North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1867-10-30
Eive.Twenties.

Five.Twenties. .rG
In the Chicago Daily Times We find the
following. It is known that Gen. Butler
is at loggerheads with the other logger
heads Of the party, on the bond question.
This Times writer speaks Buffers opinion
in manner so brief, that we give it an
insertion
sq7 "a. CHICAGO, Oct. %.
Will you have the kindness to allow me
to reply, through your columns, to an ar
ticle in the Chicago Tribune of this morn
ing, on the payment Of the five-twenty
bonds. ~ haa l.s.f rs toI
The Tribune says none of these bonds
are due for fifteen years, and wonders what
all this fuss is about and thinks, if dem
ocrats will examine this subject, they will
see what egregious fools they have been
making of themselves in their. clamor about
paying the fve-twenties in currency in
stead Of gold.
beg leave to inform the Tribune that
what it recommends is just what We have
been doing, and will give it a few results
of our examination, viz:
First: we find that, at maturity, we are
under no obligation to pay the bondbold-
ers in any other currency than what We
received for them, or what the government
uses in the payment of all its debts, includ-
ing the small wages it pays its soldiers. ~
But, says the Tribune and also the repub-
licans, this money was furnished in time of
war to save the country, and, therefore, is
a different claim. would ask Was not
the service of the soldier performed at the
same time? And which is entitled to the
prcferencc,--the soldier in the field or the
capitalist who simply exchanged a treasu-
ry note, bearing no interest, for a bond of
the same security, with interest payable in
gold? In the act Of the soldier, can see
a patriotic motive !; in the capitalist, moth
ing but the desire to better his investment.
Yet, what republican editor has raised his
voice or used his pen in condemnation Of
the soldiers being paid in what they term
worthless currency. Consequently. our
second conclusion is as follows:
Second: that the republican press and
party have a great deal of sympathy for
the wealthy bondholder, and none for the
soldier !; or, in plain English, a currency
that is good enough for the last is not for
the first. III s3 ..,- ,..,-.,
Thirdly, las the parsons, say) We have
discovered fact Of which tho htbune does
not appear to be cognizant, viz That the
option to redeem over five hundred mil
lions of the issues of the bonds of 1862,
on which we pay an annual Interest Of
forty-eight millions in gold, or, at the pres
ent premium, seventy millions year, in
currency, expires this year !; and, if the
government does not avail itself of this
privilege, it will have to pay the interest
in gold for fifteen years longer.
The republican press has great deal to
say about the government being able. when
the non interest bearing debt is funded, to
negotiate loan at q less rate of interest.
Now, to acknowledge that fact would be to
acknowledge that the bondholders are as
egregious set of fools as it terms us dem
ocrats; for what man of common sense
would exchange six per cent. bond, same
security, for one bearing less rate of in
of interest on the debt con, be reduced is
for the treasurer of the government to
avail himself Of his legal right, and offer
the holders of the 1862, this year, and all
other dates Of the fve-twenties, as the first
five year option natures, their choice eth
er to take the legal-tender notes in pay
ment or q bond bearing say four per cent.
interest. ~ e f1!s-s a1H"5 ahi
Fourthly find the Tribune has made
slight mistake in its figures. It says the
property Of the Union, seven years ago,
amounted to $500 per inhsbitant that it
is now $6l0-inferring that there had been
an increase in the weaithlof the country.
1 would call the EDITORS attention to the
fact that seven years ago the valuation of
$500 per capita was a gold valuation,
while his 500 per capita is currency
valuation, worth in gold SALT, or a depre-
citation in wealth OF $50 per iphabitant.l