The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1867-07-25
The Financial question.

ty Democratic Convention assert
ing as a principle the immediate
payment in greenbacks of these
Bonds, and thus relieving the peo-
pie from paying interest; and we,
the people, arc talking about and
thinking this thing over. ! have
heard no objection TO the right Of
the Government to pay in green
backs, as there can be bat one opin-
ion, and that is there is a clear, un-
questioned right, for it is so mon.
mated in the bond" The only
objection that meets me here is
there will, on this payment, be too
much currency for the business Of
the country and this will enhance
the price of gold and thus deprecl-
ate currency. This is not fact,
per Sc. l would simply ask the
question, how many men in Ohio
are interested in the price Of gold I?
How many men are compelled in
daily business to buy gold2 Not
one hundred-nay not ten-.and
thus only this number Of the entire
mass are interested in the price of
gold. Now let us see if the imme-
diate order of the return of the
Bonds on a given day to the Gov.
ernment repositories for payment,
with the official declaration that
from and after such specified day,
interest ceases on the bonds, would
so greatly increase the circulation
OF currency as to depreciate it
Who holds these Bonds? Banks,
brokers and wealthy men. Busi-
moss men, active traders, do not
have them. The amount held by
banks is about four hundred
millions, and they hold them as a
reServe. Now if their bonds are
paid and greenbacks are held as
reserve, there is then no increase
from this quarter-holding about
one-flth of the currency bonds
Brokers and wealthy men hold
nearly all the remainder, for two
good reasons-they draw interest
and pay no taxes. Now would they
send these bonds to the Govern
ment depository and draw green
backs, drawing no interest, and
paying no tax, when by holding
bonds that draw no interest they
can be relieved from their taxa
tion2 Surely not, or these men are
not as wise as they are counted
Then who would send them Tor re-
demption?. Only such as need mon
ey Tor current expenses, and many
OF those holding bonds, of small
amounts need not do this, as the
bonds will pay any debt and may
thus become a currency themselves.
The present year, from its bounti-
ful harvests, will require more
money than the past, to move the
productions-as they promise to be
at least four fold more abundant
than the past. Will the currency
of the past year do the business OF
the present? is question any man
can answer and must answer
Nay-as its requirements are four
fold those of the past.
But one says il you pay the bonds
held by the National Banks you
destroy the foundation of these
banks and drive them out of exist
ence. Well, what OF it2 Who will
be injured by that? Look around
you here and you will find posi-
bly, six men, may be only four whc
own them, and half of these say
they never should have had exist
ence. -t
Thanks are no less due the Givel
of our harvests if every portion O
His blessings, are sqnandered IN
foolish and Improbable expendi
lures. Surely people whose graf
itude is now challenged, will have
sense enough to see that their obli
cations are, TO spend their blessing
wisely and we'll. If this paymen
of the interest on these bonds in tel
years, or even twenty years, woulC
, cancel this principle--it would b'
. a question then of policy to do il
but at the end of ten or twenty
years you find the principle th'
same, and time the same men, o.
similar men, will cry out ''don'
redeem them now; it will iDcreas,
the currency too much, and in
crease the price Of gold, and thu
, diminish the value of fthe currency
but rene,D them for twenty year
. more and possibly put out gold
bearing bonds in their stead--il
dong this you keep up the credi
of the Government" This will b
the language then used as it is now
I and if we have the common sens
J allowed us by the world, we will
: say ",ee can pay them nOW as wel
, as in ten or t,0enty years and Wil
haze no more cIamor or trouble no'
than then" Let this question b
4 discussed by the people, and let u
!. turn our eyes from the East; appl.
t our own shoulders to the wheel, an
when we demand the rulers to d
) this thing it will be done--banker'
o brokers, ct id omne genus, to the con
trary Notwithstanding.
t P. S. The question is often ask
:; ed, why discuss this question now, q
r the bonds are not due and will nc
}, be for some time. We say on
d hundred and eighty millions wer
due last winter and were not pal
in greenbacks, but were renewed
x ~. =, nuy N M