The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1867-07-11
The Financial Question.
For Che lancaster ea.s.L.


\ MEssRs EDIroRs:-Fhe question
Of currency concerns every man in
community as much as pure airl
and water. A sufficient and safe
currency is as essential to business
as are air and water to life. This
is conceded. 1t is also conceded
that for moro than a year business,
except some exceptional, and totbe
hereafter mentioned pursuits. is
not prosperous. Every man says
SO, and most men have their rene
dies or means for correcting the
evil. The Revenue Commissioner
sends forth a doleful 'murmur ON.
ipous of deficient receipts. The
present year will not pay current
expenses and interest on Bonds.
An Indian war is, on our hands,
and from tho past experience of the
country, will require heavy expen-
diture, and there is probability
new bonds will be issued TO meet
current wants. The Secretary Of the
Treasury has that authority and
can and will use it, if necessary;
and instead of q decreasing debt,
we may have new bonds and new
interest to pay in this time Of
stagnation Of business, 1t was well
that q reduction in taxation was
ordered by the last Copgress--but
it is not well that an increase of
the National debt should follow.
Wc were all delighted with the pay
mcnt of a part Of the principal the
year after the war. Surplus on
hand and less demand for money to
carry on the war enabled the Sec
retary to retire interest bonds, and
great joy followed; and with this
payment the remaining bonds were
increased in value. This was well
as far as it went; yet there remains
much to do to aid the people and
stop interest if it can. be done with
out injustice or violation of any
rights of those who hold tho bonds.
No bondholder complains when un-
der a law Of the land the Secretary
Of Treasury requests tho holder Of
any given bonds to return them for
payment No bondholder can com
plain if the Government orders their
cancellation in what the bond de.
mands, either gold or currency,
provided the full face Of tho bond
is paid, and in the way and man
ner nominated in tho bond" A
man holding a bond, the principal
and interest to be paid in green.
backs, cannot complain If the Gov
ernment orders hin TO send to any
convenient depository his bond and
got for it green backs.
Now, we have twenty five hundred
millions Of bonds payable principal
and interest in greenbacks al tie
option Of the Government The in.
terest on these, at six per cent, is
one hundred and fifty millions a
year twelve times as much money
as was required to carry on the
Government during the administra
tion of John Q. Adams In two
ways only can these bonds be paid,
either by taxation, or by issuing
greenbacks, and with them cancel.
ling the bonds The remaining
bonds calling principle and interest
for gold must be net by gold and
nothing clsc--the other by green.
backs and nothing elso.
1t is not necessary now to speak
of the causes that induced the issue
of these bonds. They were issued
and wero bought from the Govern
ment at their then value, (much
below their face) No matter for
this; tho question now to be argued
is, is il best nor, and at once to re-
deem these bonds in currency, or
to lot them run ten or twenty years,
drawing interest, and at that time,
pay them off with currency, issued
by the Government. 1t is most
fortunate we have this provision in
the bonds, for if they called Cor
gold, we should be compelled TO
pay gold and no grumbling; but
as they call for greenbucks, why
wait these ten or twenty years,
and then pay them twice, once in
interest, and once in full? | pur.
pose to state this question fairly for
all concerned, and if there is any
mistake in my promises, l admit
my conclusions will not be fairly
drawn. Does any man doubt the
right of tho Government to pay
these bonds in greenbacks? Does
any holder Of them expect Or do,
mand gold for them?
For moro than a year this sub.
jcct has been discussed by the peo.
pie with earnestness and candor,
A leading paper in politics has re-
Gently called public attention TO
this subject, and presses on its par
ty, the adoption. as u cardinal
principle, the immediate payment
Of tho bonds In legal tender. So
fully is that paper Interested, as
that, il recommends q call ofa new
convention Of its party, or n meet
ing of the Executive Committee to
incorporate with its doctrines the
immediate payment of these bonds,
AS if desirous Of keeping the qucs
ton out of politics, the editor Of the
paper the day of the meeting of the
late Republican State Convention
pressed on that convention the pro.
priety of its annunciating boldly
and squarely the proposition. 1t
was unheedod possibly from a
consideration Of it's som CO, That
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