THE DAILY EVEKINTJr TELEGRAPH PHILADELPHIA, WEDNESDAY, NOVEMBER 20, 1867. wr: SrililT OF TUE TRESS. nrroRiAt nmoKB or rnt LiAsraa JOCBIfAU no CTMMTT TOPIC OOMF1LI ITBBT PAT IUB TBI XTXMIIIO TM.BORAFH. InmtdltU Rptclt Pcjrmtnti, JVom tft iV. r. UeraUU Binoo tlio question of paying the national debt In legal-tenders, with other flnanoial mea sures have legun to attract publio attention, the bondholders and their organs cry out more lustily for immediate specie payments. These parties, who gave only forty or fifty per cent. In currency for the bonds, and have feinoe been drawing six per oent. interet in gold, now clamor for specie payments in order that they may get the full amount of their bonds in gold. Ishylock like, they must have 'tbeir pound of flesh, though the country bleed to death under the operation. They do not want to be paid in the same money ,they gave for the bonds, but demand forty or fifty per oent. more. They believe their interest lies in the perpetuation of the debt, and do not wish to see it extinguished; and their policy, if car ried out, would assuredly fasten it upon the country as perpetually as the debt of Eng land is fastened upon the British people. Seeing the growth of publio opinion against contraction of the currency and forcing specie payments, and in favor of paying the debt . while money is plentiful, they have become alarmed for their anticipated cent, per cent. profit. The monstrous fallacy of the bondholders' organ is, that we can reach specie payments at once, and while tbo debt remains undimin ished. It took England years to reach that after the prolonged war in Europe ended in , 1815, and then she only reached it through alarming revulsions aud ' universal distress. Foroing specie payments there resulted in frightful disasters, in burdening the people with an enormous debt which can never be auuj nuiio v oiovloia n uujiiirin- ing oligarchy, in reducing the mass of the laboring population to pauperism. Yet this is the example we are urged to follow. We might possibly come to the same result in the course of a few years if Mr. McCulloch'a ruinous policy of contraction were to be carried out. But who besides the bondholders and their organs desire this f These senseless on-to speoie payment theorists imagine that we can jump at once to a specie basis by the fiat of the Seoretary of the Treasury. They have but one idea, and, like all iusane people, can see nothing except through that. They learn nothing from history or actual experience. They lose sight of the tax-payers and the mture in their eagerness to benefit the bond holders. It is neither practicable nor desirable to , force specie payments now. The first thing to do done is to . pay off the bulk or the debt while money is abundant and the ourrenoy de preciated. The bondholders pretend to call this repudiation. It is, in fact, the way to prevent repudiation; for if the people of this country continued to be weighed down by an enormous debt and oppressive taxation, they would soon elect a Congress that would take Off the burden in one way or another. But . the proper and shortest way to arrive at specie payments is to reduce the debt. Suppose the three hundred millions of national bank cur rency were withdrawn and If gal-tenders issued in their place, and with these three hundred millions of the interest-bearing debt were to be bought up and can celled, would not that tend to bring down the premium on gold f Suppose Mr. McCulloch were to - pay oil' two hundred millions more with that amount of surplus money which he has all the time lying idle in the Treasury, thus reducing the interest-bearing debt five hundred millions in all, would not that bring dqwn gold still further? Then, again, with eoonomy and proper administration of the revenue laws, a hundred millions a year could t be applied to the . liquidation of the debt. ' Thus, in five years a thousand millions, or about ball the interest-bearing debt, could Ve paid. , Who can doubt the effect of this upon the market value of specie T It is the enor- iuuuh ueui wmcn mnuers us iroui rovutmug , specie payments. The rapid liquidation of it in the manner suggested would soon bring I - J 1 i , i 1 1 m ... . i M . n ? Other course can be pursued without proluo . .. ing frightful revulsions and distress, and sad dling the country with a vast and perpetual , debt. Congress and Its Work What the Coun try Needs. From the N. Y. Timet. One day more, and Congress will resume its talk. Nobody seems to expect much more . than talk during the brief remainder of the ' session begun in spring. Impeachment and ; other exciting. topics are the expected subjects : of debate, and we know in advance nearly all that will be said, pro and con, in regard to them. They are all political and of the tinge called extreme, and the only probable benefit accruing from their reproduction will be the i light thrown npon the present temper and purposes of the majority. As a practical ques-. tion, impeachment