The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1867-09-19
..PaY neither principal nor inter.

.llc OIhfHSL W NC PtllN 0e III III
from the stuff they printed during
the day!
.'Call it what you will--sugar- coat
it as you may--it isrepudiation, and
to this is the Democratic party v
\ II * already pledged, and no
man can3 after this year, be elected
to Congress or the Presidency who
is not pledged for reputation, and
who is not brave enough and true
enough to stand there, d faithful
guardian for those who have no
friends at court or in power"
Are you in favor of that policy !?
The proposition to pay the debt in
is, as he says. repudia-
ton, sugar coated. I, ! have to
swallow Reputation / prefer to take
it raw
Let US see what this greehbatk
theory would lead to. The govern
ment can now take up the bonds in
greebacks if it is able. Any body
can go into market and buy them
for greenbacks. But the trouble
with the Government is, it has not
the greenbacks, This is trouble
we all experience. But Democrats
will say, tissue greenbacks. Well,
greenbacks are good now, but if the
Government printing presses were
started they would not be near so
good. In fact, gold in that event,
woul go up like a rocket, and
greenbacks would go down like a
stick. Do you desire that? If you
favor reputation that is a sure way
to reach 1t. asr
The Secretary of the Treasury
finds himself unable, under this pol
icy, to retire the currency obliga
tons which are maturing. He took
up last monthS2S, ,000,000 compound
notes and $50,000,00O in seven-thir-
ties. These he paid for largely in
greenbacks, but the greater portion
of those greenbacks he obtained by
selling gold bonds. He increased
the issue Of the latter 100000
during the month. In the same
time, however, he reduced the prin-
cipal of the Debt S,000,0C0 That
was paid in greenbacks. If he had
sold the surplus gold in the Treas
ury he might have Cancelled the VIII ole
amount Of securities taken mp in Au-
gust without issuing a dollar in gold
bonds.
Z The Johnson-Demotfatic p5licy
which Mr. McCulloch is carry ing out
is bad one. Itwas voted agains
by majority Of the Republican
members of Congress but Tire Dem
ocrats voted very nearly solid forit
and adopted it, Now they tall
about redeening the bonds in green
backs rt e.
The true policy is to let the cur
rency alone; to give the country re
pose; 20 keep up the revenue hnC
use the surplus to retire the curren
.cy debt.as it natures; to issue nc
more gold bonds. Let this policy
he pursued and we shall get oul
bonded debt into manageable shape
Then the greenbacks may be grad
ually retired, from surplus revenue
and thus we shall get back gradual
ly, but surely, to specie payments
and at the same time largely reduc,
our taxes.
You will observe that I am 10
jim favot OF increasing the volume o
currency. 70 do SO would be mad
ness. But I hold that by letting th
currency alone for the time and re
ducing the interest-bearing debt b
retiring it gradually, we may reduc
the debt to,a a manageable size; re
duce our taxes, and get back to spe
Gle payments as soon as we. may eS
pect to get there, unless it is cor
cluded to get there through republic
ton and a financial and commercis
revufsion.
Tho debt bearing coin interest, 0
the 1st inst, was s1,715,6S7,74I.Z
The total debt, less cash in Treasur'
at the same time, was s., ,492 ,783, 49,
The currency obligations of all kind
therefore amount to- S777, ,O95 $40
of the latter 53G5,164,S44 was
greenbacks. Now, suppose W
amuse ourselves paying this currel
cy debt in greenbacks, before we u
dertake to pay the coin debt
greenbacks. [ think If we shoul
| pay off the $s400,000,0O0 Of intere
! bearing currency, grcenbacks woul
be very nearly par, and it woul
then make little difference wheth,
the fiye-twenties were paid in 90,
or in greenbacks. It is very certa
that greenbacks will be as good
gold before the Government will
cable.to take up the outstanding fiv
twenties. Unless, therefore, we pr
pose to issue greenbacks, whi'
would make them worthless, and
equivalent to repudlating the del
tits not worth while to bother ou
! selves about q proposition to pay t
five-twenties in greenbacEs.
A great deal is. said about
2 bonded aristocracy" This is an a
2 peal to people who have nothing
make war upon those who ha
t something. But if You should iss
a greenbacks 50 as to depreciate thu
value, the laboring people would
. the greatestsuferers. Capitalists c
! always take care of themselves.
Q They understand thedvalue of 9th
J. securities, and ofthese they hold
q great deal more than they do ofGc
y ernm merlts. The masses Of the Do
e ple,- on the other hand, have fh,
y means chiefly in Go oyernnaent bon
e orin greenbacks. One hundred d
lars would be greater loss to
u boring man than Zen thousand d