The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-09-09
The Public Debt and Greenbacks.

The publication Of General Buffers
opinions in favor of redceming the Federal
bonds in greenbacks has produced some
confusion in party ranks not that General
BIS opinions are, per Sc, very important,
but that they indicate the way the popular
current is flowing. When Mr.. PESDLEToN,
the prominent Democrat of Ohio, arowcd
and sustained that policy, he was severely
denounced by the Tribune and Times Of
New York, and called very hard names
even "villain" amongst them. General
BUTLER, taking the same ground, becomes
sort of foil for Mr.. PESDLEToN; the i'll
tervention of the Generals imposing figure
in the line Of the fire on Mr.. PENDLEToN
disconcerts his assailants. The tribune
and Times of Friday contained not word
on the subject. The fact is, General BUT
LER, with all his silver and plate opposing
the redemption of the bonds in specie, the
question is settled. 1t is useless for the
bondholders to fight.
But in the discussion of the subject it is
revealed that TuAD. STEVENS, who is the
author Of a great deal of mischief, is the
author Of this scheme for the redemption
of the bonds in greenbacks. AS early as
June, 1864, in the House of Representa-
tives, Mr.. SPALDISG asked Mr.. STEVENS
"if, in his Judgment, the principal Of the
$500, 100000 of iive-twenty bonds was
"payable in gold" lie replied: 1T is
"Just as clear as anything is clear that the
"interest is payable in gold, but the principal
sin la,cfuI money" He added that ga
"great many legal gentlemen OF distinc-
"tion" agreed with him in opinion. Ii
being afterwards asserted that the Secre-
tary Of the Treasury was Of opinion that
those bonds were payable in gold, Mr.,
STEVENS said: "7hen, sir, lis opinion Is
"entirely different from the la'o. These
bonds are made payable IN money by the
"erpress terms Of the lap, and if legal
"tender notes are money, then The notes are
"payable IN Mat. But, isir, if both prin-
"cipal and interest are payable in gold,
"then the difficulties in which the Govern
"ment is becoming involved are all the
" more aggravated"
And yet, in reply to further interroga-
tory, the dogmatic old commoner said !:
81 say that no man ,rho is q la,cyer-a and
d" 1 could not say that the Secretary Of tn.
" Treasury is not a lapyer-,rho 1oiu care
"fuNy read the la,o can possibly come to any
"other conclusion than that the principal OF
"theSe fue-t,oenty bonds is payable in cur
"rency. The law says expressly that the
"interest is payable in coin and that the
principal is payable in money. The diff
"ference in the terms employed is as dis
"tinct and definite as if it had been, in so
"many words, that one is payable in coin
sand the other in paper currency"
On this subject, then, in the northern
political arena eve have pretty kettle
OF fish," Democrat and Radical are so
mixed up that, like HARDcAsTLE's SER
wants, it will be hard for bitter partisans
to find their places. But the currcncy''
party will surely triumph. BUTLER, the
weather-cock," shows which way the
wind blows, and the Herald, that other
Vane, sustaining him, proves that it will
be altogether useless to attempt to "bot
TIC him up" on this subject, The Herald