may be considered dead, but it will doubtless be the theme of days and nights of wordy warfare, the character of which will partially indicate the complexion and chances of the next session. If in no other respect, the interval between the assembling this week and the commencement of the regu , lar meeting may thus be made useful. It will be satisfactory to know at the outset what and how deep is the impression produced upon the CongreBbional utmd by recent occurrences. Nothing can be imagined better calculated to develop the prevailing tone than the class of questions to which impeachment belongs; and from the character of the start we shall be able ' to form some estimate of the probabilities of : the next few month. If we were not familiar with the exact de gree of trustworthiness which attauuei to the average of Wachington gossip, we should dis- .' courace hopeful anticipations, iiie uniform , tenor of tidings vouchsafed to us from the 'capital points to a ceaseless and determined " struggle of plurtisaubhip for the mastery. The t talk is almost exclusively political. The South and the Incident's action are held up as the ' only tl euies to be considered; while the z-tal ' with which every knot of politicians plot and plan in conn etiou with the Presidency, reveals , the grind controlling motive of those who un dertake to luanuiucaure tt-imigtuu ojuuion. '" And Vet it is lift easy to believe that Oon i-irrent is frd uiiiniodl'iil of the signs of the tiuuH, and uf the wants of the country, as to "vi-n.i iu emmiei on partisan objects, 'to tho in Licet oi bioad.-r. and more practical ouettidis If iuiiwauhment iniiRt come up again and m ruppo it wut wa are not 4 to to elude tln.t ww-ks aud months are to bw devoted'to Its rHMisioB.' " Let' us have the remit the Jai iary Committee . at once, and yea or W from the, House,' without waste ot time, , There is uo decent pretext fori de4uy and debate that cannot possibly afleot the reonlt, but which will affect business interests most prejudically. The same is true of other disturbing measures that are said to be forthcoming. All schemes for forcing theories npon the Middle and Northern States, for reopening the question of penalties or tlie bomb, or for otherwise setting forth the desires of an extreme faction, are an un mixed evil, which the Republican party cannot afford to tolerate. Admitting that no means exist of excluding these projects, at least power re mains to render them comparatively harmless. It is not enough to withhold from them sup port; they should be summarily squelched, without debate, and with ni more delay th-tu the foims of Congress necessitate. Under vio lent management, the House has become familiar with 'the previous question" as a contrivance for stilling debate; for once, let it be employed legitimately as a means of put ting an end to irritation and intrigue by quickly crushing the schemes iu which they originate. The Republican majority owe this course to their party not less than to the coun try, and the neglect of it will bring trouble to both. Ihe thonchts of the country just now oentre npon material rather than upon political ques tions. It has no sympathy with President- makers, and no patience with the mischief- mongers who would provoke continual ferment. At the proper time it will expect some reconsideration of the working of recon struction, as exemplified in the doings of the Conventions, but until that time arrives there will be little fondness for agitation on the sub ject. Why, we need hardly tell. The de pression of the industry and commerce of the country suggests a ready explanation. The people are impressed with sterner realities than Mr. Sumner's attempts to render them a nation, or than Mr. Stevens' methods of evolv ing loyal nnity out of hate and antagonism. "How to make ends meet" is the problem which the great body of the community are Btrivingto solve, and they look to Congress to hasten its solntion. We fear that the unwillingness of Jupiter to help the wagoner was not greater than the in ability of Congress to do a tithe of what is expected from it. The tendency to rely too much npon legislation is one of the worst symptoms of the day. though, perhaps, one not wholly nnnatnral in view of much that Concress Las attempted. For bv no lezarda main of law is it possible to render the transi tion from the feverish excitement of war other than unpleasant. The dull times are not consequence of the fiins of Congress, nor are the bard times which yet must oome in any manner contingent upon its action. Charla tans may prescribe prohibitory duties or more currency as a sovereign remedy for depres sion, but their nostrums would make things worse, not better. They might stimulate for a moment, but the inevitable reaction would render the condition of trade worse than ever. There is no escape from the penalties of blun ders perpetrated amid the hurry of conflict. J3ut the inability of Congress to fulfil all expectations