The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1867-10-11

millions of bonds drawing 3-10ths
per cent. interest have thas, th1be-
fore and at maturity, been converted
into 5-20's drawing but 6 per cent.
These are among the bonds which
General Butler says the Government
may now iustifabfy pay of IN green
backs = $EF
Z. 1t seems clear to our mind that
the Government. 10 borrowing money,
incurred an obligation to pay. and
that the amount it thus contracted 10
pay could not be increased or dimin-
ished at its own pleasure. since that
would be saying that it might pay
whatever amount it should see fit to
pay.a He who covenants to pay ten
thousand dollars, does not covenant
to pay merely whatever he. may choose
to consider (or make) ten Thousand
dollars, but definite amount, and
when General Butler proposes that he
rGovernment shall pay its coin debt IN
greenbacks, and Mr.. George IL. Pen
dleton improves on the suggestion, by
urging that two thousand millions
more greenbacks be issued and all
our funded debt, whether held at
home or abroad, paid off therein, SO
that the holders thereof should
thenceforth receive from the treasury
no interest whatever-7nothing at all
7 but bare faced lies, not worth dime
on the dollarTit seems to. US that the
raseality of the latter is more logical.
and respectable, than General But
ler's.a 1t we are to. perpetrate- a gi-
gantic national villainy, let it be for
something. az .e.tti-.. 4. a. ...-t f-.s.4 o.
s. We Believe there are on record
specific and unequivocal pledges of
the Government that the principal as
weklasgthe interest of its r20s should,
be pain IN coin at maturity But this
is not material A man who incurs
an obligation is morally bound fsays
Paley) to- discharge that obligation as
he supposed the creditor to under
stand as promising to fulfill At. In
other words, if a man quits your pres
ence understanding you to promise
him a, hundred bushels Of wheat for
a certain service, a. d you are aware
that he thus understands you, and he
performs it on the faith of that under
standing, you cannot pay him hun.
charge your obligation, although you
actually said oats, not wheat, in max
ing the offer? Is not the case in
8. The Govern ,n maeent took the money
of hundreds of thousands, saying, IT
will pay you six per cent. interest in
coin on the sum so borrowed until |
refund the principal borrowed" He
who fancies that this debt can be
wiped out by rendering the face of it
in DEPRECATED greenbacks seems to us
deficient, In moral sensibility. 1t is
the Government that debases our cur.
rency, and that Government cannot
rightfully take advantage, of its own
wrong. ;t4 +. - go - =
10. IF little was said or thought of
the medium wherein payment of the
principal should be made on those
loans whereof the interest is express
ly payable in coin, it was because no
one dreamed that resumption would
be postponed after peace should be
restored. We all regarded suspen-
sion as a transient though grave evil.
to be escaped at the earliest moment.
No one expected it to last so long as
it has already endured. The neces-
s;ty and the excuse for it have long
since passed away; yet it is persisted
in because too many choose to pay but
sixty or seventy cents where they owe
a hundred. -'-A-
H. General Butler asks why, if
the 5-20's are payable In gold, they
are now selling for 112, when gold is
wort 1882 We answer. Because
they superabound. 2. Because our
country imports too many goods, and
is heavily in debt abroad. 3. Because
capitalists are timid, and fear that
there may be Buffers enough in the
land to defraud them of their. honest
dues. The fact that a promise Of the
United States to pay six per cent. on
given sum per annum In gold Is
worth 20 per cent. less than, a promise
of Great Britain to pay 3 per cent. on
a like sum, is in point, JRepudiatlen
is thus shown to be a losing game. If
every American would say,t"s,We will
pay our public debt to the attermest
farthingi five might soensfund our
debt at four percent! AS it SIS, we
shall long pay fifty millions, per an
mum In extra interest, because of the
threat and dread of virtual repu0ia-
ition. And that fifty millions would
q pay off our entire debt in less than
forty years. We are for reducing both
principal and interest, so far as can
honestly be done; and we object to all
lodges that SAVIOR of reputation, that
they preclude this most desired con-
summation. ..'.,... 80 f.....r,
-:12! General Butler thinks that we
are at varience on legal question.
We think it predominantly moral
question. The reader will judge be-
tween us. - HORACE GREELEY.