The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1867-08-08

Let us do as the Constitution means
we should do-elect Union Legis-
lature and let it elect a Senator.
We have principle as well as tick
ct at stake in this struggle, and it is
cur duty to bring to it all possible
strength Cevezaud Leader.
!
Keep the National Honor Sacred.
The New York Journal of Com-
merce, the most able financial jour
nal of the country, discourses thus
on the various schemes for settling
the public debt:
'sIn former article we alluded to
the schemes of Thaddeus Stevens
and others for settlement of the
.public debt. We. condemn these
projects as violation of the ma
tional good faith toward the public
creditors. If the paper currency
had been unknown at the time the
Government bonds were issued, it
would even then ben unfair for the
Treasury to compel the holders to
accept this deprecated issue. But
after the distinction was made, and
the bonds negotiated with the ex-
press pledge that both principal and
interest should be paid in coin, the
attempt to substitute paper is an
open violation of the promise, and
only.to be justified as compromise
after nowledged insolvency. We
look upon other projects in the same
light. We have before us two plans
which have obtained wide circula-
ton at the West, and have found, we
regret to say, q considerable number
of advocates One of these propo-
ses to offer the bondholders, in ex-
change for their securities, the public
lands at minimum price. This
originated, if we mistake not, with
a correspondent of the New York
Tribune, who proposed two and a
half dollars per acre as a proper rate
We can not see that it makes any
difference, in principle, what the
minimum price may be or whether
the land may be worth the money
If the creditor is unwilling to accept
the new terms, the attempt to coerce
him to this settlement is one of the
vilest methods of repudiating a sa-
cred obligation.
"Another plan, discussed in the same
connection, is founded upon the
Stevens theory that paper money is
good enough for any one so foolish
as to become National creditor,
! but with an addition even more dan
gerous and reprehensible than the
original project. 1t. proposes that
| the Treasury shall cancel the bonds
deposited for the circulation of the
National Banks, assume the obliga-
ton Of the currency making it a le-
gal tender, and then issue enough
more of the same sort to pay off the
entire National debt. A writer who
is comm enting on this scheme, grave
Ely remarks that, this will relieve the
country of one hundred million dol
lars of interest annually We do
not see why, on the same principle.
fevery debtor now annually taxed fo1
borrowed money might not relieve
himself to this extent by rendering
his creditor a promise on demand,
without interest. Every good citi.
zen should set the seal of his disap-
probation at once upon all such pro
Ijects, however plausibly urged Ar
insolvent may settle with his credi
| tors according to his ability but it is
/ fiat knavery for one who is solvent
to coerce his creditor to accept less
than his due according to the terms
ofthe compact. There is no lower
standard of honesty for a natior
than for private citizen. The United
States are not bankrupt. and have
not even plausible excuse. fol
attempting a dishonorable compro
mise with their creditors Every ad
vocate of these repudiating schemes
is doing what he can to debaucf
the public mind, and pave the way
to national dishonor. Ne aoouzd fa,
rather see the Treasury IN the atti
tide of a oCeutraz american bandit
making a forced loan at the point. O
the bayonet than attempting like I
sneak thief to tahe advantage of tn
public confidence" a2sS-
\ The following certificates ofincor