Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-09-19
The Threat that the Greenbacks
will Never. be Paid.

The Threat that the Greenbaclks
will Never be Paid.
In its great fear that its patrons, JAY
COOKE & Co., should have their bonds paid
in greenbacks, and the interest stopped
thereon, to the great relief of the tax
paying people, and the somewhat depletion
of the income of these gentlemen, the
Journal takes occasion to discredit the
legal-tender currency of the country.
Speaking of a promise said to be made by
Mr. CHASE that the bonds should be paid
in gold, the Journal says, ,,.-,.-..,.,,
fi"Now in lieu OF this solemn duty, what
is proposed? That the Government, that
is, the debtor, shall compel an exchange of
the bonds-whichs are promises to pay in
gold-,for bills, which are other ''promises
to pay" not in gold, nor even in other
promises, to pay,ifedeemable at any time.
fixed or determined. Or, in. other words
the Government pays its debt by ihereas-
ing the amount of its Indebtedness; it re-
deems its obligations-which it is solemnly
pledged to redeem at fixed future periods,
and in money of recognized value-by
forcing into the hands of the creditor new
obligations to be redeemed ,ohen the debtor
sees fit, and in suftdt the debtor sees fit. The
Government then, has the option to re-
uctlui It's T6eu uAck PROMISES 10 pay lniOOtl-
| federate bonds, or in redback promises to
pay, and this maybe done atanytime prior
! to the end OF, the world. az f-is lsss- ;-i-5y
'The notes might as well read, spayable
in 1899, or never" Surely the promissory
note. drawn payable at. the Day of Judg-
ment, has ceased to be fiction!9e Apply
these principles to the case of an. individ-
ual debtor. A man owes you ten thousand
dollars Tor whfchyou hold his note, paya-
BILE with interest one year from date.
| When the note is due he Informs you that
he will pay you-cancel his Indebtedness
i by giving you another note, or "promise to
pay,'onot drawing interest, and payable at
no time, or in other words, when he sees fit.
If this is not reputation, what is, it?
Thurman Ranney-Va -Vallandigham-Pendl
ton scheme of finance"
These Greenbacks, the only currency the
Government allows the people, bear upon
them the following :1s8 -"eEs
ls1HThis note is LEGAL TENDER for all
debts, public and private, except duties on
imports and Interest on the public debt, and
/ Is receivable in payment OF all loans made
to the United States" a'i" 90 '.9'u'1''1
The notes of the National Banks, when
presented at the counter OF the bank, are
paid in these legal tender greenbacks. just
as in Democratic times bank notes had to
be paid in specie. Even when contracts
expressly stipulate that the consideration
is to be paid in gold, Courts have decreed
that greenbacks are legal tender and
that the person to whom the gold is due
must take greehbacks or nothing. The
farmer is forced to take them in payment
wages-the mechanic and the manufactur-
er for his work. The United States prom
isei to pay the !" bearer Ten Dollars -
payable at the Treasury of the United
States, at New York" So these greenbacks
read. upon their face. The faith, of the
United States stands solemnly pledged for
their redemption. Yet the Journal tells
us they will never be paidAthat they
might as well read payable in 1899, as
now' and compares them to ga promissory
note drawn payable on the Day of Judg-
ment," because no time is fixed for the
payment. He knows but little of money
matters or of the laws Of the land, who
does not know that promise to pay, when
there is no time named for payment, is due
the moment a demand is made, even if
it be the moment after is is given.
Ifthese greenbacks be worthless-if they
will never be paid by the United States-if
the American Republic intends to repudi-
ate its obligations and never redeem its
legal-tender currency, and the Journals
article shows that such is to be the fact,
then bolder swindle was never perpetrat-
ed. The Journal has no tears to shed over
this repudiation OF its contracts and vio-
lation Of its pledged faith to the people
not one word against the crying sin of
making the farmer and the mechanic take
for the produce of their farms and the pro-
duct OF their workshops strips of paper
never to be redeemed; but when the JAY
COOKIES, and the HENRY D. COOKIES, and the
HURTS, and GIBsoNs, and others OF the
same class of brokers and thieves are to
have their Government bonds paid in that
currency which is a legal-tender in pay
ment of all debts except duties on Imports
and interest on the public debt, when such
Interest is stipulated to be paid in gold,
then the. Journal raves like maniac and
scolds like a drab.
II We take issue with the Journal on the
payment of these greenbacks. They will
be- paid-honestly paid-paid even unto the
rttermost farthing. The Democracy will
see to it that this, be done. They, ad
ministered the Government when it was an
honest ope-they gave it a name and fame
fol. living. up to its contracts, and under no
Circumstances will they ever agree that it
repudiate its debts to its own citizens
They will see to it that the peoples taxes
are decreased by paying off the bonded
debt in greenbacks the currency in, which
the debt was contracted and in which it
was TO- be paid, and then it will be, their
care to see chat the Journal and its friends
do not swin6leA the holders of greenbaeks
by making them worthless by Government
- - = > p ! - - ~ 8 -
THE Threats of n Loyal LeaGuer.
GUsTAyUs HORTON, military Mayor of
Mobile, put in office by Gen. Pore, in ad-
dressing the Black League, recently made
use of the following language:
i 1--WE have at last reached the time when
o,r laaoY1as will ha ah1a In do active sar-