does not relieve it from the duty of affording succor wherever it is feasible. The injury inflicted by the present system of taxation may be almost entirely averted if Congress will eschew the delusion it has eherished in regard to the reduotion of the debt. The fact to be recognized as the start ing-point in any effort to mitigate the evils of taxation, is the exhaustion and rum which the system in force entails upon all branches of industry and commerce. The desirableness of liquidating debt none denies. But the prooess presupposes the restoration of trade to a condition of prosperity equal to the main tenance of burdens imposed for the purpose. Unfortunately, the supposition is not war ranted by circumstances, and, therefore, its application by the debt-reducing advocates is disastrous. This mistake should be arrested, since, under the guise of promoting publio credit, it saps the foundation on which alone credit can rest. The point to be aimed at is the greatest pos sible abatement of taxation compatible with the requirements of the Qovernment. Let every dollar that is not wanted for current expenses be stricken off the load born by the country in the Bhape of taxes. Instead of crippling consumption by extravagant tariff rateB, let native industry be "proteoted" by the abolition of internal revenue duties upon its varied developments. The absurditv of aiding by high duties on one hand, and crush ing by cumulative taxation on tho other, is too flagrant to be perpetuated. The schedule of taxes, whether internal or customs, should be so revised that taxation shall be. conceu trated on few objects easily reached; while the necessaries of life should be relieved alto gether. A bold hand is necessary to begin the work, but it presents no insuperable obstacle, if the aim is to simplify and abolish. Nor are the exigencies of the Government a hindrance to reductions that would afford immediate aud large relief, provided only the frauds which now neutralize taxation on certain articles be prevented by a more vigorous administration of the laws. . When Congress shall have done its duty in the matter of taxation, it will find opportuni ties for the display of the same practical quali ties in relation to the currency. A combined and vigorous attempt in the direction of addi tional inflation may be expected. The lusty Webt is so loud in its demands for more money as a cure for business ills, that much firmness and good sense will be called for at the hands of those who would discard the prescription? of the currency quacks. Our own judgment has been in favor of steady bnt moderate con traction, and 'we should desire its continu ance, if it were possible. We must confess, however, that we deem further contraction impossible at present; not because the volume of currency is not still in excess of the wants of commerce, but because publio opinion is well nigh universally against persistence in the policy of retiring greenbacks. The conviction prevails that the uncertainty which embarrasses all interests is aggravated by the power of contraction which the law conl'ers; and though we think the-onviction erroneous, we are persuaded that more is risked than gained by resistance to it. The alternative, as it seems to ns, is between the stoppage of contraction at its present ooiut. leaving what has been effected untouched, an I further issues of paper. And, therefore, we trust that the safer and more moderate posi tion will not be perilled by a hopeless endeavor to uphold the present policy. The business in terests of this city are overwhelmingly against the Western plan of inflation, but they are not 1-ps earnest in their desire for a pause in the work of contraction; and we See no Bfcfoty ex cept in compromise. . Labor and Land In England. Prom the N. Y. JYibune. - In all ages disturbances among laboring people. jpe common, but that they should arise in a country eo rich as England, where mac hi nery does the work of , millions of human hands; and whose commercial transactions exceed those of any other people in short, that bq much prosperity tbxuld bear, as'a fruit, , distress 'and J aupeibnu, surprises, the jmliti ciau anil th philanthropist, and jmtky tUm doubt whether science, ludaatry, aud religion ever are to see a uay 01 tnumpn. At the time when Rogland lent to the Colo nies which afterwards ' became the Uuite l States a vast number of intelligent farmers, as well as many of an educated class a little above th-m, one-seventh of her population was composed of yeomanry. These were email landed proprietors, and the number of head h of families among them was about 160,1)00. It was ol these that the bulk of the colonial immigrants was composed. On their small farms they produced immense quantities 01 fruit, butter, cheese, eggs, honey, and vege tables; and when they came to America tuey engaged in the same husbanding. When they lett l-.ngland, wealthy men bought their lau 1, and added it to their estates; the orchards dli-d