptions, as some parties might be disposed to present their bonds at an earlier date, and accept payment and accrued interest; but the amount so presented would depend upon the state of the money market, and in ordinary times it could not be large, as the holders of tho bonds, being sure of their coin and interest at the rate of six per cent, at the expiration of th ree months, -would not be willing to accept it earlier unless higher rates of interest with perfect security could be obtained in the market. The act establishing the National Banks authorized the Se3retary of the Treasury to use them as public depositories for all moneys excepts from customs. Thus authorized, the Secretary of tbe Treasury on the 10th of August last, issued a printed circular to each National Bank of the country, making the following proposals.''Banks making or obtaining subscriptions payable io coin will be designated by the Secretary of the Treasury as Depositories of Public Money, upon the usual condition cf placing in the hands of the Treasurer of the United States bonds of the United States for the security of such deposits. 'At the commencement of each month notice will be given of the redemption of an amount of bonds equal to the amouut of subscriptions in coin for the preceding month, interest to cease in ninety days from the date of such notice. "As the bonds specified shall mature, the deposits will be withdrawn from the several banks proportionately." In accordaace with this circular, subscriptions have been made, either by the National Banks or through them, to tbe amount of $130,000,000, covering with previous subscriptions tbe 8200,000,000 offered in March last. In all cases the bonds of the United States 'are held as security for the subscriptions. It is, of course, to be accepted a3 a fact that there is a loss of interest to the Government, but it is also true that tho loss is due to the provisions of the act referred to, and it is properly incident to the duty of the Government to give notice to the holders of the bonds of a time in tbe future when the principal will be paid and when the interests ceases. Congress thought that three months was reasonable notice, and I have no doubt that the judgment of the couutry will concur io the propriety cf according .that time to the public creditor. The financial result of tho Government may be thus stated: The new five per cent bonds have ten years to run, although the probability is that they will not be paid in less than twenty years, as it will be for tbe interest of the country first to pay all bonds bearing a higher rate of interest than five per cent. But, assuming that they are to be paid in ten years, the saving on the issue ofS200,000,000 io interest is $20 000,000. The interest upon the annual saving accumulating until the expiration of tho ten years would be $6,000,000 more, giving an aggregate saving of $26,000,000. Against this is the loss of interest for three months, at the rate of five per cent, per annum on $130,000,000, or $1,025,000, showing a net gain to tho country of $2,375,000. This estimate assumes that the new bonds are to be paid in ten years. Should they remain unpaid for twenty years, the saving will be twice as great. Whea all the details of these negotiations are comj pletcJ, the ueW bonds issued aad the old j ones redeemed, tbe way will be opened for presenting to capitalists in this country and in Europe other portions of the loan, and with the prospect of complete success. Nor should it ba forgotten that all is to accept the debt as a result ot the war, and, without inquiry as to the consideration which the Government received for the bonds, to look only to the nature of the obligation which the country had assumed, and fsijhfully to perform it. If on tbe part of the Republican party there had been any hesitation, if they had lis ftened to suggestions that the bonds might be paid by the issue of greenbacks, the public credit would have been still further impaired, and the substitution of bonds at a lower rate of interest made impossible. It is worthy of notice that the interest paid by the Government on the public debt is the standard for the rate of interest throughout tho country, and to some extent throughout the world; for at the present moment the bonds of tbe United States are negotiable at more commercial points outside of this country than the bonds of any other Government. This is duo to the -implicit faith of the people of other countries, inspired by the declarations of the Republican party, and sua taioed by the evidence given in the daily reduction of the public debt. Whilo the credit of the country was impaired, and while we were struggling to secure a financial position which would enable us to nesotiate bonds at a lower i rate of interest, heavy taxttion and large payments on account ot public aeDt were not only desirable; but even necessary. It was imDortant to demonstrate conclusive ly n At thn disnosition. but the ability of the country to pay tho debt. Having reached that position, it is no lonaer necessary to mike large payments upon the principal of the publio debt merely for the purpose of demonstrating our ability or our disposition; but it is my opinion that very considerable paytueuts ought to be made for the purpose of reducing the debt, relieving the labor of tbe country from tax burdens through maoy geuerji-

S .

