New-York tribune., 1868-08-15
FINDING TIE NATIONAL DEBT

"A Bondholder" wants to know in whatmOney
we would pay the Five-Twenty bonds in case
the holders should refuse to convert them into
the proposed new ConsOl. How can such a
question be asked of us7 When the Govern
ment, engaged in a desperate and doubtful con-
test for the National existence, sorely needed
money, we for years exhausted every form OF
argument exhortatiOn, entreaty, to induce
every one who had money, or property
that could be converted into money, to take
these bonds We sold real estate for less than
half its present value in order to invest the
proceeds in these bonds. Others did likewise
at our personal solicitation. We assured every
one, over and over again, that these bonds
would be paid at maturity in gold. Thaddous
Stevens had so stated IN advocating the Legal
Tender act So did Hon. L. @. Spaulding,
Hon. Samuel Hooper, and other members of
the Committee which formed and carried that
act. So said, after them, our three Secretaries
of the Treasury since LincOlns first inauSura-
tion-Chase, Fessonden, McCullOch SO said
every agent employed for the Government to
advertise those bonds and get them taken so
fast as~pessible ir~ order that our vast armies
should be clothed, equipped, armed, fed, and
As1i.
There was no diverse opinion at that critical
time. A good many Copperheads contonded
that the War Debt would never he paid at all
that it would become so large that what was
left of the Union after the Confcderacy should
be recognized (Which they regarded as inevita-
ble) would never be able to pay and would not
try to pay it. But the suggestion that it might
be paid off in other promises, these to bear no
interest and be paid at convenience (practi-
cally, never was never e. sesCed by any one
till a much later day.
Now then, the bonds were authorized issued
advertised, commended, ard taken, on the
strength of these assurances. 10th parties to
the transaction clearly understood that the
principal was payable in gold when payable at
ALL as the interest specifically was. What be-
comes, then, of the dirty dishonest qnibblc that
they may be paid in Greenbacks, because the
Legal Tender act says the GIeenbacks are
legal tender for "dH debts, public and private p
Who but a lawyer-and one familiar with the
lowest tricks and Quirks of attorneys for crimi-
nals-coud have devised such dodge? Just
consider again what DR.. Paley, in his Moral
Philosophy, reiterating the teachings of ethical
philosophers in all ages, sets forth as the scope
and extent of the obligation incurred by
promise: -......e. s..r. 1
II. IN tchdt sense are promises 10 be iniefpreedF
Where the terms Of promise admit OF more senses
rh'eh ne pronser opprehended at he Time hat The prom
1t Is not the sense in which the promser actually in
tended 1t that always governs the Interpretation Of an
equiv oca promise because at that rate you might
cite expectations which you meant would be
obliged, to satisfy Much less is 1t the sense in which
the prOmsee actually received the promise; for accord
ing TO that rule you might be drawn into engagements
which you designed to undertake. 1t must. there
fore be the sense Qor there Is no other remaining in
hch e prOmiser betiered that Tie prOmisee accepted his
promise
Need we add word
Mr.. Stevens was an old man, and his facul-
ties were failing, when he gave his sanction to
the Greenback dodge. He evidently had for
gotten what he said in advocacy of the Legal
Tender act for, though he said he should an
swer Gen. Garfeld's structures thereon he took
care not to do it, though he wrote one or two
letters on the subject thereafter. What could
he say-able as he was-to change the plain
import of his own recorded words2
There may be an honest man who believes |
that the Five-Twenty bonds may lawfully, if |
not honestly, be paid off in Greenbacks. We |
rejoice that no such man has right to put |
MS hand into our pockets. Our estimate of |
ais integrity was forcbly indicated by the
COlored American who, being asked to give on
path his opinion of the honesty of party to
ihe case ON trial. responded" Well, sar, if l
was a chicken and | saw that gentleman
around, | should rOest pretty high" We
rust no one will again ask in what currency
We consider the Five-Twenty bonds payable.
We have owned none for years, and shall take
are not to own any while this issue remains
undecided; but he who asks us whether bond
laving twenty years to run, and meantime
Irawing interest in gold at six per cent, may
lot be honestly paid off by rendering its face
n notes, drawing no interest, payable at no
pecifed time, and worth forty per cent. less
han the dollars they falsely personate, i'm
'eaches either our integrity or our sanity.
=" How then, do you expect 70 get six per