The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1867-10-03

THE NATIONAL FINANCES !. i i

HEaNATI0NAL FINANCES
The Copperhead Scheme Of Re
pudiation, Senator Sliern1an's
Views. i.'.iaa n li1fIR
From speech made at Cincinnati
ion Saturday last bys Senator Sher-
man Of Ohio We make the following
extracts oH the financial sirnatios !
Iwill now speakto you uboutdthe
question of greenbacks. II want Il
present that as, plain, simple and
practical as-I can, Certain men in
tho Democratic party propose To pay
our n,itiohal debt in gfcenbacks,2 and
Iif We had the power to doit, it would
not be right to,doi That would be
ONO reason why itshould not bedone.
I'VE ought not to do it. First, be.
Eca,isc It would be unjust to the bond
holders to do so--to' give them in
exchange for an interest bearing Sc
lcurity, 2 security that bore no inter
est, and take away from them all the
income from the property OF money
they loaned to- the government. II
would not beiproper5dr faiflto doi9it.
1t would be as unjust as for y ,manto
undertake to take from you'. a mort
gage note, with interest, and give
ycil in its pfacc'a due bill, without
interest. In woatd be unjust, aan,i
that is not ALI Tho result otsncil al,
enormous issue, off, paper, money as
would be necessary to pay, off the
bonded debt Of the country, would be
ito, ,destrby al values in'this country.
II would absolutely work rain sand
devastationagoIs would bring Il ABOUT
'snch a, state of things that "a poor
man would have to carry a peck Of
greenbacks to market to buy a peck
of potatoes. "A similar condition Of
affairs mightsoccurthaE occr rred i'm
the Southern Confederaey during the
war, or in this country during. the
revolutionary war, or in France du-
ring the revolution under the asst q
nat system Such an,issue of green-
backs,ior any kind ofcurrency would
utterly destroy all mediums Of. .exn
change and value. Experience has
taught all nations bf the world that
only 4 limited amount of money-pa-
per, moneyHcan be keptiafloat or in
circulation, whether national bank
notes or any other kind Of currency.
The highest amount is estimated at
from twenty five to thirty dollars to
the individual. ] No more than that
can be maintained in any, country.t44
'Expcrjence has shown that not even
that amount can be maintained at
par; but .ifyou were. toissue an amount
'of, greenbacks sufficient g to pay Of
yoar fbondsdidebt, they would sink if
value until they woald eeaee.to boi I,
medium Of exchange, and the people
would sonn be obliged ito go back to
the old system ofbartear! and exchange.
II would be utterly impossible to
maintain in circulation such an enor-
nous amount ofgxgreenbacks. And
suppose they should carry out ;this
'Uptopiap scheme. is the debt paid?-
Suppose you pay off TIE whole Of
your bonded Indebtedness in green
backs, is not the nation as much in
debt as before? UndoubtedlymdYou
have not paid offthe debt. Hewwill
you pay, off the greenbacks? ! You
would have to 90 back again TO the
issue of bonds to retire the green
backs. The whole proposition is d
Utopian, demagogical, mean, dirty,
nasty scheme, which no party but
the Goppcrhead party lotitho United
.s States = could ltiF's invent; [ApPlaspss l
Whenlthe Democrats, for'elecCion.
eering, purposespropose to pay off the
bonded debt Of the United States by
another issue'of grcenbacks III excess
OF the amount. authorized by law,
they do it in plain violation of the
terms of The law nndeF which the
first legal tender notes were issued.
And such an act, if any man, would
have the madness to propose it in
Congress, would be an act that would
dishonor and Disgrace Our Country as
much asfany, other acs of repndiation
.conld- 1t would be such plain and
palpable violation of the law that I
.do'not believe the men who now pro.
pose it would doit.l.73 1ui-l 'Eaa'
ils3 *siio~:1o' *i1 le* n9i*qo sgid
Why. my countrymen, we arc so
rich and prosperous in this great
country of ours that we ought never
to dream or think of violating our
public faith. Il We have country SO
vast, stretching from the Atlantic to
the Pacific, and from the Gulf to
Canada. destined, lbchcve, to EN-.
brace the whole-continent; with our
varie,tfresonrces, ourteautfai fields OF
grain, our mines and mineral ealth:
with thirty millions Of free ,inhabit.
ants,l in a lanol where labor il honor.
able and edacationifree3to all. y With
all these advantages we may pay of
this debt without the slightest fear
of Republication for dishonor. rAp-
'plause'] te..t 1856 9lli hos as.e 8
i eisiI3 eat fIuBofITf nI91'f b9g5tsfsIi
"a, two, headed snake was captu-
red near ,Bethlehem, KJ., a few days
ago Itwas about ten inches in length,
and though the heads were distinct,
there was but ione vertebra and one he
pelvis. There We're two eyes 10, each
head, and each mouth had the same
appearance and Size. Sometimes Il
would dart out one tongue and some,
times the The Other and at times both