The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-09-05
.0heQntelliqenerr@
How TO Pay the National Debt In
GIecnbRcks.

In Il late letter which you were klhu
enough to publish, 1 tried 10 comoai
the Democratic proposal OF taxing tht
bonds of the United States, by showing
that the breach of faith would be mosl
plain, and the gain to the tax payer
holding no bonds extremely small.
wish now to take up the other PROPOSE
ton by which the Democrats are trying
10 pave the way for repudiatiOn-it is
the so,called payment OF the national
debt in greenbacks.
view the question of tue national
debt and national currency from the
standpoint of equal justice to debtor
and creditor, to bond holder and tax
payer; and from this standpoint l lay
down the following rules or axioms. on
| which think the public sentiment ol
the country is slowly but surely set
tling:
First-That the public creditor should
have all that is in the bond land no
more" Congress has no more right to
| be generous at the peoples expense,
than to break the national faith Tor the
peoples profit.
Second-That Congress should neith-
/ er tinker the currency nor give any of
fcer of the Government power to tink-
| er ii, that is, no financial measures
ought to be adopted on purpose, either
to raise or dePress the premium OF gold
| a md prices of commodities. To raise
this premium and these prices, is 10
compel every creditor 10 receive baseT
currency in discharge of his demands
than he bargained for, to depress the
premium of gold and consequently the
| pI ices of commodities on purpose, is to
| force every debtor to pay more in fact,
than he bargained and expected TO pay.
! There Is IA legitimate way in which
| the value OF "greenbacks" must rise,
| and which every man contracting for
future disbursement or receipts must
take into account; which is the gradual
I decrease of the national debt; the high
er credit of the nation ut home and
abroad, through Its growth in wealth
and resources, and the healing OF pnIiti-
cHl wounds; but neither debtor nor
creditor can anticipate or take into
view, what capricious bulling or bear :
| ing measures the Government may
| adopt; and no such measures can be
| taken, without gross Partially, either
! to the private debtor and general tax
payer on the one hand, or TO the credi-
| Tor, public or private. on the other
From this standpoint l condemn the
| holding IN the treasury of II large sur
plus, both in gold and legal tenders; IL
would be more natural to use this sur
plus in buying up, or paying maturing
bonds, and therefore it should be done.
Third-Io increase the amount of
greenbacks to any extent above those
now in existence, would necessarily
lessen their value; and therefore any is
sue got up on purpose, TO pay u portion
OF the public debl, payable in legal ten
ders, would be "to hold the word of
promise to the ear but break 1t to the
hope" do, however, not object to the
issuing of new legal tenders in place of
and older issue that may be with
drawn, SO that the entire volume of the
currency be not swelled. E- l. lfs
Aside from the mere question of
honesty involved in these propositions,
| maintain that il is unworthy of n free
people, to leave in the hands of its Gov
ernment, in time of peace, power en-
tering so deeply into every transaction
of daily life. Louis Philippe, whose
Government in all other respects was
the lightesL and freest which France
ever enjoyed, WAS driven from France
for no worse Il crime than enriching
himself and his family by abusing
this power to bull and bear the stock
market.
Fourthly-Greenback are printed
promise OF the United States to pay the
| bearer, a certain number OF dollars; II
dollar mems certain weight and fine
ness OF gold. AS, however, the green
backs are not payable on demand, they
are at discount below an equal num-
ber of god dollars. Under the law of
| their creation, they were, at least, indi-
rectly convertible into gold; for they
commanded bonds, of which either the
principal and interest, or, at least, the
interest WAS payable in coin, and this
convertibility gave them their value,
which but for the disturbed credit OF
the United Suites, should have been
equal to gold. But If they can in no
manner, either directly or remotely, be
converted into anything that will bring
gold, there will be no reason why II
| greenback dollar should bear any pro-
portion TO ii gold dollar, any more than
| Confederate dollar bill does. 1t is
true, that they will still remain n legal
! tender in payment of debts, but diUI-
dend IN bankruptcy is also by law made
| Il good tender in discharge of debts,
though In fact it be nothing at all. II
pendent of any gold basis, receivable
| for taxes, but that only amounts 10
this, that If they should become WORTH
less, the Government will get worthless
rags for its taxes. To keep them per-
manently any where near the nominal
coin value there must be some way,
however remote, TO get coin for their
face or their interest, at some future
period. l ...
Let us apply these principles, emu
merated above, TO the various kinds OF
obligations which stand out against the
| Government. .4.... ....
Rirst-There are about sixty-two W
| three millions of dollars in five and six
per cent. bonds issued before the war
| in various loans from lS4l to 1861. AS
no other money but gold or silver were
! known at the time when these differ
ent loans were made, of course the
| lenders had the right to expect repay
ment of principal and interest In gold,
and those now maturing are really thus
paid. We never saw any Democrat
complaining of the "bonded aristocra-
cy" who hold this kind Of paper, as II
was all issued by Democratic admins
tratiOns, coming down from Polk TC
Buchanan, and went either for the ex-
penses of the Mexican war, or of Blu
chanan's Mormon war, or as to the
latter, to speak more correctly, into tine
pockets OF Floyd's thieving associates
\ HSext-There are one hundred and
ninety odd millions OF 1910 bonds
bearing per cent. Interest, dated near
\ ly in the beginning Of 1864, and by the
i law of their creation, payable, princi.
I pal and interest, in gold. We will have
1 no discretion over these bonds till 1874,
and unless the Government should fall
into the hands of q set of knaves and
cheats, we will go on to pay the interest
on then, half yearly, in gold, for the
simple reason that We promised to do
\ 50. II is very much too soon in the
day to speculate now, whether, in 1874
when the option of the Government
to redeem them In gold commences, we
shall be able 10 borrow money! mean
gold-at a lower interest than five on
the hundred. If we can, we shall OF
course do so, aud take up the 1910
bonds in gold, and save the difference in
interest thereafter. H ryaa e.-