The Conservative. (M'connelsville, Ohio) 1866-1871, 1867-10-24

so with tho principal. The ten-forty
bonds authorized by the Act of March
3, 1863, are, by the terms of the law,
made payable in gold. This is the
only class of bonds Of that character;
and as read the last Official statement
Of Secretary MCulloeh, very few, if
any of them, have been issued. The
Government may then, according to
the terms of the law, and of its con-
tracts, pay the five twenties in green
backs at any time after Eve years from
their issue, and there is no Reputation
IN doing so. or this class there were
outstanding ON Tho first OF August,
eleven hundred millions, ana they ma
ture pro6obly in noarly equal proper
tion in each of the next five years.
This will not supercedo tho necessity
for high taxes, foi close economy, for
continuous industry They arc lnevi.
table. With them and whatever other
plans wisdom may suggest, tho burden
will press heavily on you an your
children.
| have shown that the redemption
Of the bonds will be so gradual, the in
crease Of the currency so slow, that
values Will adjust themselves and bust.
moss interests become regulated without
that shock which usually attends great
changes Of financial policy.
But il it were not so, still the bonds
should 60 cDnvor;ed into greenbacks.
They were sold for grccnbacks, it is fit.
ting they should be redeemed in the
same currency. This policy would
save tho interest, pay the debt, and
bring upon the duplicate for taxation
that immense amount Of capital which
is now exempt. And these advantages
would amply compensate for the evils
which are predicted The d q bt
amounts 10 onc-ffth Of the property,
real and personal, of the whole conutry.
One-fith of all the capital Of tho coun-
try is exempt from taxation. Interest
eats up the substance Of the people,
| Exemption from taxation aggravatcs
the evil. This state Of things can not
last. 1t opprcsses labor-it exciCcs
deep discomfort. 1t ought to be rolicv.
cd by fair and voluntary adjustment
1t will be relieved AZ all events. Tho
bondhoider should be prompt . and
wise. Tho people already believe this
curse rs the blight of death AMI We
know by experience what they will do
to "save the life of the nation"
[From the Speech in response 10 screnado IN
Cleveland September Is, lsG7.l
shall avail myseIfof this opportu.
nifty TO a!lude to matter in some sense
personal. 1t tonchcs the accuracy of
an argument which ! made II few
weeks since, in relation to the pay
ment of the five twenty bonds OF the
United States,
endeavored to show that these bonds
ought to be redeemed in legal tender
notes at the earliest moment; that
timo and experience would Indicate
how rapidly they could be redeemed
without the undue imitation Of the cur.
reNcy asserted that by the terms
of !hc laws authorizing the issue OF
the fve-twentics by the terms of the
legal tender law. and by the terms Of
the bonds themselves, the Govcrnm ent
might legally redeem them with loyal
tender notes. The New York Tribune
sad promptly that | had misquoted
aud misroprescnted the law; but it so
happened that in day or two, SeAa-
tor Sherman, and Mr. Bingham both
made speeches, ut different places, prot :
ably without concert, and both assert.
ed that the law undoubtly was as |
had stated. THIS silenced the Tribune.
But an able and active and influen-
tial newspaper, whose excrtions in be-
half Of, and whose influence in, the
Democratic party are very great,whoso
editor always writes as n gentleman
and reasons as n statsman-I mean the
World admitted that | was right as
iar as | had gone, but asserted that |
had overlooked an important section
of She act of FEBRUARY 25, 1862 That
section provides that the duties shall
be paid in coin, and that the coin shall
. be applied MS follows
"First, To the payment in coin of
the interest on the bonds of the United
States.
"Sccond To the purchase or pay.
, ment of one per centum OF tho entire
debt of the United States to made with
in each fiscal year after the first day
of July, 1862, which is TO be set apart
as q sinking fund, and the interest oil
which shall be in like manner applied
, to the purchase or payment of the pub,
{ lie debt as tho Secretary oftho Treas
ury shall, from tlmo to time direct.
'Third. The residue thereof shall
, be pald into the Treasury Of the Uni
ted States
The World claims that this language
in the second clause constitutes q
promise to pay the principal in com
i l differ with the World. The first
clause provides, expressly that the in
, tercst shall be paid in coin. The sec
lnnd 1lannn cnntnin no anch nYnrns,