The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1868-09-24
ONE CURRENCY FOR ALL.

But the Democracy does not pro-
pose to issue any new series of tax
able bonds. Why? Because it pro
poses to pay off the existing bonds
and stop the interest altogether.-
This is its proposition. If it be ac-
complished there will then be no
bonds remaining to be taxed. Why
then trouble ourselves about the
subject Of taxing bonds? And why
is the Democracy bowling from one
end of the earth to the other upon
the subject of their taxation, when
they propose, if elevated to power,
to Immediately extinguish them p
In this connection comes their fas-
cinatihg but delusive theory of one
currency for all-the bondholder
and the plowholder But what is
meant by this ? Those who shout
it disagree. Seymour and Belmont
contend for gold or its equivalent,
Pendleton and Rrick Pomeroy for
Greenbacks alone. Its real mean
ing is deception, either this or repu-
diation. Why2 Because the faith
of the Government is pledged for
the payment in gold of at least
S500,000,000 Give hundred million
doliars) of our national securities
the 1O-40 and other bonds. Mr..
Fendleton and Vallandigham, and
the whole school Of greenbackers,
admit that these must be paid in
gold, according to the contract.
If this be so, in order to secure
one currency only, all the other
bonds must also be paid in gold.-
NO." says Mr.. Pendleton, the 500
bonds shall be paid in greenbacks at
once, and the interest stopped alto
gether. Suppose you do it. Gold
must still be provided for the pay
ment of the 10 40 bonds, otherwise
the pledged faith and contract of the
Government must be repudiated.-
We shall still have then, not one
currency for all, but Two currencies
gold for the 10 40 bondholders,
and greenbacks for the toiling plow-
holders, and this under the Demo
cratic theory. One currency for all
then, is sheer delusion-the pot of
gold at the foot of the rainbow, the
gilded promise which is never to be
realized, and thus ends the infatua-
tionfof one currency for all. We
must then have two currencies, and
all the disadvantages that would re-
suit from them, even though the
Democracy be elevated to power
We must still provide gold for gold
bearing bonds, although the 5 20
bonds are payable in greenbacks.
Are they payable in greenbacks
According to the letter of the law
under which they were issued think
they are At the time the $40 bonds
were put in circulation there existed
upon the statute book, provision
declaring that legal tender notes
should be receivable in payment o.
all public and private Indebtedness
except for interest upon tie nation
al debt and custom dues. Nothing
contained in the 20 bonds make
them an exception to the genera
provision of the law. According te
its letter, therefore, the principal O
bonds is payable in legal tender
notes.
Are they so payable, according tt
the spirit of the law? I think they
are. But what is the spirit of the
law? 1t is this: AT the time thos'
bonds were issued, the law contsin
ed a provision that no more THAI
four hundred millions of dollars o
greenbacks should ever be put il
circulation, and the faith of the Gov
ernment was pledged to this limita
ton. Under it our people subscrib
ed for and purchased the 500 bonds
with the distinct understanding tina
no more than four hundred million
dollars of legal tender notes shoul
ever be issued by the Governmen
They were willing to hazard tn
fluctuations in the value of that. vol
ume, and accepted the bonds payf
BILE therein accordingly. But the
were unwilling to accept those bond
without such limitation; unwillin
that the Government should there
after arbitrarily. blythe exc rcise c
its power, deprecia te the value {
the currency in which their bond
were payable.