The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-08-12
A PlaIn Case.

10 confuse people Dy general anu aIus
biguous phrases in regard to the fnan-
ces:
First: That the greater part of the
national debt is not due; that we need
not pay it unless we choose to do SO.
Second: That If we wish to pay it,
we must either raise by taxation an
excess of revenue over our expenses,
or print more pieces of paper and call
them money; and what the latter
means, Horatio Seymour In recent
speech graphically explained, when he
declared that, like the rebels toward
the close OF the war, we shoald have to
go to market with basketful Of mon
ey to buy pocket-bookful of provis-
ions.
| Third: That merely exchanging one
piece of pretty paper called Eve
twenty bond for another piece of paper
called greenback, unless raised by
taxation, does not pay the bond. 1t
would answer every purpose to cut off
all the interest coupons from the bonds
and make them legal tender, besides
saving the. expense of printing the
greenbacks.
Fourth: That until the Democratic
Journals and orators have shown how
the debt can be paid except by raising
two billions by taxation or printing
two billions OF greenbacks, they are
humbugging you whenever they talk
OF paying the debt.
Fifth: That "gold for the bondhold-
err" as the Democrats put it, means
nothing more than that the interest of
the debt, payable in gold, amounts to
the rate per cent. of interest in green
backs plus the premium on gold. If a
man is entitled to six per cent. gold in
terest, and the premium on gold is for
ty per cent, he gets eight and four
tenlhs per cent. interest reconed in
greenbacks. If you think this in
terest is excessive and burdensome,
there are two ways of reducing it. The
first way is to be dishonest, repudiate
the law, and declare that you will no
longer pay him six per cent. in gold as
you agreed. The other way is "to SO
improve the credit that capitalists will
seek to loan us money at lower rates of
interest than VIC now pay" as tho Re-
publican platform declares.
Sixth. That capitalists will not seek
to loan us money at lever rates of in
terest, SO long as we threaten to pay
what we owe by exchanging one piece
of paper bearing interest for another
piece bearing no interest; or so long as
we threaten to reduce the rate of inter-
est by taxing 1t, or by insisting upon
paying, at its greenback value, the in
terest which was pledged TO be paid at
its gold value. In other words, just SO
long as we discuss the best ways and
means of cheating, just SO long will
capitalists refuse to trust us; so that
we must either continue to pay our
present rate orinterest or carry out our
threats and cheat our creditors.
These considerations are altogether
apart from, and independent of, the
question as to whether the principal of
the bonds is payable in gold or green
backs. Even admitting for the sake of
argument, that the bonds are payable
in deprecated paper, when, by usage
lu6 "OElU over III SO4SeuL anu AOAeS6
corporations and governments never
think OF redeeming their obligations,
except dollar for dollar in metal or its
equivalent; but admitting, we say, that
the bonds are due and payable in green
backs today, the question with which
to puzzle Democrat is: "Where are
you going to get your greenbacks
Do you intend to raise them by taxa
ton, or do you intend to manufacture
them with the printing press ?" If by
the first method. then we are to be bur-
dened with heavier taxes than are now
imposed. If by the second we are to go
through the experience ofthe Southern
Confederacy, and not be able to pur-
chase loaf of bread for hundred or a
a thousand paper dollars.