of- neglect and old age, their cheerful cottages sank in ruins, which are now marked by heaps of stones, and the hedges of the small fields gradually were cut down, leaving wide prospects where before were neat streets with frequent houses, or hamlets often arising to the dignity of villages.' Goldsmith's l'i)e seited Village" was an English, not an Irhh picture. Natuially, the yeomanry could have no successors, and we need no longer be surprised that immigrants from Eng land Lave ceased to le of the superior class who were capable of laying the foundation of liberty in America. The aocnmulation of great wealth commenced with the acquisition of large landed estates and the disappearance of the yeomanry, and now the whole number of landed proprietors does not exceed lo'0,000. As a consequence, the agricultural system has changed. The farmer, having ceased to be a proprietor, pays rent, working many acres, and employs day laborers. As a geueral thing be does not himself labor, and he aspires to the title of ''gentleman farmer." It is said that with the new system farming has im proved, but this can have reference only to pi ass and roots, and in particular to improved herds of animals, which improvement has, without a doubt, been at the expense of the laboring nonle. That the varied style of farming no longer exists would be natural to conclude, and it is evident from the fact that in the year 18G6 nearly $10,000,000 worth of eces were imported from France into Jiogiana. These results are attracting the attention of all thinking men, as we gather from the re ports of the discussions in the various farmers' clubs. The establishment of large farms, and the depriving the laborer of an interest in the soil, will have a similar effect elsewhere, but it is more marked in England because capital is greater, and because capital is more exacting the creater it becomes. First, is a want of cottages. The dwellings of the yeomanry having finally disappeared, the laud-owners have no desire to eee them restored, and so prestirg is the need for comfortable roofs that, generally, a family which has a house of three rooms will take a lodger. The Marquis of L thiai), in rebuilding cottages on his estates in Norfolk, made it a condition with his tenants that they should take no lodgers. Un one occasion, Sir William Bagge proposed th tt no cottage should be built with fewer than three rooms, in order that deoenoy might be pre served, particularly between the sexss, thus giving one room for a cooking and a sleeping apartment for the mau and his wife, one tor his girls, and one for his boys; but Lord Leicebter thought it would be necessary to have a policeman at the d or to prevent the familv troni taking lodgers. As a consequeuce of this distressed condition, laborers are crowded into towns aud wretched hamlets, or into decoyed and uncomfortable ruins of cot tage.-; and if they have a garden attached, it seems to be an exception, for among the reme dies proposed garden grounds are recom mended. OioviiDROut of the large farm system of breeding short-horned cattle and luuttou-hheep are gangs of agricultural laborers, composed in part of women and children, aud in which the hexes are mixed, "as if," to use the words of one, "they were put in a sack aud shaken together." ho manifestly brutalizing has the gang system become that Parliament has been forced to legislate on the subject, anil an act, we think, was passed, to take effect riext season, which, among other provisions, limits the ages at which children aud girls shall en gage iu farm-labor. In the reports of the Club meetings we have full discussions responsive to this legislative action. Among other subjects education came up. We learn that instruction has been going on seveial years, and they hope it has done some good. Still, it was the opinion that only boys naturally bright should be educated, leaving the majority to be hewers of wood and drawers of water, for they never could be more. To force a publio system of education was objected to, for fear of further differences on religious subjects. As to pre venting young children from being put to woik, and as to discouraging women from being field-laborers, the remark was made that the law-makers should be very careful how they interfered with the means by which the poor man earned his bread. One sal 1 that in Marshland the most provident fathers and atluctionate mothers sent out their ohildren. under proper regulations, and there, also, the best women worked in the field; aud the speaker added that he "wished his' own wife would go If she could help fill the purse." ihe propobed laws were made by men who did not understand the case. The Prince Consort had said "You must be very careful how you touch the poor man s loaf." Other speakers ' and farmers declared the law disgraceful. If a girl was not permitted to go into the field before she was thirteen, she ought not to go at all. There were many kinds of woik in which children