Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-06-24
IS n REPUDIATIOEe
T'ile Payment of the Bonds in Green
backs-A Real ''CRse IB Point"

4
baeks-A Real Case In POInt."
We have nowhere seen a more ioreible
and pointed defense Of the Pendleton
financial policy, than in the following
colloquy between bondholder and an
advocate Of greenback payment of the
fiye-twenties, reported in the Louisville
Courier of yesterday It displays the
practical workings of tho present system,
by which the mass of the people are COM
PEELED to pay a heavy annual tribute to
the comparatively few; and effectually
disposes Of the charge of reputation
brought against Mr. Pendletons plan,
and the complaint of injustice on the
the part Of bOndholders 1t is well
worthy the close attention of every man
who desires to understand this transcen~
IDENTITY important subject, 1t is as fol>
lows
A great public question was elueidated
in a striking manner the other day during
the progress of private conversation. The
details Of transaction then alluded 10, are
stated below with strict accuracy, and the
transaction itself illustrates the connection
between the government and large class
of its creditors.
A glass manufacturer from Pittsburg was
a few days since in the connting-room Of
Louisville house with which he has done
large business for twenty years past. In a
conversation with his old friend, the Lou
isville merchant, he remarked that he was
not pleased with the nomination Of Grant.
and would not support him unless Pen
dleton should be the opposing candidate,
"ln that case" said he, 81 shall vote for
Grant because ] contributed TO the support
of the government in the hour Of its dis
tress, and Mr.. Pendleton would compel me
TO accept greenbacks for the bonds which
! hold. That would be reputation"
81 remember that Investment Of yOurs"
said the Louisville merchant "You sold
$4,000 in gold at 2S2 in 1864, and bought
gold bearing United States bonds, for
which you paid "a in greenbacks."
Exactly so, said the Pittsburg gentle
man.
Then" said his friend, you exchanged |
your $4,000 in gold for SIS 200 iti green
backs and these you exchanged for $500 |
in United States bonds. Go these bonds /
the government has annually paid you an
interest Of $500 in gold, which is eighteen |
per cent per annum on the sum You in /
vested in government securities. Your in |
terest in four years has returned into your /
pockets $1,000 of your $4,000 in gold dol 4
lars, and you claim that the government /
owes You $4,000 more in gold III in four |
years you receive $37, 200 10 return for $lO- |
coo, your patriotism will be we'll rewarded /
indeed"
81 am not responsible for the bad man
agement Of the government" said the Pitts
burg gentleman. 81 was fnanciering for
myself aud not for the government, aud L
only ask it TO keep ils engagements "a / /
keep mine"
but While yOu were nnanclering 10! YOUR
self" said his friend, you should have OBJ
served the strik,og fact, that while the
bonds promised 90, for the interest they
did pot specify the money in which the
principal was 10 be paid. Moreover the
yreenbacks with which you bought those
bonds bore this legend
" This note is a legal tcadcT for al debts,
public and pirate, except duties on imports,
and The interest Of he public debt
Every one Of those notes which has
PASSED through your hands before you
bought the bonds, and since, has been a no.
ice served on you by the government that
he principal Of your bonds is payable in
,reehbacks. Accordingly, you see the
government is paying its other debts in
,reenbacks So il paid the soldiers for en-
Turing tolls, and Drawing dangers. Even
he pitiful pension Of the disabled private
4 paid in greebbacks and the widow is
aid for the lost labor Of the husband, who |
les moldering in 4 soldiers grave. What
ave you done that the government shall
make an exception in your favor p
hold its bonds, replied the glass
manufacturer, and though the bopds may
iii 70 specify anything Of the sort, yet
here is an implied obligation, whenever 4
overnment Issues such bonds, that the
fincipal shall be paid in gold. "
"Bui," rejoined the merchant, that inn l
lied obligation is directly negatived by /
be inscription on the greenbaeks, and
egatived also by the wording ofthe bonds,
Inch carefully specifies gold for the in T
rest aud carefully omits any specification Z
J 70 how the principal is TO be paid; thus
'aying that point optional with the gov
-nment, Moreover, the greenbacks them r
llvea are notes bonds, promises 60 pay 3
bach the government Is as much obligated a
pay IN coin as any other description OF :
onds whatever. IL the government sub. q
flutes lie greeubaek hotes for its bonds 10 .