whole mm tions, or even centuries, and above all, for the purpose of placing the nation in such a position that in an exigency large loans might be obtained at home or abroad. In my annual report for 1S70 I stated that the public debt ought to be reduced at least $50,000,000 a year, and to that opinion I adhere. And this ean be accomplished with such a reduction of taxes as will meet the demands of business, and remove most of the objectionable features" of the tariff system. The amendments made to the interal revenue system have relieved the people of most, if not all, of the taxes really burdensome. Under that I system there are now but seven subjects or taxation, rirst, the incutne over $2,000 a year, which expires, unless there is further legislation, in the year 1872. The other subjects of taxation are stamps, banks, gas, distilled spirits, tohacco.od malt liquors. From all these sources it is expected that about 5125.000,000 a year will be received; and it cannot with truth be said that these bear heavily upon the peopU. or that they are an embarrassment to business It is now manifest that a considerable part of the depreciation of United States notes was due to the want of faith in the financial ability or integrity of the people of this country. The improvement of our credit at home and abroad has eliminated from the difference between gold and paper all that was due to a want of faith in the financial character of the country. But a difference still remains. That difference can be overcome by one or both of two moans. One is to await the growth o"f the country until its demand for money shall be equal to the volume now furnished. But it is to be taken into aocouot that the increase of railroads and the facilities furnished by the telegraph counteract the influence of the growth of the country, inasmuch as such facilities render it practicable to do a given amount of business with a less volume of currency. There is also the additional fact that the practice of checks and bank balances in commercial transactions is constantly increasing, and the use of actual money, either coin or paper, is in a degree, though not proportionately, diminished. Still it is no doubt true that the present volume of currency may be continued, and, with good harvests and general prosperity, the difference between the value of paper and of gold will annually decrease. Another course, recommended by me in my anuual report of December, 1869, is to reduce the volume of currency, for which I then asked authority for an amount not exceeding two millions of dollars per month. It is the desire and the purpose of tbe Republican party, of the President, and of those associated with him in the administration of the Government, to do what is practicable to render the paper of the couutry as valuable as gold at the earliest moment, without violence or in jury to the busiuess interests of the coun try. The means must be left to Congress. There is, 1 take it, no difference of opinion in the Republican party that the volume of paper money is not, under any circumstances, to bo increased. In this particular we made distinct issue with the Democratic party of the country. Financially, the result of General Grant's administration is this; That the public credit has been so improved that six per cent, bonds, which sold for eighty cents in coiu, are worth to-day about one hundred; aud that five pci cent, bonds, which in July, 1868, sold for less than seventy-five per cent, are worth about par in the markets of the world. More than $250,000,000 of the public debt has been paid. The taxes have been reduced at the rate of 580,000,000 a year, and our financial condition at this moment is such as to justify the expectation that at the next session of Congress they may be reduced at least $300,000,000 more. Further, $200,000 -000 of bonds, bearing interest at the rate of six per cent, are being called in, and in their piace an equal amount of bonds, bearing interest at the rate of five per cent., are to be issued, making a saving for the ten years of more than $24,000,000. The interest account has been reduced about 15,000,000 a year. The net expenses, excluding the interest on the publio debt, pensions, bouuties, the cost ot Internal Revenue Bureau, and all expenses resulting from the war, have been reduced from $173,520,371 77 for the year ending June 30, 18GS, to $95,61S,592 30 for the year ending June 30, 1871, thus showing the actual cost of the peace