New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-11-27
RESnafPTTON-PUBLIC DEBL

The Commercial ADVERTISER asks
Chow long THE TRIBUNE suppose it would be after
fine fact that Government Bonds purchased ny
ourselves with greenback and by foreigners with gold
which brought them two dollars for Is ventilated be-
fore Congress would pass law paying these bonus III
greenbaclsP
Answer.-The "fact" above set forth has
al,cay been "ventiatedr There never has
been any denial or doubt of it. Our Govern
ment, in great straits, needing vast sums to
save its imperiled existence, borrowed right
and left of all who would lend it. 1t said to
them in substance" Lend us our own promises
(which are now at heavy dis ,Ount as COM
spared with coin, and we will pay You in gold
DOR its equivalent when our obligations fall due"
SO we, at the urgent request of the Govern
ments agents, asserted and reiterated, day after
day, throughout the last two or three years OF
the War. 1t was Just as well understood that
the Government would pay the Five-Twenties
at maturity in gold, as that it would pay them
at all. And this induced tens of thousands to
sell not only their crops, but their stock and
their farms in order to keep the Government
in funds, sustain the National credit, ana IN
vigorate the prosecution of the War for the
| Union.
The work is done. The triumph is complete.
| The Government might resume Specie Pay
mcnts on the list day of January next
without danger or difficulty The only obstacle
| is want of villa mistaken calculation by A.
b.. and c., that they can do better if Resump-
ton is postponed And this consideration Is
likely to be as operative ten years hence as
now. unless the Supreme Court shall have
the honesty and courage to declare Legal
Tender" illegal, now that the Republic is saved
and Peace restored.
Some of the Five-Twenties were issued when
| Greenbacks were but two or three per cent.
below Specie par; others when thoy were ten
fifteen or twenty per cent; Others still when
they were worth but forty cents per dollar in
gold. Yet each yof them is precisely idcnti-
cal i'm import and tcrms-each promises TO
nav the bearer, after five and within twenty
years from its date, so many dollars, with
| interest ut six per per cent. in coin. Does me
| Commercial hold that part of these bonds,
because they were bought when Specie was at
a higher premium, are TO be paid III different
currency from those which were bought
when Grcenbacks were nearly Eat par with
Specie? Let us know distinctly what Is
| The Commercials theory on this point.
| We hold that the Government is bound to pay
exactly WIN a. uyitt" w pay "'''N - 49,
ers were led to expect, in order to induce them
to supply its wants. Whether those lenders or
their assigns live in America or in Europe
whether they paid in one currency or another
or whether that currency was or was not
largely deprecated, has nothing to do with the
question. In the War of 1912, our Government
borrowed Millions at twelve per cent. interest
took the proceeds in the deprecated notes OF
suspended banks, and paid largo premium
for the loan; yet, after 1916, every dime OF
those loans, principal and interest, was paid in
full in specie. We shall not believe our coun-
| trymen less honest than were those Of fifty
! wears ago till we are compelled 20.