Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1867-09-20


candidate Tor Governor OF Ohio, IN speech
al Marietta, on the 18th instant, ibus ois-
cus.es the public debt question:
wb,, DO think scout this gTeentaoh
matter may be summed up in very tex
worss. sind altbonghIt is not the part OF %!
.ecb m VIII .ch urii1arly speak on that
.atiect, yet. as ! am making somewhat
rambling aud discursirc speeon tosday,
had as lief speak OF It nos as at any other
time. We owe q debt OF 81. 600. 600 900, as
appears upon the books oil the Treasury De
rsftment--thAt which 10 the admitted debt
/ OF the Government. Then there is that vast
amount called the uniiquidated debt-not
! the rebe! debt, for the rebels themselves
fever wouli vote for paying ihst-thats
gone. "hook and line" We have compelled |
them to repudiate 1t, even IN ihelr constitu
tons. But the debt due to what are called /
/ loyal men, amounting, according TO MI. /
| Thaddeus Stevens, to aim iSt a. much mfre, I
/ for he puts our entire debt At ID &etn ioof /
aud five thousand millions oi iolisrs. But +
take il at the lowest estimate made. lake /
! it at three thousand millions oil dollars, then
II stands thus: Twenty-two hundred III =
mons OF il, in. round numbers, are Interest
bearing bonds, and the interest is payable
IN gold Between three and four hundred
IN lions are IN grecnbacks, tina pay no in>
terest And now the question is, whether
it would be right and proper, just to the
bondho,ders and good policy oi the country
to pay this bonded debt which now bears
& id interest; to pay !, III gresnbacks
| which bear no interest at all and stop this
drain upon the people OF one hundred and
seventy millions each year, which they low
pay. counting j, at paper prices
The first hing TO inquire ~, would that
he a violation OF the good faith Of the na>
ton Would 1t De q violation Of the prom
Use Of the Government would It be cons
tfary to law. Ifit would, Why then, hon>
est people Of the couatry wi not entertain
the thought. SO that II becomes material
I to know al once what ls the law under
. which these bonds were issued. You may
examine your statu,e cook iietn the time
= The first bond was issued down to this day
AMI YOU cant lind . line in them that prom
Uses the holder Of the !ive-twenty bonds
that his 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 interest in gold. AS to
all the rest OF the bonded debt Of the
country, its left by the law, as well as by
{ the terms Of the bonds themselves, to he
paid in whatever is the legal tender of the
country. II any man doubts it, he can see
il in one single instant, il he happens TO
have the good fortune to own . greenback
Laughter. haven't got many Of them,
1 but | think have enough TO prove the
truth OF what am saying. Yes, here il
one. suiting the action to the word. lie,
any one look on the back Of greens
: back, aud be will find printed these
!, words:
j.. This mole is . legal tender for all debts
public and private, except duties on Inn
3 ports and the interest on the public debt
& That's it. The very greenback with which
!. they paid for these bonds taught them OF
- on their faces, but on their backs-thAt these
same bonds. the public debt could be paid
= in that same kind offodder laughter tina,
5 aherewith they fed Uncle Sam herewith
9 might they afterwards be led themselves
j. | say, then, there is no illegality in il; and
:, # there is no illcgality in 1t, there IS m in
: lastiee in it. But il wo LOOK nj il in any
other light, apart from law. where is the in
!, lustice2 What claim have these men, VIII,
20 opu sht the bonds when gold Was bctweer
two aud three hundred per cent.-when i
Yves worth from two TO three times as uucl
IT a> paier-who bought them with papes
10 what right have they to say now that thes
"a bonds which they bought q, fo.g, 81 less
per cent. IN eold-WhAt right have thcs I,
- ak Tor payment OF cue hundred per cent
Y IN golds
Re Again, what right have they TO say that
! While the Government pays the aeuude.
soldier his pension or his bounty, or ply
20 has widow or mother her pension vi
ie bounty IA greenbaok currency, the nat
u who bought bond at thirty or forty cent,
, 81 the dollar shall be- psld \ full dollar II
!, gold2
Nou see, then, there is no Injustice OF !,
70 legality III paytns these bones, the ten
III tortie- excepted. IN the legal currency g
W the country Aud then come- the nueseioi
!. whether or no, II Is policy 10 pay them II
that way The first general observation 1
to made is ths; it is hot policy II ANY cuun
n try 10 have two currenci,s, II you can avol,
IA 1t, one Of them much worse currency tha,
/. the other. Congress has forced erccnback
= upon the people * currency, and it cal
- hardly be SAID to be good policy TO have on
re currency for the peopc and better cur
he rency for tue hondholdcr-r for tie ~
Il PIE and gold for the pubic creditor. Tia
doesn't look much like good policy. Up
: pisuse. | say, then, il YOU VIII tool. TIN
| \
al resolves Itself into II question OF publ
Mt policy-how can this debt bc paid in gre,
. back without too sudden or too grea, n
initiation of the Cnrreney. that would uuse,
"a tie all business and all values in the coun
IN Try. That IS the problem II would TAX
/, ne too ions t. show how tha. might b
dome wi.huu. producing such Imitation u
would be destructive ct the business inter
st "a lD Stt IL Al,
Up Those who are competent 10 Judge OF thi
,s matter, who have investigated 1t thoroughly
a. some among them the best statesmen an,
most enlightened bankers in the country
= have come to the conclusion that the deb
he can be paid off in greenbacks withou, an
es such dangers Of sudden imitation Of III
es currency as would injuriously unse,tl
values or disturb prices
y II that can be done, ask. is there a ma,
rs here not interested in bonds who will sa'
At that we ought to pay gold when NO onl,
f. promised paper, or to pay hundred an,
= seventy million dollars every year in inter
)" est, for the LORD only knows how long
r. time to come; or that we should net tax,
this other way by which even the o.des
= man in this audience may live TO see th
:. bonded deb, paid OIL. without rcpudistio,
aud without Cishonori
- Now. from the first. havc always locke,
with great caution upon this subject.
feared the idea Of such . sudden imitation
= OF currency as would unsette values ant
disturb business. Therefore. it was no
70 until after had given this sui ject my mos
m patient consideration, and read all tina,
d could gather upon it On both sides Of thu
d question, that l became convinced tina
e without any great injury TO values or I,
i the business interests Of the country, ant
n with immense benefit to the country anc
: the people, this debt can be hcnorably an,
justly paid of in this way.
1.Ognm's Loyalty.