from eight to ten would swell the pittance of their father's wages of 12s. and Y&i. ($3 to $3 25) a week. Dili Parliament mean to teach that with this aversge wages a man is to support from fourtoeiLht children, when such chil dren could pull out asmauy weeds as their mother could f Parents ought to be permit ted to place their children as they plouan, but the Legislature said No. One wanted to know if the country would make up the deficit to the parents, end another said that children at this tender age, while earning momy, were less likely to do ill than those at lil'ieeu aud sixteen. Then the supply of cottages se- ms difficult to solve, for the houses built 'or all utber t-lai-Hea of laborers yield a profit of seven sua n nun per cent., while those tiirnisma to taim laborers, Jor some unknown cause, are tcund urprelitable. The?e BtateineiUs, be it remembered, aie made mostly by the head farmers, w ho do not - own, but who rent the land. As regaids the cottages, it in to be said that the coinioit of families is a thing c ipiial is not ante to take Into account. Figure cau uoi louc-n it. Another underlying difficulty is in the obsta cles thrown around the purchase of land.' It 6eems that, awlda irom the demands of th law of primogeniture, the titles of lauds are bound up in' families for upwards of forty, and more likely sixty and seventy years, nor is set live even ai mo ciohb ui ine.se long periods' for as each tucoebsor corned ot age, he entails to liia posterity, siiujeeting me property to jointures,' aud portions to younger brothers and sisters, which, with other restrictions by virtue, of diuich laws and comrnoii law cu,s- tomrt, produce a system so abntruae. aud com pncaieu as aimost vo require u learning or a lifetime to umleibUud it. liven after laud id sold, claimants can oome in who, at the time of the conveyance, were "under age, in pri son, beyond seaa, mad, or unborn." lleuoe, no one of limited means ean pretend to buy land and make good the title; aud th exist ence of fmall proprietors, such at the yeo manry, is made impossible. Other difltouMes exist regarding leases, for frequently fanners have na guarantee that they will get returns for improvements, except iu conditions not likely to transpire. In some of the details of our Biaieiueuv it is not improoatue that we mistake some things, but the general ideal must be accepted as correct. 1 be kind of farming which Is carried on is. of itself, an indication of all these diffieulties. The main products are meat and bread, which, singularly enough, correspond to the products of a barbarous people. Large estates are in grass, grain, and turnips, and the greater part of Agricultural industry la devoted to the pro duction of beef aud mutton; for, if we may believe the statement, in England only 1G0.0D0 acres are in wheat, while in Ireland there are 1,000,(100 acres. Meanwhile, with the pro ducts of their factories a vast trade is carried on with all parts of the world, bringing in ex change articles of necessi'y and luxury. With the rural population so pinched and degraded, it is no wonder that they seek relief in drink, and abandon the farms, crowd into towns, pro ducmg agitation and disorder, ending in riotous demands for bread. It cannot be that this ghastly picture, which is drawn from the Knghhh papers, gives a cor rect idea of England and her people, notwith standing we give the following from a gentle man in this city: This summer he accompa nied a shooting party on a large English estate, where thirty men were engaged in beating up the game, and for eleven months these men had not tasted meat. In the towns and cities there must be millions of men, deoently clothed and fed, who these pinching months of scarce and dear bread are deliberating how re forms shall be established that the pleasant days of merry England may return. These are they who, during our national struggle, hoped for the triumph of the right, and now we can do no less for them. . In our view of the subjeot, and with the light bestowed by the occupancy and settle ment of a new country, two remedies seem open and demanded. One is au immigration' on a large scale of manufacturers and skilled laborers to the United states, where they will be doubly welcome; or to Australia, where they are Forely needed. I The other is a radical reform of the laws by which lauded property is held, and to such an end that small proprie torships will be enoouraged, and be considered as the bulwark of liberty. Nothing is more ceitain than that the system by which one hundred men own more than half of the land in England must come to an end. They will be wise if the end is not marked with confla gration and blood. We can all see now that when England lost her yeomanry, she entered upon a course directly tending to the dire and impending disasters of these days, and that the fame yeomanry made America glorious. England can have no peace till a corresponding class shall again till her soil, again plant