The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1867-09-19

Oait IN the bonds.
"Issue interest. bearing green
backs for them, dollar for dollar.
CAS- interest accrues, ISSUE scrip
and scrip upon scrip, till those VIII,
want paper money can buy = trunl
full for u dollar.
"Pay nelthor principal nor inter
est in coin, but in goenback. o.
'redback' scrip. Employ presses
and paper mills, and run then
eternally. the workmen TO be paiC
at night from the stuff they printed
during the dayl
"Oall it what you will--sngar
coat II as you nay-it is repudia
ton, aud 70 this is the Democrati,
party y Y : already pledged
and no man can, after this year, b,
elected to Congress or tho lrcsi
dency whois not pledged for repudi
alton, and who is not brave enough
and true enough to stand there, q
faithful guardian for those who
havc no friends at court or in
power"
Are you in favor of that policy {
The proposition to pay the debt in
greenbacks is, as he says, repudia
tion. sugar coated. i'll have t.
swallow reputation prefer TO take
II raw.
Let us see what this grcenback
theory would lead to. Tho Govern
ment can now take up the bonds
in greenbacks if it is able. Any
body can 60 into the market and
buy them for greenbacks. But the
trouble with the Government is, il
has not tho greenbacks. This is d
trouble We oil experience. But
Democrats will say, tissue green
backs" Wcll, grecnbacks arc
good now, but If the Government
printing presses wero started they
would not be near so good. IL
fact, gold, in that event would q
up like rocket, and greenbackt
would go down like a stick. NJ
you desire that2 Ifyou favor re
pndiation that is a sure way to
reach it.
The Secretary Of the Treasury
finds himself unable, under his pol
icy, 10 retro the currency obligation,
which are maturing. lilo took W
last month s28,O0O,0O0 compound
notes and $50, 900, 600 in seven thir
ties. These no paid for largely in
greenbacks, but tho greater por
ton Of ohose greenbacks he obtain.
ed by selling gold bonds. He in
creased the issue OF the latter S33,.
600, 900 during tho month. In the
same time, however, he reduced
the principal ofthe debt slS, 100000
That was paid in greenbacks. III
he had sold the surplus gold in the
Treasury he might have cancelled
the who'e amount of securities Ia.
ken up in August without issuing
q dollar 10 gold bonds.
The johnson. Democratic policy
which Mr. McCulloch ia carrying
out, is bad one. 1t was voted
against by a majority ofthe Repub-
lican members of Congress; but the
Democrats voted very nearly solid |
for it, and adopted il. Now the, |
talk about redceming the bonds il |
greehbacksl
The true policy is TO lett currency |
cy alone; TO give the country repose;
TO keep up the revenue and use the
surplus 10 retire the currency debt
us II natures; to issue no more gold
bonds. Let this policy be pursued
and We shall get our bonded debt
INTO manageable shape. Then the
greenbacks may be gradually re,
tired, from surplus revenue, and
thus we shall get back gradually,
but surely, TO specie payments, and
at tho same time largely reduce our
taxes.
You will observe that | am moi
in favor Of increasing tho volume
OF currency. To do 80 would bo
madness. But | hold that by let
ting the currency alone for tho
time, and reducing tho interest
bearing debt by retiring il gradu.
ally, we may reduce the debt to q
manageable size; reduce our taxes,
and get back to specie payments as
soon as we may expect TO get there,
unless il is concluded to get there
through reputation and financial
md commercial rcvulsion.
Tho debt bearing coin interest, ,
IN the lst inst, was 81 1856 7ll. ,
Tho total debt, less cash in Treas. {
Try, at tho same time, was S2,l92,.
1873 1865. The currency obligations :
u all kinds, therefore, amount TO y
~ IO9O, ,Gl2; Of tho lauer $685.. =
'O4,Sil was in greenbacks. Now, =
nppose We amuso ourselves paying -
bis currency debt IN greenbacks, =
'etore we undertake TO pay the :.
DIN debt in grecnbacks. l think ifI :
We should pay off the S4O0 OO0, 900 :
I interest bearing currency debt, !
,reenbacks would bo very nearly :
'ar, and it would then mako little =
Inference whether tho 6vo, twcn. 7 7
los were paid in gold or in :
,rcenbacss. IL is very certain :,
hat ereenbacks will DO as good as ~ ~
old before the Government will ~ y,
'e able to take up the Outstanding y; II
Unless, therefore, :, y,
% propose to issue greenbacks, j.
'hich would mako them worthless, J., -
nd DO equivalent to repudiating ~ n
10 debt, u is not worth while 10 :" "
other ourselves about a PROPOSE. =
on 10 pay the Gye.twcnties in =, y
reonbacks. "
A BONDED ARIsrocRAcY. bt
A 0Feat danl ;a ao;d okn.I a.. III