Council Bluffs bugle. [volume] (Council Bluffs, Iowa) 1860-1868, 1867-10-31
Mr. Pendeitan Explains HE Posi-
tioa on the Bond QussiiQa.

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s4rsnaded Messrs Geoage Ii. Pendlssoa
ppd Gecrgs Z. Pagh, At hotel In thas
eitJ on the evening 6f the 18th ult.---
sars Psndslt0n. In bis response, ssok sc-
easion 10 explain his position on the
DsymeEI Of the $50 bouds. AIlg4ing
se his recsns speeeh. be said
81 eoasavorei to show shsa thess
honds oaght to bs redeemed In legal
leader Botes at the earliest jnamsns
that time and experience woald indieass
how rapidly they coald be redsemsd
withoua aa1as imitation Of the eugYsney.
| asserted thas, By the tsrps Of the Laws
authorizing The issas of tie I've swsn~
siss, by the terms Of the legal tender Law,
and By the terms Of the Bonds shs@s
selves, The government mighs legally re-
deem them With legal tender notes. Issa
ne state to yoa the positios. We have
al enormoas debt. We hare Q gats Of
taxation beyoud all exaRpls Oppressive.
We have 4 system OF national banks.
am sorry We have seem thsms did nos
vote for them, and am not responsible
for them. They are great evils, They
ougss to be gatten rid OF, ssd II they
present any means Of assisting ns in ges-
tiDg aid sf them, We ought 10 seizs it.--
Tbs non- -insersst paying debt, consisting
Of greenb4eks and aaiiqaidated debt,
sEnohats 10 aboat $500 ,Do0, 900. Tha
pFDpDsilion OF the republicans Ia 10 saa-
RasrE thia debt inka hnads whiah pay ins
Esgaas In gold. The interest on shass
bsnads will be 4S, ,00o, 900 in gold annual
". Ths result wilI be 10 incfsase By
saet smeans the expenses, to sonssTs as-
siss caE ital into iaaosive capital, aad
thus TO increase the number of shass whs
do not pay taxes, and to increase the bar
dsnsof those Who do pay taxes. maintain
hat this debt ought nos TO be convegted
that these forty eight millions In RaIa
should be saved. There are foar-kun-
dsed millions of these bonds la the tssss-
ury Rs security for the D&tional bank
currency, They sTs represented hy
nearly cqaSl amount Of bank notes
ThaY call for tweatY .foaK millions sx
dollars 10 gold annually as interest
Nov, / maintain that theae beads shoald
b. redeemed in greshbaoks. The sssala
WoaLd be that the gseenbacks goulatAks
the place OF the bank notes, which wsuld
be called In, and that twenty four nail
lioHs Of dollars OF Interest would be
saved. II that kwsnty four miiilsns were
addsd 70 the forty eight ,ailli0ps OF
10 nfsS: s % ssd iGa hS!s isssx ia M
properly compounded would pay She
Hhols dsbs, principle and iatsrsss, In
| Efteen years. Agd now observe that,
thus far, ! have pot proposed to add osa
dsllar to your taxes, nor one dollag 20
Tie currency. This process Of reaemtioR
| can bs prsssed as fast as the husiaezs
and values of the country will bear an
! expansion Of the carrsney. | am satis-
4 ked that they can bear more now. l ana
satisfied that. the gaod to result will
more than cOmpsnsate fsr the esils.--
How far the expansion may be safaly
carried | cannGt pretead, with exacsness,
TO say. There are men around ms whsa6
expeTisnes and knowledSs Of hasinsss
woald eaaLls them 70 judge The ssers-
safy Of the syaasasy oaShs 10 be able 20
Judge. Ills hand il upoa the pulse II
lbs ceantry. lie cen feel all tbs throb.
bsngs Of the bleed in the arteries. lie
cAn feel whsn it eexs too fast, asa
ssFong, and than expansion should cease.
| Ii 10 a matter OF experisnee-na past,
bal future exporienee-fe for the condlticu
Of the souHsry after ths raYages Of fAs
late war unshis 10 70 prosper aader .
system which woald have impaired il ia
Tins of anbroken peaee.s Al thai
rzaihtain Ia tbis: That iuss n rapidly as
the prospsraus eondition of the bssiasss
wfH permit Il, the konds shoald BE- e.
deemed In gTsenbscks; for jass 90 fass
will tbs iasegess be paid. the taxes be
rsdussd, and labor be relieved frsm sAs
bsrdens which nos 30 heavily opfrsx i.