orchards, care for bees, and be proud of small (laities and flocks, and thus bring to an end the tyrannous, grasping, and cruel reigu of landed monopoly. Mr. Pendleton's Financial Views. FiomtheN.Y. World. The Timet recently made a retraction of its statements aspersing the reputation of Mr. Pendleton, and we hope the Tribune, which has more than once reiterated the same un founded statements, will follow its example. This is not more due to Mr. Pendleton, whose opinions have been injuriously misrepresented, than to the character of these journals, which owe their readers the truth on every subject important enough for notice in their columns. The '1 huts, we are sorry to say, subjoius to its retraction a shuffling attempt to show that there was some reason to attribute to Mr. Pen dleton a plan which he has repeatedly and wholly disclaimed. The7iW.thas again and again charged Mr. Pendleton with a wish to inflate the currency to the amount of the funded, debt, amounting to something like , two thousand mil lion dollars, when, in point of fact, he has, in every speech he has made on the subject, disclaimed any wish to increase the currency at all. But the Time thinks it discovers that a vast expansion would be necessary to pay the publio debt in greenbacks. It thinks the charge it is compelled to withdraw as a fwt may 1 e sustained as an inference. Hut so long as Air. Pendleton himself neither draws nor admits that inference, there is no oolor of jus tice in circulating it as a part of his views. The inference, if sound, might be a valid argu ment against his views; very likely if it could be sustained to the satisfaction of Mr. Pendle ton, he would renounce his plan. Rut as he broaches a specific and detailed scheme by which he thinks the publio debt can be paid without further expansion, it would have been more . pertinent to Bhow wherein this is de fective, than to endeavor, by vague general inferences, to make him responsible for conse quences he disclaims. ' Ihe iiwies' loote inferenoe might easily be retorted. If, as it holds, it be impossible to pay the debt in greenbacks as it Jails due without enormous inflation, it logioally fol lows that it would be impossible to pay it in gold without a corresponding increase of coin. It takes no more greenbacks to pay a debt, dollar for dollar, than it would of gold to pay the came debt, dollar for dollar. The Tims must therefore see that it puts itself in this dilemma: either its in'erence fioiu Mr. Pen dleton's views is false, or the debt cannot be paid at all. -'1 lie only successful way to rebut Mr. Pen dleton's reasoning is to disprove his main position. Once admit it to be consistent with the public faith to pay the Five-twenties in greenbacks, and the rest of Mr. Pendleton's plan is defensible and statesmanlike. Hut if it can be proved that the Government is under a legal and moral obligation to pay the princi pal iu gold, Mr. Pendleton would be himself among the first to admit that the whole ques tion is closed. If the obligation to pay gold cannot be proved, it is futile to stand cavilling at the details of his plan. This has been our view from the firsthand while steadily oppos ing Mr. Pendleton's fundamental tenet, we have not thought it worth while to take the slightest notice of any other part of his scheme. If his main position can be refuted, the whole falls; but if his main position can not ba re futed, what be builds ou it is sound, although it might require modification in the details. We shall take an early occasion to restate the 'argument against the payability of the five-twenty bonds iu greenbacks; aud we hope to jiut it with such cogency that even Mr. Pen dl.ton (who is as candid as he is courageous) w ill pel haps be induced to reconsider his con oiusioi a. He is as zealous as any man in the country to Lave tie publio faith maintained inviolate; ad (should he be convinced that the Woven ment is undor an engagement to pay gold, he will raBe to. press his plan.. llt has been fco widely misrepresented, by lUpuhiiojtu journals that we think it due to truth that our leaders should be permit tod to boh precisely OLD EYE THE LARGEST FINE OLD In tho HENRY Ifos. 218 Land s. and 220 WHO OIIEB T1IK HA1HG lO Tint THADK, TERM. Their Stock of Bye "Whiskies, in Rondj comprises all the favorite brands extant, and rnnfl through the various months of 18G5, '66, and of this year, up to present date. Liberal contracts made for lots to arrive at Pennsylvania Railroad Depot, Eriossoa Lin Wharf, or at Bonded Warehouse, as parties may elect. what he proposes. In the quotations whioh we thall make from his speeches, there are some obvious errors which we attribute to slips of the tongue in the warmth of extem poraneous speaking, or to the haste and care lessness of reporters. The following passage expresses Mr. Pendleton's sense of loyalty to the national engagements: "The publio debt of the United Rtnten, as I n'Rte.l to ynu before, amount to $ I.OOO.OoO.OiM); tl tti0.000.tU0 or more i In a liquidated form, and bears luiereal. S0().