The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1868-03-07
3)olitirat.
THE BOND QUESTION.
ARGUMENTS FROM DNlEOCkATIC
BON DRLDIDER. 81 ~

cratic candidate for lieutenant governor of In
diana, is the holder of same government bonds
which fact has been the subject of much COM
mcnt by the radical press OF tina. state, which
atiects to doubt his sincerity in accepting the
''gTcenback' plank in the platform adopted
by the convention which put him in nomina-
ton Taking for his text an article from one
cf those radical papers, the gist Of which is in
the extract given below, Mr.. Edgcrton adj
dresses the reply which follows, to the Fort
Wayne Democrat. While Mr.. Edgerton thus
ably defends the democratic policy in regard
80 the public debt, he stands before the coun-
my as an honest man and true democrat, in
honorable contrast with the radical bondocra-
g, who would fasten, in perpetuity, their f;,ngs
upon the country's vitals, and forever place
She labor Of the nation at the mercy Of q priv
ileged moneyed aristocracy. All honor to Al
fred p Edgerton, and the noble democracy of
Indiana, of which he is Il faithful represcn-
iative:
We understand that Mr. Edgerton is large
v,
through the DaRec1dt, or any other public
source to state il he would be willing to have
she interest on his bonds stopped, and tho prn-
sipal paid him in non-interest Iaying green
Sacks, the payment 20 be made out Of the
Sl,W000O,0O0 new issue proposed by his party !.
In othel words, is Mr.. E3gcrton willing 70 take,
say 33 cents In grranbncks or one dollars
present worth OF grernh'3ks bearing six per
cent. interest in gold Il 80, he is willing to
1 ~. I i
the good Of his country. This would be patriot
10; but does Mr.. Edgcrton think it would be
very honorabe in the Government who borrow
ri this money to compel him to make such
sacrifice :-l.GfageIt3 "oar0cl.
MR.. EDGERroN's REPLY
1t seems the Lafayette ,ioaJnM and many
ether republican papers in this state insist upon
making me ''large houlholdern Their purpose
is to show that United States bondhoder
ought not to be a candidate of thc democratic
PARTY; or if he persists in being a candidate.
IL mast be at the sacrifice OF his personal inter
ests
Taking the position assigned me, as bond-
holder, and being a candidate of the democratic
party and standing on It's platform of January
8, 1868, VIII treat the questions presented
from democratic hondhollers and candidates
standpoint.
n bt Stdbctt iilIU Il democrat not connect
ed with the government for the past seven years
and not interested in amy rings in congress, or
any contracts out OF it, might legitimatelv
have some property, and some money to invest
IN paying sesurtlcs.' aud, it may be assumed
that he applied to his Investments the average
intelligence of men who had accumulated prop
erty by years of labor, and not suddenly BY
government contracts Finding himself in pos
session OF money he desired to invest at paying
rates of interest he goes into market to seek
satisfactory securities. He finds his government
in the market rs borrower. He may have had
hls own ideas as 10 the necessities OF tie govern
mont, and as to whether they were not occasion
Ell ~ reckless expenditures. and frauds and
peeuiahons, and as 80 whether it was necessary
or polite to create funded debt at all especial.
" a funded debt to be sustained and paid by the
industrial pursuits Of the country onlTE. Being
Poweress to effect any change in the policy of
the government. or in the existing state of
things, he accepts the situ.ton," and in 1864
invests 100000 in go.A in government securi-
ucS Wmcn he obtained at prices varying from
!,6@ to 2,o.5l for his gold, the average being
iSS; that L. be obtained SOS 900 in govern
ment securities, for hs 100000 in goId-the
bonds tearing six per cent interest. payable in
Sola seml-aAnually, and exempt from all taxes
he eeult have sold, If he had managed a little
closer, his gold on the eth of July, for 2,37-on
the lth for 2,S2-which would have paid still
better Such an investment, for the purpose of
lncoEe, was decidedly advantageous, as long AZ
the government could afford to pay the interest
Bnt, at the time the loan in which he invested
was on the market, there was an undercurrent
OF doubt as to its character 1t was not express.
~ payable in gold, and the government had re-
served the right to change the investment-to re-
deem or substitute some other for it, ALWAYS ac-
companies by the high national moral obligation.
implied II not expressed, that the creditor
shonid lose nothing by his loan, if in the power
OF the government to protect him. This induced
hIm to take the loan, knowing he would lose
nothing in any event as he could change his in
vestment when necessary. he did not under
SIanl the government as proposing To contract
with the lender a Spectator upor. it's necessi-
mes, who wonld demand more than his money
and rate of interest, in gold, which no other
investment would produce. It was understood
al the time these loans We're put upon the mar.
ket, lhat some change would he made in their
character after designated time Doubtless
eAere We're false repres .ntatons made TO some in
the sales OF these securities, by those ready to
rFoht by wrong doing; and it is possible that
government agents went outside of their author
Hy ana deceived me purchasers. But the
gfeaV oody OF purchasers were not deceived for
II was patent that congress could change the
loan In what manner and to what extent the
change would be made, il was left to the future
TO disclose; every one believing that in whatever
congress might do abundant opportunity would
be afforded to make the change without loss II
Il true that many hoped and were anxious that
the loan should he construed as payable in gold
and these immediately commenced their efforts
to obtain from the secretary of the treasury some
declaration of opinion to that effect If there
was at the time, "a definite understanding that
the bonds were payable in coin," in the words Of
the secretary, why apply to him, subsequently,,