Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-07-27
Redemption of lhe Bonds With
Greemhacks

caClVe upon CnlS impOrLang SUBJECT!
! When the proposition was first promul-
Igated by a meeting in West Virginia, in
. the shape of resolution, the Radical press
sneered at it..
But as we progress, these gentlemen be-
: gin to comprehend the force of the propo-
sition, and do not appear inclined to
} assail it.
Whilst many of the Democratic organs
have been jealous in advocating the meas
ure, we have, from the first, felt that it
was not political question, but one be-
longing especially to the people, and that
the people, rather than the press, should be
foremost in this great work of reform.
We will here state succinctly the
chief arguments that have been ad-
vanced for and against the measure.
The original proposition was to issue Green
backs sufficient to redeem the entire funded
debt of the Government. 1t was urged by
the opponents to the proposition, that such
an immense issue of promises pay would
cause an imitation of the currency which
would result in its permanent deprecia-
tion. ,,,.... ,.s.,.... :. .-.,-.
Our position upon this branch of the
suject, as expressed some time since, was
to retire the National Banks and supply
the necessary currency with Greenbacks.
This would dispose OF twenty millions of
interest per annum at once, by supplying
the currency and redeeming the bonds now
on deposit by the Banks. Then, so far as
the currency would admit of it, bonds can
be taken up and Greenbacks substituted.
This effectually disposes of the question. of
4 imitation. To compel q surrender OF the
bonds would doubtless be productive of a
panic and mischief. ed 100 ,s
But by adopting this method no such re-
suits can follow. But it may be asked,
show the Government proposes to procure
bonds to be presented tor redemption?''
The proposition is for the Government to
possess itself of the outstanding bonds as
speedily as the finances will admit of in
the same manner as individuals would pos
sess themselves of them. The bonds have
marketable value in currencey (Green-
6acks) and can be redeemed by the Gov.
ernment at any time, upon the payment
of the selling price. 'ea4 ~.
The debt was contracted upon Green
back basis, and it is but fair it should be
redeemed in the same manner. By the
adoption of this measure and proper re-
trenchment of the expenses of the Govern
ment, the bonds could all be abb
sorbed in few years, and then the only
remaining question is, 'what shall we do
with them now. Buy and sell and specu-
late. But it may be urged '.'what is finally
to become of them?" rl-8 .1
The Greenbacks will be used as currency
and retired as rapidly as the finances of the
Government will admit of. e#
1t will not require many years to bring
Greenbacks to specie standard, and then
our national indebtedness ceases to be
burthen. ~ .- sod 1.t.- a.FtEtE
Now, it may be urged that this is sum-
marily disposing of the debt. Not at all.
When the debt is all converted into Green
backs it ceases to be debt, so far as accu-
mutation is concerned. 1t assumes the
form of the national currency. ao
If peace and order are restored, the mil
itary dispensed with, the States and people
permitted to resume their natural rights
and powers in the Government. the absorp-
ton OF the bonds will be matter easily
accomplished. The millions now wasted
can be used in absorbing the bonds and re-
deeming the Greenbacks. .5A. .f..7,
1t may be asked, show is it that Demo-
cratic journals have heretofore been of the
opinion that the national debt could not be
paid?" I'll
xryoo afYIv.o
The party in power appeared determined
upon increasing the debt to incalculabie
proportions, and boasted that it was "a ma
tional blessing" 1e.,,.3 ~. -
But now reaction has set in. The people
begin to feel the pressure, and in time to
yet save the Republic. 9
The people will, doubtless, hereafter be
as exacting upon this subject as they have
been indulgent, and by return to an eco
nomical, peaceful and Democratic admin
istration of the Government, the wrongs of
the past can be righted. Taxation is be-
coming excessively oppressive, and all that
is necessary to remedy the evil, is to adopt
the Democratic means of abolishing all
Government pets, and permitting the Gov
ernment to assume the power necessary for
its own preserV alton and the prosperity of
the people.
The end of Radicalism is purely tri-
umph of the people, and whilst the Radi-
cal press maintains an ominous silence upon
this important movement of the people it
will not be able to divert the attention
from it.
That silence is simply an omen of the
final dissolution of the party. Whenever
it is incapable OF meeting the live issues of
the day, it ceases to be an animate being
and is ready for interment. 1gasule1
Upon its New England tombstone let
there be inscribed the appropriate epitaph:
'.The Radical party,
.zrhi7'i died 1867, vEFf
from exhaustion and collapse, by reason of
Ha fg9> an overdose of f.,5
Bonds, .&-..- s,lie
lSa-- .Nalr.ii Taxes ss--!i - 3,
and 5.
Political follies"
Gas it had no soul, there will lSbe. no res
direction" .2sz6es, < fal ti9lsiEs =,
The amount we pay in taxes is shown by !
a statement that in the ten years from 1857
t, 1856 inclusive, the people Of Hamilton
county, Ohio, have paid a total of S22922,-
444 in taxes, divided as follows: City of
Cincinnati, SO, ,265 s22; State, s5,61s,6ss;
county, $4,247,S14; school. $2,331, zoo;