(XK),IMJ0 more are in green bul ks and unliquidated clHims, and bears no interest. This is an enormous amount, and yet. gentlemen, I believe, and 1 thlulc the Demueratlo parly believes, ttist it should be paid, every dollar of It, principal and Interest, at the time it comes due, exactly In accord mice with the terms of the contract under wtiloU the Icons were made." (Loud applause.) We shall reproduce no part of Mr. Pendle ton's reasoning on the main question, hoping to dispose of that hereafter. The subjoined exposition of his plan for paying the debt proves that he is no inflationist: "And now I say not only that thee bonds are payable In legal-lender, but that tbey oiif lit to be paid as soon as it is possible to do so. I do not know that It is possible to pty theie bonds as last eg tbey mature, even In currency; but I do know tnat every possible effort ougut to be made to do It. "But at lb is point I ara met with the state ment that this polloy will Issue an immense amount of paper, and ttius so far inflate the currency as to destroy its value, and bring dis aster upon the country. Now, gentlemen, let me examine this objeoilon. Mr. MoUullocli in bis lust monthly report stated that the publio debt which bears interest is comprised in three kinds; that three hundred millions of this debt could not be redeemed befrelS74: that three hundred millions more could not he redeemed beloie 1881; and tuat the rest of the dtbt, amounting to nearly seventeen hundred millions of dollars is comprised In five-twenties aud bonds w hich bear interest la currency. "Seventeen hundred millions of flve-twentles and bonds which bear interest iu currenoy will fall due within the next five years. I cannot state to you the exact time nor the exact pro' portions in wnion inee oonasiaii auo. x mean these nve-tweuiie8. Their very name Implies that, when five years shall elapse after their IsMie, the Government may pay them; but need not pay them until twenty years have elapsed. 'Now. gentlemen, I malntaiu that these five twenty bonds should be paid as far as It is p s alble to do so without inflating the currency beyond a sale and Just point. And it is my business now to show you how rapidly that can be done. The unliquidated debt of the United Hlales consists of greenbacks and claims whloli bave not been adjusted, and ainouul to ellit hundred millions of doJars. It pays no ln- Three hundred and thirty-eight millions of thvse bonds are, by the report of the HooreUry of the Treasury, depo-lted to-day as security in the vaults of the Treasury. Three hundred millions or bauk paper Is lsbued on the faith, of theve bonds. Now, gentlemen, I maintain that tills ciiculullon ought to bo culled lu; Hint these bonds ouitlit to be redeemed with leal-tendora, which w ill take the place of that bauk circula tion. (Applause.) What would be the effect of this? The seven teen hundred mllllonsof interest-bearing bonds would be reduced to fourteen hundred millions; aud twenty millions ot dollars would beaaved to the Government from the interest which is raid to the bankers for the bonds whloU they have deposited. (Cheers.) "Now, then, suppose you take these twenty millions of interest which is saved and add it to the forty-eight millions of dollars which ihtse gentlemen gay they can pay from the currency revenue, and yu have sixty-eight, millions ol dollars, year by year, and If you convert tnat sum into greenbacks, at UO, you have a hundred millions of dollar-) a year, and if this is appropriated as a sinking-fund you can pay-ofT the whole debt in les tuan fif teen years, without adding one dollar to your taxation, or one dollar to the circulating me uium. (Applause.) "Bear In mind t nat I am not arguing a propo sition that these bonds can be paid lu green backs without inflating the currency. Bear in mind this can ho accomplished in twelve or fourteen years without the addition of out dollar to your taxation, or one dollar to your circulating medium. Aud now bear la mind, also, that I have not touched the revenues or 1 e Government, which, in 18U6, amounted to ve hundred and sixty millions of d dlars; nor - ave I attacked the expenditures of that year 1 radical administration. "Hut now set the radical reformer to work, let blrn cut off every extravagance too otT ery unnecessary expenditure. Let him reduce e cnrient expenses of the Government to &0,ll'U,ti00ayeur I mean exponsesludepeudent the interest on the miblla deht-thoun it Utjhl to be reduced to J 100 000,000; that would e twe nty five millions more than Mr. buolia- ari expended; that would be, as much la one ytur ps Andrew Jackson expended in any of the lour yeara of his administration. But let ti e expenditure bo reduced lo tl5u,0:K),000, and whut do you imve? $1&0,U0U,0J0 for current ex leiiBts, tlM'.M000 for luterest upon the puOllo debt, and $Mi,0t'0,000of a sinking fund, as I have d sciltud, and you have an aggregate