The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-08-18
Governor Stanton on the Finance.

lnere being no further business, the
Board adjourned.
Governor Stanton on the Finances.
Mr.. BENJAMIN STANTON, formerly of
Ohio, but now of this city, gentleman
whose speeches in favo: Of recognizing
the Confederacy in case that Govern
ment could sustain itself for two years
of war, are familiar to the public, re-
hearsed some remarks about.the finances
at Washington Hall on last Wednesday
evening. We learn that q few select
friends were present and we presume
that they approved his views as they
have since been Eade public. He says:
wish to state one or two plain prop
ositions about the payment OF the bonds
in greenbacks.
Every man understandsperfectly that
when government borrows money and
gives its bond, it creates the relation of
debtor and creditor between the bor-
rover and lender, and that the same
principles of common honesty that reg
ulate dealings between two individuals
regulate the rights of the borrower and
Of the lender, although one be gov
ernment.
Let us grant this. The Government
stands then upon the same footing as
any other debtor, and tue bondholder
upon the same footing as any other
creditor. The debts of the Government,
according to Mr.. STANTON, should be
held just as sacred as those of individu-
ais, sHd no more.
The legal tender act makes all private
debts payable in legal tender notes. a
Radical Congress and Radical Courts
have declared greenbacks to be good
enough to pay gold contracts, between
individuals. Mr.. STANToN's claim that
"the same principle of common honesty
that regulates dealings between two in
dividuals" should regulate the dealings
of Government with its creditors, runs
him squarely into greenback redemp-
tion. For, according to his party's
construction of Common honesty"
gold debts and paper debts alike, be-
tween individuals, are payable in cur
rency.
Mr.. STANTON discourses further:
The Government of the United States
has borrowed money and given its
bonds. The question is, in what shall
the bonds be paid 7 You say in "green-
backs" What is greenback! A
promise to pay. That is, you propose
now, when your creditor comes TO you,
to say:
"Ccrtainly, l am ready to pay my
bond.S
"What will you pay it inT"
81 will give you new note"
"Well, what will you pay the note in'
When that comes due will you give me
another Eotei What is it ultimately
to be paid in n
Now, if this Government owes two
thousand millions of bonds and redccms
them with two thousand millions of
greenbacks, will it owe any less' 1t
will have given two hundred millions of
new notes for precisely the same
amount of other notes. And how are
tho new notes to be paid' do not see
that You have reduced your debt any.
You have delayed the day of payment,
that is all.
ooh, but" says the party, "we will
get rid of the interest"
Now, will that do amongst honest
men' / have Capt. McLurc's note for u
thousand dollars, bearing interest at six
per cent. He comes to me and says "
want to pay you. will give you new
note payable in twenty years, without
interest" Now, if he has power to
compel me to take it, and does compel
me to take it, is not he scoundrel
[Applause.]
This is muddle, if anything, butnot
difficult to clear up. The Government
has the privilege of paying the $50
bonds in five years from the date of issue.
In what shall it pay themf If in gold,
why is it stipulated that the interest
only shall be paid in gold 7 Mr.. STAN
TON is probably lawyer enough to
know that the expression of gold as in
terest, in this case, excludes the idea
that the principal is payable in that
medium. The absence of coin stipu
lation compels the conclusion that
these bonds are redeemable in paper,
and if there is any scoundrelism abont
it, the party is responsible which has
made greenbacks ga legal tender for
all debts, PUBLIC and pirate" Granted
that the greeuback redemption merely
exchanges one debt fer another. Has
not the Radical party compelled the
people to take greenbacks, debt of the
Government, for the debt Off individ-
ual, and call the process full payment !
What is that process but the exchange
of one debt for anotheri
Mr.. STANTON would here draw distinc-
tion between the creditors Of the Gov
ernment and the creditors of individu-
ais, giving marked advantage to the
former. The law makes no such dis.
elimination. While the Democrats OBJ
jected to it's passage, they were forced
to obey it, The people having submit
ted to its disadvantages are now enti-
tied to its benefits, and if Radical folks
don't like it they must blame law of
their own framing.
FROM CABELL COUNTY.
CABELL COURT HOUSE, VIVA,
August Z, 1868. !