Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-05-31

his propriety. That paper quotes from the
Enquirer this: -------- .z
The people are Obliged to take legal.ten-
ders fer their debts, while the bopdholders
have gold. The money of the people Ia sub
ttect to State and local taxation, while thai
Of the bondholders derived from their
bonds, is exempted from It. !
And thereupon the Journal cries out that
the Democratic party is in favor of repu-
dating the National Debt, because, says
that. sheet. Democrats ''knoY that repudia-
tion win be the end Of republican govern
ment on this continent, and throughout
the world"
l., All this scarecrow- business comes from
the fact that the Enquirer is In favor of pay
ing off the National Debt as fast as it be-
comes due. The very article from which
the Journal clips its extract shows it.
Il, Congress, by law, has made greenbacks .
legal tender in payment Of all debts, ex-
cept those due the Government for Tariff
duties. Even contracts made for payment
in gold have been decided by Abolition
Judges to be of no binding efficacy, so far
as the gold is concerned, and have ordered
the money to be paid inlegal tenders. 2
Not one dollar of the money paid the
Government for its bonds W erepaid In any
thing but paper currency. The taxes to
meet the interest on the Government bonds
is heavy and grevious to be borne. 1t par
alyzes to a great extent the industry of the
country, and underfts crushing forcey la
Dor fails to receive its just reward, for q
large portion of its earning has. to be. paid
] to the Government in the taxes which it
imposes on everything man eats or wears
These taxes added to those of the State
government are more than many of our
citizens canipays and this 1act leads many
good men and patriots to fear that the debt
will ultimately be repudiated.
To obviate this-to preserve the honor
of the country-the Enquirer proposes to
pay this debt except the gold bonds, as it
becomes due, in the legal tender currency
of the country. This plan, if adopted,
VII prevent repudiation, and at the same
time lessen the taxes of the people more
than one-half, besides furnishing green
back currency ample for the wants of the
country. Now the currency is made up of
the circulation of the National banks,
based on Government bonds and redeem
able in greenbacks, thus showing that the
law views, as the people do, that the green
backs are the better and more valuable cur
rency. This it is proposed to exchange
for the 7-30 bonds dollar for dollar-thus
saving the Government and the people
$73, 600 in interest on every million dollars
In bonds the Government has issued.
We cannot see any great crime in this.
We know that it will be great saving. 1t
will cost butlittle to print sufficient guam
tity of ggreenbacks to redeem the bonds.
The faith of the nation is pledged for the
redemption of the greenbacks, just as it is
for the redemption of the bonds. The one
draws no interest-bonds draw rate of
interest so high that, if exacted by citi-
zen, the law would deem it usury. With
the money the Government would pay the
bondholder for his bonds, he could pay his
debts, for they are legal tender by law.
Where, then,. is the great wrong in the
proposition which SO excites the editor of
| the Journal? We cannot see it. c.5e~