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

In tho course OF President Johnson's
last message, this paragraph occurs:
"our national credit should be sa-
cretlT observed; but In making pro-
vision for our creditors we should not
E1Tvet what Is due 10 the masses OF the
pcoplc. 1t may be assumed that the
holders of our securities have already
received uppn their bonds larger
amount than their original investment :
measured nv "A gold standard. Upon
this statement OF facts it would seem
but lust and equitable that the six per
cent interest now paid ana by the Gov
eminent should be applied TO the reduce
ton OF the principal i'll semi'annual in
stalments, which in sixteen years and
eight months would liquidate the entire
national debt. Six per cent, in gold
would Mt present rates be equal TO nine
per cent. i'll currency, and equiHhieht
10 the payment of the debt one anu u
half times in fraction less than seven
'een wears. This, in connection Win
all the other advantages derived from
their investment, would hIoru 10 inc
public creditors a fair and liberal com
pensation for the use OF IhelF caPl nI
TLa lessons of the past admonish the
lander that it Is not well to be over nnH-
ions in exRcting from the borrower rigid
cnnopliance with the letter oithe bond. p"
The exquisite irony of the first sem
teuce in the above extract is unoquall-
ed in the history Of State papers. Our
nstional credit ia to be sacredly OBJ
served-by unblemishingly refusing to
fulfill an obligation to which we have
sacredly pledged the national faith
For the tenor CT all the bonds issued
by the Government is, not only that the
principal shall be paid at maturity, but
that interes, shall be paid in the mean
time; and 10 require man who has re-
caived the stipulated Interest for sixteen
wears aud eight month t, surrender, at
tile expiration Of that lime, his claim
for any further compensation, is meth
ing more nor less than Republication.
The hint conveyed in the lust sentence
of the paragraph quoted is also deli.
cately suggestive: at is not well to be
over anxious in exEctinS from the bor
rover rigid compliance with the letter
of the bond" When tue late lamented
DR.. Webster, of Boston. was somewhat
too i,npatientIy dunncd by his creditor
DE-. PATkman, he ingeniously knocked
him,down. and aiterwaTd burned up
his body in n furnace. Tho American
people, President johnson would re.
mind us. are likely, II hard pushed, 10
treat their creditors i'll the same way;
the more especially as they could not,
like DIR. Webster, be made TO swing for
their conduct on the gallows. But that
they would, under any circumstances,
receive the same verdict at the hands OF
the world as DIR. Webster received at
the hands of an unsympathizlng Massa-
chusctis jury, we have no manner Ct
doubt.
O;the at.euIpt " hich President Sohn-
son makes to justify his proposal, by
urging Ihat the holders of our securi-
ties have already received all they are
entitled TO, aud more, it is hardly pos
sible TO speak with patience. IL the fact
were as he stated it. it would afford no
reason for not doing what we agreed TO
do. But, on the contrary, the truth Is,
held by the people who gave what was
equal TO more than par for il in gold
Millions OF dollars of notes and mort
cages and bank deposits, made when
gold was the only legal tender, were
paid OF in Ereenbacks, and those
greenbacks exchanged for bonds at n
considerable premium. To renndiate
these bonds, either now or seventeen
years hence, would be the Grossest out
rage on our creditors, as we'll rs vio-
la;ion of our pliGhied word.
In short, President Johuson's propo-
sition is rs atrocious in principle as it
Is bunGling in form. If we are to at
tempt tbs highwayman's game and cry
"S!and and deliver! !" TO our creditors,
let US DO it at once instead OF postpon-
ing it seventeen years. We have as
good right to do it now as we shall
have then, aId We should save by do
ing it now very pretty sum OF money
TO compensate US for the ipfimy we
should incur.