Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-08-10

ApiOn aud 9ispateh.
SATURDAY. AUGUST 10. Iss7.
LArgest oIrculatl0n in City md Sac.
THE NATIONAL DEBT.


To those who fear the evil effects Of an
issue OF greenbscks large enough to pay
the bonds Of the government, We desire to
say few words There Is now in circula-
ton in this country three hundred millions
of dollars in notes, issued by the national
banks, and about the same amount Of
greenbacks, making nearly six hundred
millions Of dollars. With this amount in
circulation we do not hear many people
complain Of having too much money on
the contrary there are hundreds of people
who have none, and the agricultural mer-
camille and manufacturing interests Of a
very extensive section of our country are
languishing for tbe want Of copital The
proposed plan Of paying off the bonds with
greenbacks, does not contemplate the 1iqui-
dation of the bonds until heV are due by
the contract with the government
at The time they igere issued The FIRST series
Of bonds issued by the government (cre-
ating the war debit are dated lst January,
$3.50 and are payable January lst, 1855
eighteen haaored and eigtty-Oae. These
bonds are payable in gold, and the time Of
their payment IS fred. They amount to
(S264, S3l 400 two hundred and sixty -four
million, three hundred and thirty-one thou
sand four hundred dollars Ii is not pro-
posed to pay hiese bonds uuder the system
herein advocated.
The next issue Of bonds are dated 1st
May, 1862, and amount to ($5I4 780, 500
FIVE hundred and fourteen million, seven
hundred and eighty thousand, FIVE hundred
dollars. In the face Of each one Of these
bonds an express contract IS printed be
tween the government and the buyer, Civ
ing the latter the option Of paying them at
aRy time after fee gears from da(e, and
uittia twenty years, consequently the
government has had the right ever since
the lst Of May last of calling them
in and paying them in legal ten
der notes. The next issne of bonds
are dated November 1st, 1864, and amount
10 one hundred million dollars. The next
are dated LIST November, 1866, and amount
to fifty millions dollars. These are also
payable in twenty years, or at any time after
five years from date; these land the first
mentioned Of this kind are the bonds
usually called 'fUe hoenfies." In addition
to the ive-twenties of the foregoing dates
there are ten-forties They amount to one
hundred and seventy-two million seven
hundred and seventy thousand one hundred
dollars dated the lst Of March, 1854, pay
able in ten years or at any time thereafter
in forty years; hence they are called "ten-
forties." Next come the seUen tluties.
Three hundred million dollars of these were
issued August 18th, 1864, and payable
three years after date in fee -toenties which
is now being done. Three hundred million
dollars of these were issued 18th June.
1865 and payable three years after date in
fve-twenties; they mature next June The
balance (which completes the list of interest
bearing bonds) of the seven n-thirties, amount
ing 70 two hundred and thirty million
dollars, are dated 18th July, 1865, and are
also payable in fUe tioeRties, three years from
date, which makes them mature next July.
Now suppose we pay forttwih in green
| backs the fve-twenties issued lst Nav.
1862, 1st November 1864, and lst Noyem-
| Der, 1865, amounting in all TO seven hun
| dred and sixty-four million, seven hundred
and eighty thousand FIVE hundred dollars,
and at the same time withdraw the three
hundred million dollars national bank
notes, the currency Of the country will not
be much more Initiated" than at present.
By the time the ten-forties (which are the
next mature-say 1874, this six hundred
odd million would, BY ycancellingand burning
one hundred millions perannum, all be paid.
So much for the INFLATED currency scare croC.
This country could n0D proftably use
one thousand million dollars in currency
There is no view that can be taken of thi:
question that viii not convince any candid
man of the propriety and necessity o.
adopting plan which provides the means
not only Of fulfilling the pecuniary obliga-
tions Of the government and preserving its
faith inviolate, but at the same time assists
its toiling millions Of needy and disheart
ened taxpayers.