Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-06-12
The Proposition to Redeem the u.
q. Bonds with Greenbacks.

u
views of many Of the advocates of that
. measure, yet we feel satisfied that line OF
policy can and will be adopted to accom-
Ipiish the desired end 1T is a very agreea-
BILE pastime for the advocates of bond-hold-
ers to twaddle about "our immense re-
sources;'A but those resources are to be
absorbed by the heenormous. debt with which
wesare burthened, the producers of those
Eresources after the debt Is paid will'feeli d
had been robbed of favorite span of
fhorses by one of Morgan's troopers.
( The rebel, after eulogizing the horses,
sgreatly to the edification of the farmer, to
the surprise of the latter took possession of
them and proceeded to move off-ry7rrSvr 2
THE FARMER looked after, him until he had
gone short distance, when he compre-
lended the rebels movement and accosted
him: sHalloa, Rebl all the bad luck I
wish you is that my horses may prove as
faithful to my interests abroad as they have
at home" "Why?" responded the Reb.
Because" !" replied the farmer, s'if they do
4 you will have twomore horses than riders
by this time tomorrow" Now, if the
Ipeople are to be eulogized first and then
robbed for the benefit of the stockholders
of the National Banks and oficeholders,
they will no doubt desire that a portion of
> their property should be applied to the
construction Of an institution suitable Ffer
Z the imprisonment of a sufficient number
Of those that caused their ruin to give them
q reasonable guarantee that after they have
accumulated resources they will not be sb-
sorbed in the same manner We have exA
amined the arguments for and against the
proposition carefully. and feel satisfied
that large majority of the people
are convinced that the present Ma
tional banking system is unnecessary !;
1 That it is source of wealth to the few,
I at the expense of, the many.
1t is urged that if greenbacks are substi-
4 tuted it will cause an imitation of the cur
rency and increase the price of gold. But
this cannot occur.
! The National currency is redeemable in
. greenbacks. Therefore that currency neith-
er lessons or increases the value of green
/ backs.
! By the abolishment of the National
. banking system the Government could sup
ply any deficiency in the circulating cur
rency that mi ght result therefrom.C
| This proposition does not admit of argu-
ment. .-.
With this increased circulation the entire
amount of interest paid the Banks upon
the bonds deposited would be saved to the
Government. Then by a proper retrench-
ment of the expenditures of the Govern
ment, it would be able to pay off a large
portion of the outstanding bonds yearly.
Any surplus in the Treasury could be ap-
piled in that way, whether the bonds are
due or not. For instance, upon, the closing
! up of the Banks many Of the bonds wonld
be converted into currency, and the Gov
ernment in furnishing the currency would
necessarily become the possessor of those
interest bearing bonds. The value of the
bonds is estimated by the paper currency.
If the bonds are not absorbed by this
process with sufficient rapidity, the Gov
ernment can provide for an extension of
the credit.
Like every other creditor, the Govern
ment can only be expected to pay so far as
its capacity aill admit of. -, s'sss-' 49,
These loans were negotiated at a time
when certain state of circumstances ex-
listed as to render it very probable the
Government would not be able to pay at
the timethe debt would become due. 20 \
Lender and borrower comprehended, the
nature OF things, and bargained according
ly. And when the Government deals justly
with its creditors and fairly with the peo-
pie, it has done all that could possibly have
been expected of it. ....,. 80 .-,,.,.-..
Reference has often been made to specie
payment - AAe - ~ - L II 80
t How many of the advocates of specie
payment have paid single debt with spe-
Gle since the depreciation of the currency?
Not one.s As EeaEys sa
Why should specie payment be demand
ed of the Government even if the contract
stipulates it?
Thousands of like contracts between in
dividuals have been litigated, and in every
instance the Courts have decided that ''le-
gal tender government notes. are good
specie tender. no e =,
If legal tenders are such, no money con-
tract will make them otherwise.
The Chief Justice would certainly hold
that his pet greenbr acks. would discharge
a debt payable in gold, dollar for dollar.
Under the holding of the Courts, if the
bond holder would sue the government
upon bond, he would recover the face
and interest of his bond in greenbacks.
Therefore, the redemption of these bonds
in specie is not exacted by the bonds them
selves.
When taken from the Government they
were taken for what they were legally
worth and no more; and ought to be re-
deemed accordingly. e1E-
1t is not necessary to compel redemp-
ton of the outstanding interest bearing
bonds. What we propose is for the Gov
ernment to abolish this National banking
system and thereby secure to itself the large
amount OF accruipg interest upon the de-
posted bonds, and by discreet retrench-
ment of the expenditures of the Govern
ment gradually absorb all interest bearing
outstanding liabilities.
The burthens of taxation are excessive,
and until we have financial reform there
can be no hope of redress.
1t is time the people should begin to look
after their finances. q, D srr1 R.H~g -g-r e Il
1t was very agreeable for prejudiced par
tizans to know that rebels were robbed by
the BUTLERs of the war; but when they
find that they have been robbed by the
same thief they will begin to appreciate
the true state OF affairs.
The finances of the Government is des-
tined at no very distant day to become the
absorbing theme of politicians and people.
/ 70 hoftar ti'.