Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-09-20


to know at once what is the law under
which these bonds were issued. You may
examine your statute bnoks from the time
the first bond was issued down to this day
and you can't find one single line in them
that promises the holder of the five-twenty
bonds that this principal shall be paid in
gold. 1t is only the ten-forty bonds, the
principal of which the law declares shall
be paid in gold-both principal and inter-
est in gold. As to all the rest of the bond
ed debt of the country, it is left by the law,
as well as blythe terms of the bonds them
selves, to be paid in whatever is the legal
tender OF the country. 1fany man doubts
it he can see in one single instant. if he
happens to have the good fortune to own
greenback-[ -[laughterl-I haven't got many
of them, but think I've got one-I think
have enough to prove the truth of what
am saying. Yes, here is one [suiting the
action to the wordl Let anybody look on
the back of greenback and he will find
printed these words: .f.I -,.
"This note is legal tender for all debts,
public and private, except duties on i'm.
ports and the interest on the public debt.n
That's it. The very greenbacks with
which they paid for these bonds taught
them-not on their faces, but on their
backs--that these same bonds. the public
debt could be paid in that same kind of
fodder laughter that wherewith they
fed Uncle Sam, Herewith might they after
terwards be fed themselves. l say, then,
there is no illegality in it; and if there is
no illegality in it, there is no injustice in
it. But if we look at it in any other light,
apart from law, where is the injustice
What claim have these men, who bought
the bonds when gold was between two and
three hundred per cent.-when it was
worth from two to three times as much as
paper-who bought them with paper
what right have they to say now that
thasQ hnn1c cxyh HOY or
less, per cent. in gold-what right have
they to ask for payment of one hundred
per cent. in gold. ~ --a. -..- ...
Again, what right have they to say that,
while the Government pays the wounded
soldier his pension or bounty, or pays to
his widow or mother her pension or boun-
ty in greenback currency, the man who
bought bond at thirty or forty cents on
the dollar shall be paid full dollar In
gold?
You see, then, there is no injustice or il
legality in paying these bonds, the ten
forties excepted, in the legal currency of
the country. And then comes the question
whether or not it is policy to pay them in
that way. The first general observation
to be made is that it is not policy in any
country to have two currencies if you can
avoid it, one of them a much worse cur
rency than the other. Congress has forced
greenbacks upon the peorle as currency,
to have one currency tor the people and a
better currency for the bondholder; rags for
the people and gold for the public creditor.
That doesn't look much like good policy.
[Applausel | say, then, it you will look
this subject fairly in the face, you will find
it all resolves itself into question of pub
lie policy-hOw can this debt be paid in
greenbacks without too sudden or too
great an initiation of the currency, that
would unsettle all business and all values
in the country? That is the problem. 1t
would take me too long to show how that
might be done without producing such in
fiation as would be destructive of the busi-
ness interests of the country. Suffice it to
say that those who are competent to judge
of this matter, who have investigated it
thoroughly, some among the best states
men and most enlightened bankers in the
country have come to the conclusion that
the debt can De paid off in greenbacks
without any such dangers of sudden infla-
tion of the currency as would injuriously
unsettle values or disturb prices. If that
can be done,1 L ask, is there a man here not
interested in bonds who will say that we
ought to pay gold when we only promised
paper, or to pay hundred and seventy
million dollars every year in interest, for
the Lord only knows how long a time to
come; or that we should not take this
other way by which even the oldest man
in this audience may live to see the bond
ed debt paid off, without reputation and
without dishonor. r
Now, from the first, 1 have always looked
with great caution upon this subject. /
feared the idea of such a sudden imitation
OF currency as would unsettle values and
disturb business. Therefore, it was not
until after had given this subject my
most patient consideration, and read all
that / could gather upon it on both sides of
the question, that became convinced that
without any great injury to values or to
the business interests of the country, and
with immense benefit to the country and
the people, this debt can be honorably and
justly paid off in this way.
GEN. HAYES ASKED TO SHOW HIS HAND.
hope, now, after this full statement
which, owing to the enterprise of one of the
most enterprising papers in the world, will
be in type before great while. and spread
before the peoule of Ohio-I hope my friend
Hayes will correct his statement-in fact
l know he will, for 1 know he will not
willfully misrepresent me, and know he
will take pleasure in correcting what he
has said on that subject. wish to say, too,
that substantially what | have said on this
subject to-day, have said again and a rain
before. At Macarthur, at Logan, at New
Lexington, at Celina, again and again have
presented substantially the same views
l did not jump to conclusion at first. |
wanted to investigate the suhject-I want
ed to study it thoroughly. l came slowly
to conclusion, but, when | came to it,
and was satisfied in regard to it, did not
hesitate to express my opinion. .,...-
Now. in return, L call upon nv friend,
General Hayes, to show his hand. Laugh
er. He has seen mine. l call upon him
to show his hand and say whether he is in
favor of taxing the people and their pos
terity, for perhaps thousand years to
pay gold to the bOndholders of the coun-
try, or whether he is in favor of an honor
able and fair payment OF this debt, in ac-
cordance with the laws of the land, which
may wipe it out in the course of this very
generation. want him to speak out; and
l hope and believe that he will manfully
do so as soon as he sees what have said
on this subject. Then we may know
whether there is party question between
us on this subject. He says there is no
party question about paying. off tie debt
in greenbacks because Judge Thurman is
opposed to that payment. l have shown
be is mistaken in that. Now, unless he is
on my side, and agrees with me that it
ought to be paid in greenbacks, then he
and have question upon which we are
directly at issue. So it rests with him to
show the people of Ohio where he stands
upon this great question. [Applause.l
THURMAN AND vALLANDIGHAM.
Well, my friends, the next thing in Cen
eral Hayes speech that wish to notice is
this: Those who have heard me in this
campaign know that | entered upon its
duties with the most fervent desire to
speak to the people only upon those great
questions which concern them; not TO oc-
cupy their time with speaking of myself at
all. The moment that that object ap-
peared, that moment the Radical speakers
began to declaim that L was seeking to
evade my record of the past, as they called
it. And Mr.. Wade-Mr. Senator Wade
Mr.. Acting Vice President Wade, as they
call him, (though where they find any such
office in the Constitution is more than T