The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1867-11-07
Dcmocratlc Doctors will Dlfrer

The New York World, the lead.
ing Democratic paper in the Uni
ted States, vigorously opposes the
Vallandigbam scheme OF robbing
the public creditors by paying the
national debt in green backs. The
World argues that the principal is
payable in real money, because
Congress specially exempted the
interest of these bonds from the
ope' alton Of tie legal tender act.
and this necessarily exempted the
principal. We give it's argument
on this point for its novelty:
That the Senate amendment ex-
empied the interest Of the bonds
IRON the operation Of the legal ten
der clause is on all hands admit.
ted. But the exemption Of the in.
terest exempted also the principal.
The principal and interest Of the
public debt hold a certain arilhmet.
ic;.l relation 20 each other; the six
per cent. annual interest belug
precisely six one. huudredths of the
amount ultimately due IS princi-
pal Of the debt. If either interest
or principal flnrtuates in value,
they necessarily huctuaie together,
their ratio 10 each other being con
stantly as six is to one hundred.
whatsoever may be tho absolute val
ne Of either. LII borrowed last year
a thonsand dollars in grecubacks
and the annual interest is due TO.
day. the sixty dollars which | pay
to-day is worth precisely six one
hundredths Of the valueof the
principal today, and this would be
equally true whether the depre.
cfutIon were thirty per cent. or
three hundred; so fixed is the pro.
portion between interest at any
given rate and the principal on
which it is paid. When, therefore,
the Government engages to pay
interest on certain debt in coin,
and declares, at the same time. that
the rate is six per cent, it thereby
engages that the principal shall
also be paid in coin; for otherwise
the interest would not be six one
hundrelhs of the principal, and The
rate per cent would be some othel
than six. We, therefore, hold tina
Congress, in exempting the inter
est'ot the Ave twenties from the op
Grafton of the legal tender act, ne
cessarily exempted also the princi
pal. r
The World argues further tha
it was understood at the time tha
these were coin bonds; that tn,
Secretary of the Treasury so stat
ed, and Congress did not excep
to it; therefore the government j
bound by the permitted action 0
it's agent. II also cites the clause il
the law authorizing the issue Q
these bonds, which provides tha
: the duties shall De paid in coir
+; and this coin shall be applied, frs
e TO the payment of the interest; sec
r ond, TO the purchase or payment {
t one per cent. Of the whole publ
: debt per annum, TO be set apart Q
+ a sinking fund; and it argues tha
!, this setting apart of coin for th
= purchase or payment of the bond
+ was another recognition in the la
: itself that they were coin bond
:. Now, in reply to all this the Colun
g bus Crisis, which is nothing if nc
s Democratic, says amiahly of th
n New York World, which is every
:, thing and Democratic:
It "The New York World, arouse
r. by Wall street, started by arm
Is thieves during the war, which FAY
J ored the war, abused those wi
y objected to it, favored negro su
;, frage, and opposed every Democra
u ic principle worth preserving, aft,
J. the Ohio election comes out in
g lecture to the Democracy. j: 4
At Tho New York World, which HI
o.. never failed TO stab the Ohio b
d mocracy when the darkness col
'e cealed the thrust, now undertak
e to dictate what that Democrat
n shall do when it has reached Il
y sunshine"
e. Such are the longitudinal vari
lI tiOns OF the Democracy. This
+ the pleasant spirit that moved VI
landigham's tremendous prophet
declaration in the House: TT
day that witnesses the separati
of the South from the North, tn
)e self-samc day witnesses the fir
it separation of tho West from t
NJ Haat ~ -'