of 8,'lsO, I'Uli.llO; and if you take ibat from the reveuue ol ifcliti, which amounted to $otl0,0iA),UOO, you have a l alance of SlfcO.OoO.OOU, which you may add to your Mnaliig fund, aud thus brinn It up lo KU.OWI.OOO. And with that you can, in five years, pay every cent of the principal und Inte. rtst upon ycur public debt, without the addi tion ol a dollar to the circulating medium of the uniry. (Applause.) "When live yes is shall have passed, yon can reduce 815l),000,0i0of vour taxat ion, und yet be able to pay the .'tl0,( 00,000 which rails due in lh"4. Then you can reduoo your taxation (;0,rot,t.oo more, and by retiring your green-liui-ks as the great burden of taxa'loa is re duced, you will be able to pay the debt matur ing lu Ihbl.aud at the same time tooull in your gr cti backs, und return to the constitutional onrtenoy of the country. "Ami jet j ou !e that I have not proDosed to inert nsn the taxes or add one farthing' to the curiency." It w ill be seen that Mr. Pendleton is no reckless projector, seeking to disturb the con fidence and unsettle the business of the coun try by a new und desolating inundation of paper money, lie does not propose to add a dollar to the existing currency. He does not propose even to inilict any considerable hard ship or disappointment on the public creditors, as we think we can show by a simple and per fectly conclusive argument. The five twenties have bt eu gelling iu the market for the last week at about 107. if, therefore, their hold ers were paid to-day in currency they would lose eeven per cent. But these bonds have, on an average, say about three years to ruu before the expiration ot the five years, and the interest is payable dining that time in coin, ..With gold at 140, the excess of iu lenstduiing the three years will amount to ceven and two-tenths per cent., which is a little more than the premium ou the bonds. It is obvious, then, that the persou who should purchase .Fiv-tweuty bonds to-day at the cunei.t quotations, n(i IH Paili 1,1 curreupy tliMe j tars heme, would receive fdx per ofiit, iiuMtsU and, mover.-tlu whole of hit iuvvhlu.eut. fcnu-h a persou would have no rcRtou to complain either of hardship or in WHISKI E-S. AND BEST STOCK. RYE V H I is now Possessed HANNIS OF OKIE by s & CO., Seuth THONT Street, IJf LOT, Off TEBT ADTitmurOCI justice. .1 he fact that the bonds are held at precisely the price they would be worth If payable in currenoy, shows that the publio creditors have little real expectation that tbey w ill be redeemed in gold. It is not, therefore, hardship aud disappointment to the publio creditors that stand in the way of Mr. Pen dleton's plan, bnt rtther a high sense of na tional honor and a punctilious regard to the pnblio faith. LOO K I fJ G - CLAQSEO i OP TBI BKST FRENCH PLATE, In Every Stylo of Frames, ON HAND OR MADE TO ORDER. NEW ART GALLERY, F. BO LAND & CO., 11 1 2m2p) No. 014 AllCH Street. WATCriS, JEWELRY, ETC. LEWIS LADOMUS & CO., DIAIHOKO DEALERS AND JEWELLERS, ;Vo. SOS CHKSNUT HTItEET, Would Invite the attention of purchaser to thai arge stock of GENTS' ASD INDIES' WATCHES, ' Just received, ef tbe finest European makers. Independent quarter, econd, ana self-winding, in guld iiu .liver cuses. A IbO, AMERICAN WATCHES of all sizes. Diamond bow, f ins, Htuds, ltloss, eta Coral, klalauldle, Uaruet, and JCiruscan Bets, la grt variety. 6 1(4P (SOLID HI LVKItWAKK of all kinds, lncludlu a large asaorlmeui suitable lor Bridal Freients., C. RUSSELL & CO., No. Vi KOItTn (tllTH STKEET, OFFEBONK OF THE LiBOEST STOCKS Of FINE FRENCH CLOCKS, OF HIEIBOWN IMPORTATION, IN TflH C1TT. awt AMERICAN WATCHES. The best in the world, sold at Factory Prices. BY C. A. PEQUICNOT, MANUFACTURERS OF WATCH CASES, No. 18 Bouth BIXTH Btreek . s Manufactory, Ao. M. & rit TH rwt gTERLINOr SILVERWARE MANUFACTORY KO.414 LOCVST STBEET, GEOltGE 8 II A.R I, lateote of the Ball and Cube patterns, man a taut area every description of fine BTEBLiNQ 8ILVKO WARE, and offers for sale, wholesale and retail, a choice assortment ot rich and beautiful goods of new styles at low prices. 9 24 Int J. M. SHARP. A. ROBERTS. FIRE AND BURGLAR PROOF SAFE3 $94,500 SAVED FK03I BURGLARS DI ONE OF MARVIN'S 8 A F E S. See New York rtipert of 17th, September. " The Burglars were at work during last Saturday Night, and till 3 P. M, Sunday, and failed to secure a dollar." MARVIN'S PATENT FIRE AN!) BURGLAR SAFES, ALUM AND DRY PIASTER. Are Always Dry. , Ji'ever Ccrrode the Iron. Never Iosb their Fire-Proof Qualities. MARVIN & CO., 721 CHEST'N U T St.MasonIcHall AMI NO. COS HBO AD WAT, N. T. Send lor Illustrated Catalogue. a It mwalm gj. CVL. MAISER. ' UlNUrACIUBEB OF r I u E ahu BUBCLAU-rsanr OAFKH. ! MX'HMM ITII, aiI.l.l-llANClEa, Attn I'l AL1 U In IllILilftU 1IA ii V AMll, S6 nh.oi KtiKStHKKT, ' ' " ' ' ! ' . J and fcurKlar-pnwittAPfc.8 ou band, with loald. (luora, l'WslilfcK-bouuf bli-a, fite from dnniuuuaa, trices low. ttUAftlSNroHiitli,
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