The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1867-11-22
Paying tho Bonds in Grecn-
backs.

Paying tho Bonds in Green
backs.
At the time the Government Bondl
were issued, if it had been announced
that they were to be paid, when due, IN
any other kind of money than thai
worth one hundred cents on the dollar
the Government could not have Dor.
rowed enough money on them to pay
for the paper on which they were print
ed. The Bonds Of the Government
have always been paid in gold, or in
paper money redeemable in gold. II
has never been thought necessary to
state this fact in so many words in the
Bonds; it has been taken to be matter
of course that the government would
pay its debts in good money. Whether
the Government received the full
amount of the face of the Bonds or
whether it sold them at discount, is a
matter not to be taken into account
when the time comes to redeem them.
1t is not what it received, but what it
agreed to pay, that must be considered.
And the Government must do precisely
what it agreed to. 1t must pay the
Bonds at maturity in good money. Any
other course would bring National dis
honor and disgrace.
Now, tie scheme proposed by Mr..
Peudleton and accepted by tho Demo
cratic party, contemplated the speedy
issue of greenbacks in sufficient quanti-
ties to redeem not only the Bonds that
are falling due, but also those
to become due, at one swoop-to ex-
tinguish the National Debt with an
overwhelming volume of irredeemable
paper money. The effect of this would be
be render the greenbacks almost worth
less; any kind Of property would be
more valuable than money; and it
would in reality take ''peck of green
backs to buy peck of potatoes" The
scheme contemplated repudiation, moth
ing else.
Now, there is no objection to paying
the Bonds in greenbacks, provided the
greenbacks are worth their face in gold.
But they are not worth it, and their
overwhelming increase in volume
would render them worthless. The
fallacy Of the scheme is in proposing to
pay the Bonds now, before they are due.
By the time these Bonds fall due we
shall have returned to a stable specie
basis-provided the steps to that end
are taken slowly and gradually-and
our currency will be worth its face. The
Bonds can be redeemed, and the Debt
Of the Nation, slowly diminishing, gath
cred into one class of securities with
interest payable annually or semi-an-
nually in coin, and principal payable
gradually at the option of the Govern
nent in ten, twenty, or fifty years even.
This viii carry down to the next gener-
alton the heh ofthe labor of paying the
National Debt which is nothing more
than right. This generation need not
be taxed heavily to pay the interest as
it ACQUIRES and to lay by a fund to be
appropriated toward paying off the prin-
cipal. We believe in paying the Debt
to the last dollar, precisely as it is "nom-
mated in the Bond;;" not by swindling
the National creditors by compelling
them to return the Bonds and accept a
bag full Of worthless paper promises-to-
pay; nor yet by raising the money by
Ievying excessive taxes on the people;
but by making new loans, which we
can pay in part leaving those who come
after us to pay the balance.
The great danger to be apprehended
in the management of our national fnan-
ces is, that the policy ofextremists may
be carried out We have two parties
Of extremists. Pendleton, with the
Western Democracy, would swamp
business and dishopor the country by
issuing an overwhelming volume of ir-
greenbacks. This is one
extreme. On the other hand, McCul-
Iocb, Greeley and the Eastern Repub-
leans and Democrats would rush to
specie payment over the ruin of the
business of half the country, and the
prostration of the enterprise and energy
of every class in community, except
those who make money by lending
money,
We want to avoid the dangers which
both these parties Of extremists would
bring on the country.