The south-western. [volume] (Shreveport, La.) 1852-1870, 1867-12-11
Money---MoneY.

tunes OF individuals that every man, whether he be
aborer capitalist is deeply and vitality interested in
the public finances. We fear that the true status of
the money of the country, the basis of the value of
everything is not sufficiently understood or considered
In all public discussions bearing upon finance too
many figures used by some, too many terms used
by Others and too much bias and prejudice indugedin
by another class The general reader turns away with
a yawn from long array of numerals, which would
only please the fancy of a dry statiscian The far
mer or the small dealer is disguised by set of terms
which he never meets with in the daily con-
Germs of life, while too many good and true feel
the ruin surrounding them, looking upon the govern
ment under which we live as the active working cause
of that individual misfortune refuse hear consider
for moment the discussion Of the workings of that
government.
We do not wish to appear pedanc in this matter,
! TOT do desire to arrogate to ourselves any
great supply Of exclusive knowledge on the point,
nor do we, even for moment, aspire to be ranked
among those who are fitted by nature and education to
grspple with the great underlying principles Of this,
the highest branch of political economy. But do
think we know that the financial problems now presen-
ted for the consideration of every thinking man
!
do they come home to every mans pocket that very
soon they will force themselves to be understood and
if experience be the only school in which, not only
fools but everybody else will learn very certain are
that long fools and every body else will fully
understand the question of the national currency and
all issues arising out Of it,
The expression has been used that a national debt
is national blessing" This dctum has been attributed
to Mr. Jay Cooke very shrewd operator at Washing
| ton City Mr.. Cooke may have used it, but if the
possession Of bis great wealth be doubtful as the pa
tcrnty Of the saying, that quiet island he in Lake
Erie must be heavily mortgaged and his paper will
go to protest. If memory of history has
become added since the war; the words were used by
John Somers one Of the abiest of those great men
who surrounded the throne Of II liam of Orange the
founder Of the FL gish debt long before our or Jay
Cookies time The ENGRAVING OF the policy Of sinking
the national debt upon American politics is compa.a
lively 1t has been the policy Of the Amer
lean people to avoid public Indebtedness Whether
that policy be wise not, do not PROPOSE at
present, discuss 4 word by way of suggestion as
to the moving cause Of that policy, may not be amiss
however 1t is well known that the policy of the Fed
eral Government was, from its formation up to the
election of Mr.. Lincoln, in 1850, always controlled by
those able Statesmen who feared that the time might
come when it would be necessary, in the nature Of
things to destroy the Federal Government in order to
preserve the institutions of the South For years that
necessity become and imminent to Southern
statesmen, and they believe that the formation of
great national debt the basis of the national wealth
would be suicidal, would insure the destruction Of
slavery, Or, in other words that if the Government
owed ten, twenty, thirty billions, and the slaves Of
the South worth but four billions, if ever the
time should come when the Government demanded the
destruction Of slavery, the slaves must be set free for
the Cove nmcut would be worth in point Of dollars
aud cents ten, twenty, thirty billions and the slaves
be worth but four.
This is, however, immaterisi at present. for Us. The
struggle came. Tile Government, even without the |
debt, proved too strong for slavery, and the war
proved good opportunity for those who had ever
been secretly or openly in favor of consolidated pub
lie debt to create such 4 heavy debt was contracted
and as yet, we must say, that we have experienced
none Of its promised blessings.
We propose to glance briefly, at the manner in
which the debt was contracted and at the uses to
which those who have drawn the elephant in the lottery
now propose to put him.
When Mr. Lincoln assumed the reins of power in
the United States, he found but little cash in the strong
box and arrangements made for MIN to get the
funds to run bis machine He called meeting of
Congress. 1t passed act auhori<ng the Govern
ment to borrow fifty millions in gold. This was easily
done. TheEwar had not then assumed the gigantic
proportions it afterwards attained. Bonds of the
United States were issued for the fifty millions which,
upon their face called for gold principal and seven and
thirty hundrcdths 42c interest, payable in gold
These bonds sold readily at but small discount for
Brokerage but in a short time Mr. Stewards ninety
lays passed over and more money was needed. Con-
yrcss then authorised different times the loan OF
arge SUNS, all Of which loans upon basis,
which that the interest to be paid in gold but
he principal to be paid in dollars; and about the
anne time Congress passed act authorsing the issue
If "greenbacks,' and made them legal tender,
he act authorising the loan providing that the legal
cn9pr notes greenbacks, should be taken for the
ponds of the loan. These latter loans caused the is
ue of what are known 5-2O bonds and greenbac5s
would buy Them These $50 bonds constitute the
treat bulk Of the present national debt and in
he aggregate to nearly two billions. They are called
COS because they have five or twenty years to run,
hat is they due at the expiration Of twenty years.
2ut the end Of FIVE years from the date Of their is
que, they may be redeemed by the Government if it
chooses to redeem them. That time has now elapsed
md the financial issue is just this: Our sweet tempered
Mr.. Thad. Stevens, Mr.. Benjamin T.
Butler, of whom all Louisiana ladies have heard, aud
Brick Pomeroy the great champion of Southern rights
and State rights and the great expounder and defender
Of the political opinions of John c. Calhoun and many /
other lesser lights which shine in various ways upon
our Southern darkness, propose that Congress shall
luhorse and direct the Secretary Of the Treasury to
sSue greenbacks and redeem these $40 bonds They
say in support of their views many things; but we
say our readers, Saint Paul said to his friends
9 1e cannot bear them now" not all of them at :
east principals. They say, however that as the five
years have elapsed the government has right to call
the 520s, expressed upon their face that as the
ponds were originally bought by the holders for green
packs, greenbacks good enough now to buy them
back WITH especially currency is much more vau-
ble NOW, as compared with gold than it was when the
ponds were issued and that is no more than Justice
the holders to redeem them in that way because the
'anks, which the chief holders Of them have made