establishment to be less than $100,000,000 a year. It is due to truth to say, and it is a remark of which our opponents caouot justly complain, that the course of tho Democratic party in reference to the public debt has had substantially the same effect that was produced by their course in regard to the rebellion. - If, at the commencement of our difficulties in 1S60 and lbbl, tbe JJcmocratic party, as an organisation, bad declared agaiost the rebellion, and announced its puipose to maintain the Union, it is probably the war itself would not have taken place; or, if it had taken place, that it would have ben of fbort dura tion. The course tjisrsued by the Ddmocra'ic party led the rebels to h-"pe ihey uii2ht ac-compli-ili lb,"'' purpose through divisions in the North. T::e hopes thus engnprd protracted the war, increase! the loa of life, and augmented Vastly the public debt. It is not a sufQcifcnt answer t.i this general statement to say that there were m?n 1:1 ibe Democratic party w"ho pave themselves to 'he country, who sustained lh coiirse of tl Government, aiid made sacrifices for the Union. S icU men ihere wer-; but they were men who did not accept, as the rule of their conduct, tha policy marked out bv the oraan'Z-t'ioii. Since the close -f the war oue of ihe chvef obtard;s to ibe improvement of the public credit has been the declared purpose of th Dsmocrnlic party 10 compel the holders of fixe-tweoty bond to accepts greenbacks in their place, coavled with the condition thai the Rresnba?ks themselves might be converted at Ihe will of the holders into new hon;ls bearing three per erut. interest. But whether ibe interest is to be paid m coin or mher greenbacks does not clearly appear. Tiiis proposition has prevented? irv"tninl8 in Kurope. he werdJ the character of tha country, and iu

TERMS OF AD VERTISINQ

T&ArSIBNT. One square, (! lines,) one inserting--vae square, two insertions. -.. Une square, tnree insertions.. M &U mbaeq-eat insertion, par iiMt .. t YEARLY. One column, changeable quarterly.-..--..7 Tnree-quarters of a, oelumn M One-half of a column.... 3 M One-quarter of a column ..., One-eighth of a column ....... 11 M Transient advertisements aheuld ia all eases k paid for i n advance. Unless a particular time is specified when ka4 i ed in, advertisements will be pablia&ed until as deredoat end charged aceordinjrlj. eflVcu have only been overcome by the ciosa adherence of the Government to the policy barked out !y Presidant Grant in hid inaugural, to the favorable response which ibis polioy has received from the country, and to the belief eotertaiaed in Europe that there is no probability of the success of the 'Democratio party in the cowing Presidential election. The plat form adopted by tbe Democratic Convention of Ohioiu tbe particulars to which I have already referred seems to disregard entirely the stipulations found in the act of February 25, 1SG2, which authorized tbe issue of bonds and pledged the faith of the Government in certain particulars. In that ael it ia provided that the duties on imports shall be collected in coin; that an amount of that coin equal to one per cent, of the publio debt, shall be annually set aside as a sinking, fund, and that tbe interest on the publio debt shall be paid in coin. If the preposition of the Democratio party to pay the five-twenty bonds ia greenbacks should be carried out, an additional ispue would be requested of more than thirteen hundred millions of dollars. I laiY of these bonds are owned io Europe. 11 the holders should accept the ereenbacks, they would at ouce convert them into coin by purchase, thus draining thia country of gold and advancing tbe price, so that the difference between coin and paper currency would be as great as it was iu the Confederacy during the last year of the contest. In other respects the effect upon the fortunes of the people of thia country would be equally disastrous. Tha holders of bonds, and all other persons who might be compelled to receive greenbacks iu payment of debts due them for it is insisted by General Ewiog, and apparently contemplated by tho resolutions, that the greenbacks are to be a legal tender would immediately invest their irredeemable paper money in land, cotton, wheat, and other property, which might promise to be most valuable and least under the influence of a depreciated currency the currency itself would pass rapidly from the hands of capitalists to tha middling interest aud laboring classes, and io the