Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-09-21
Eringins their Chickens Home 10
ROOst.

In opposing the payment of the debt of
the nation in greenbacks, the same money
| in whicn it was contrart ted, and In which it
was promised to be paid, the Journal SAYS: :
"We stated that in the case of the Amer
| lean Government securities, as in the case
of all Government securities, there was the
promise, express or implied, or both, that
! at maturity, the foreign or domestic hold
ers of them, should be paid in money of
| recognized value as between nations.
Now, it is we'll known fact, that the
paper currency of one country is worth
nothing in another.
THE paper money of Austria would not
buy shirt collar in New York, nor that
of France breakfast in Cincinnati. And
hence, as the bonds of each nation have
been sold in the markets OF its neighbors,
it has been rule of action, and a part of
the international code of honor, to redeem
all such bonds in coin-the currency of the
world, and only acknowledged measure of
value. And hence, this Is what we meant
by the implied condition"
The debt was taken by our own citizens
foreigners would have nothing to do with
it, because the country was engaged in
civil war, and they felt doubtful of its issue,
the wish, with them, being father to the
thought. All the foreigners, who subse-
quently bought bonds, sold their gold
and converted them into greenbacks, and
they did it because the interest was con-
tracted TO be paid in coin at a rate
more than double that which they
could receive at home. They knew, for it
is so laid down in the bond, that the prin-
cipal was to be paid in greenbacks. These
facts are merely alluded to to show that the
Journal slargument of injustice to foreign
ers has no foundation in fact. They re-
fused to loan their money in the hour OF
our need, they bought the 30 bonds, be-
cause they could make money out of them,
and draw a semi-annual interest therefor in
gold, that in very few years would more
than purchase the same amount OF green
backs that Cne bonds originally cost
But the Journals argument will apply
with force to Ohio, and we propose to bring
it home to that sheet.
The State debt of Ohio contracted Tor
internal improvement purposes, was uego-
tiated abroad. The large proportion of the
money loaned came from foreigners, and
was paid in gold or its equivalent. Ohio
promised to pay the six per cent. interest
thereon, and its faith tor the payment of
the interest and the principal when due
was irrevocably pledged. Prompt as the
day come, in Democratic and in old Wing
times. the interest was paid in coin or its
equivalent. When greenbacks were worth
but 331& cents on the dollar, lower than
ever before or since, the Republican State
officials of Ohio repudiated that contract,
and the men who, on the credit of the State
OF Ohio loaned it money, were paid their
interest in currency which, tc the holders
of the Foreign debt of the State, a
cord would not purchase a break
fast. This was repudiation-the mean
est kind of reputation. At the time
this outra ge on the plighted faith of the
State was perpetrated. the State Treasury
had coin in It's vaults sufficient to pay the
interest on the Foreign debt OF the State,
but instead of using it as honor. justice and
right demanded, it was sold for currency
and that currency, instead of the gold,
used to pay the interest ON the debt solemn
ly promised to be paid in gold.
Thus we bring the Journals chickens
home to roost. We, present them fair
case of reputation by it's own party