The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1867-08-26
MR.. ALIENS SPEECH.
(Continued.l
THE GOLD INTEREST.

g tContinued.l a# So
THE GOLD INTEREST.
But it is said that the interest upon these
bonds is payable in gold. I have before
shown that the supreme court of the United
States have decided that these "legalten-
dersn are sufficient payment of q gold debt.
They have decided that in references to the
great business transactions between the great
mass of the people of the country. And |
decide that, if they are good enough in the
ordinary business transactions of the conn-
try, these very same ''legal-tenders" are
good enough payment, for the collaborating
interest bonds, to the bond-holders.
But then, again, it is said, "Oh, you can't
do this,-you can't do this" Why? "These
bonds run-some of them-30 years yet" I
admit they do run for 80 years. But when
man gets his gold upon these bonds, at
six per cent. per annum, it is equal to about
ten per cent. in the ordinary currency of the
country Suppose his bond runs 80 years,
then what do we pay to discharge the debt
The interest at ten per cent.-or six per
cent. gold-the bonds run, in the way of in
terest, we pay three times the value of the
bonds before the day of payment comes. In.
stead of getting off by paying the principal,
they make us pay the value of these bonds
three times over before the bonds expire.
But many of these bonds are due, and are
becoming due, and many more will become
due in FIVE years it is the duty of the gov
eminent so to arrange its financial affairs as
to redeem the principal of these outstanding
bonds at the earliest possible moment. 1t is
for the interest of the people that they shall
be redeemed in greenbacks just as soon as
you can get a congress honest enough to
In fn-t that
"Oh," but they say, "look here that's not
right, | bought thousand-dolar bond last
week, and it runs for six years. 1t is not
right that you should pay me off at once
Well, gentlemen, that is the poorest argu-
ment that ever heard in my life, against
the payment of a debt,-the complaint of a
creditor that his debtor paid him before he
expected to get his money. Great ap-
plause.l That is just the complaint they
make that we propose to pay them before
they expected it.
PROPOSITION.
Well, have this proposition to make to
men who feel that way about it | would
pass law requiring them to surrender those
bonds in a given time and take greenbacks
for them, and stop the interest due upon
them. But / would put another provision
IL
they might hold them Just as long as they
pleased, without presenting them; but the
interest aecruing Oh them would be i'm
msdiately stopped. Laughter and ap-
plause. That is a sufficient remedy for
that difficulty, when these men claim that
these bonds ought not to be redeemed until
five or ten years, according to the time they
have to run IF they will take the bonds
and interest in ''greenbacks,o you'd pay
them now; but, if they preferred Aot to,
would tender that, and then let them take
them and keep them until the end of the
time, and then they couldn't be disappoint
ed. 1Laughter.l r~
OPPOSITION TO REPUTATION.
Now, my fellow citizens, / do feel that this
is one of the most momentous questions thai
ever was presented to the people of this coun
try,-ths subject of finance. What do we
accomplish by redeeming these Irrational
bonds" in "greenbacksh? To that subject
propose now to call your attention briefly
Some men would perhaps, prefer reputation
am not one ofthem. | want to keep the
credit of my government up. I-want to see
these large outstanding debts liquidated
though / regret perhaps the half Of them
But, if we repudiate them, we have nothing
to fall back upon. The credit of the govern
ment, the "greenback" currency, the ina
tional bank" currency would be sworthless
and we would have absolutely nothing, as
have just said, to fall back on. / believe
that, by this other mode, we may maintain
to a considerable extent, the credit of til.
government, furnish our people with q cur
rency, such as it is, relieve them from taxa
ton for the payment of interest on Ties
bonds, and also relieve us from supportin,
these national banks that have sprung up al
over the country, and are sucking at the Vi
tails of the country, like so many leeches. :
THE SCARCITY OF MONEY.
Now, it is apparent to every man, who ha
thought upon the scbject at all, that we hav
not money enough in this country to do tn
ordinary business of the country. They So
that in New York money is plenty. But
don't come into this country. You pass b
nearly all our farms, and you see the farme
living in a cabin. You see around him
bit of land that he has no barn, but sma
stables. You ask him why he don't bull
him more comfortable house for his family
ey is so scarce that cannot get it." AS
him why he does not clear more land, an
put it into grass, wheat or corn, and his ar
swer is: II ought to do it, would like t
do it, bat money is so scarce can't hire tn
labor" Ask him why he don't erect goo
barn, in which to store grain and hay,-hi
answer is, again: II would like to do i
but money is so scarce that I cannot unit
money is plentier." Go through the cour
try, You will find the bridges and roads on
OF repair, and you ask the people livin
along the road why the bridges are not r.
built and the roads put in good repair the
tell you that the labor of the district is nc
sufficient, and money is so scarce that tn
county commissioners refuse to make til
necessary appropriations. You 90 through Al
other section of the country, rich in natura
productions, with ores in abundance in N
earth, with fine surface for the cultiyat;o
OF grains and grasses, or for the grazing q
stock, but see no outlet to a market and as
the people, "Why is it you have not raj
road, and are not able to reach some of tn
great cities with the products of your farms
The same answer comes, still again. mTh
country requires it; itwould add to our wealt
and prosperity, and develop the resources 3
the country it would enable us to live an
feel that we had something to live for: br
there is no money in the country iron il To
high we cannot1command the capital t