end the loss would be turned over to those classes, while the richer aud shrewder peo ple would escape in a great degree the consequences of these measures. Experi ence has always shown that when the currency of a country is depreciated, land for agricultural purpose?, and labor, are the last to feel the advance in prices, but clothing and the cost of living would ad vance immediately; the laboring classes would realiie at first aud force a considerable time but little increase of wages, and relatively they would be impoverished. It is difficult to conceive of a proposition, fraught with so muoh evil to all classes as the one now presented by the Democratio party of Ohio, On the other Land, the policy of the Republican party is to advance the value of paper, so as to close the existing difference between coin and currency. It seems to me plain that the leaders of the Democratic party fail to estimate the inevitable results of the policy they propose, or that they are indiffereut to the real welfare of the country. If their projeot could be carried out, and if they could save oa thirteen hundred millions of dollars twelve and one half of fifteen per cent, by redeeming the five-twenty bonds in green backs, who does not see that the temporary advantages thus gained would be do adequate compensation for the loss of credit and the loss of publio confidence throughout the world, or for the pecuniary burdens which would be imposed on tbe pcoplo whenever the nation should be undur tha necessity of raising large sums of money by loan and upon a pledge ef the public faith? The volume of paper now ia use is more than seven ha r.dred millious aud what think you would be the effect of increasing it 10 two thousand millions by the subs.itulion of greenbacks for the outstanding five-twenty bonds? Do you believe that fifty or a hundred dollars cf such paper would buy a dollar of gold or bushel of wheat? Do yoa nut foresee already some of the evil consequences? The bondholder paying out greenbacks for real property of every sort, the employer coaipelling bis workmen to receive deprecated paper for their wages, the depositors io savin's banks turned. off with wbal woald be of little value to use, and of less vat ue to keep. All these and kindred evils are to be accepted, because, at we are told by men who now solicit the confidence of tbe country we did not iceeive the par value iu coin of the bonds in question. Dj they forget, or would they hnve us rather forget, that ih-ise bouds were issued while we Wire s'.rug'ing in a det peraie war, when the credit of the Country was shaken; when all our difficulties), foreign and domestic, financial and peliuctl, civil and military, wtre increased by the policy of that party which now seeks to involve us in perils hardly less serious thau thjse fiO-n wh:ch we bae just escaped? D' you ask me of tba future? The future is in yoaron hands. I may suggest. Or even devise, but it is you alone who can act. Yoar first duty in connection with lie topic I am now treating, is to continue 10 provide lor th payment of the public deb' in coin or its equivalent. You cannot uitel the demands of or dinary public virtue, you cannot satisfy Ihe requirements id" piiva'e morality, joe taunut jiis'il'y yourselves to ours-lvs, if you compet he puuhc creditor lu accept a new proaiisa tor an tdJ one, eveu tbouli coupled with ihe soggeatious or agreement on your part Ihey may hare a third, if debited, uud o uu ad iuSolium. A oa'ion cannot Irnst its honor Io a technical defense. Ttiis ia the resort of individual only, wheu ihey are in estrxm peril. ties' provide fur a co isidrble annual per. ment of the public debt. Ielay tfstnsters the bur. den more aud more from property to labor. Do. lav Doslitones the time when Hie uation can bo iddepen leal ia it own atfir and pouertul in the atf.iirs of the world. Delay retard immigration and hinders the settlement of the new Slates. Oil the oiher hand, payment frees capital for other uses, tends to lower the rates of iutereat, shows the superiority of our couutry and iavtitutiuna and, iu fine, give to Atnerio-i a new oiaiiu to be' the leader aud te icher of mankind. There was a time when au American ta a fnr eiu oonntrv mixbt justly bo taunted as a oitisen1 of a blavehoidiug Krpubiio. We have encase k trow tuatig'iouiiuy tniuuu blood, bul whtn w aieonce branded js nition of re.u:lit'rc. t will allow Us a way to re".i. u-i lvmOiJ

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