The Elk advocate. [volume] (Ridgway, Elk Co., Pa.) 186?-1868, 1868-08-01
RADINAL HYPOO9LSK.

The Radical cant about public faith
with the bondbolders is at once hypocrit-
ical and absurd. At the very beginning
Of the war, Congress passed the Legal
Tender Act which made grecnbacks a
substitute for coin in payment of debts.
This wanton violation Of the rights Of
property immediately struck off the face
Of every State, Company, and individu--
al obligation the difference between the
value of gold and grcenbOcks. 1t shay
ed all credits of the people to the extent
of depreciation of the government cur
rency, Under its operation contracts
made in gold and payable in gold were
liquidated in paper at times. worth but
~ cents on the dollar. Radical legisla
tion thus compelled creditors to accept
S400 in full satisfaction for 1000. Radl-
Gals everywhere fastened to avail them
selves of the advantages of the netario
Gus Act. None of them dreampt Of
paying in gold when they had the op>
pertunity to pay in paper. 1t made no
difference to them that their obligations
expressly called for the payment of gold
and si1Uer money ofhe United States.
1t was enough that they could pay in
deprecated paper. They universally
did so and thereby repudiated part of
their private debts.
After the passage of the Legal Tender
Act the Radicals paid not only the prin-
cipal but the interest of their individual
debts in paper, notwithstanding that
their obligations called for payment OF
principal and interest in gold. Railroad,
canal, insurance and trust companies,
banks and saving institutions, managed
entirely or mainly by Radicals, paid in
paper the principal and interest of debts
for which they received gold and prom
ised to pay gold. All the State govern
mcnts in the North, then under the con.
troll Of the Radicals, paid in paper the
principal and interest of loans for which
they had received coin. Pennsylvania
and New York, indeed for a short time
after the passage of the Legal Tender
Act, made feeble effort to to pay their
interest in gold, thereby acknowledging
their duty to continue to do so but the
premiums soon became so inconvenient-
ly high that the Radical legislatures of
these States, like all the rest, struck their
colors and settled in grecnbacks. And
about twelve months ago the Radical
Governor and Legislature of Pcnnsylva-
MIA paid the whole funded debt Of the
Comm, wealth in legal tender notes,
although the State had received gold
for every bond, and the Legislature had
expressly promised to pay gold for every
bond. Besides this, the Legislature Of
Pennsylvania for years taxed the bonds
OF the State like every other description
of property.
| In view Of these facts, we repeat tha
the opposition of the Radicals to the
payment of the principal of the FIVE
twenty bonds in legal tender notes il
hypocritical and iucredulous. Either
course in every other similar transaction
shows that they entertain neither prin.
ciple nor scruple on the subject.
| Their attempt to burthen the country
with the payment of these bonds in golC
is merely bic for the political support o
the bonGholders. 1t is an unscrupulou
effort to purchase the aid and inAuanc,
Of money lenders and capitalists at tn,
expense Of the sweat and blood of th,
laboring classes and tax payers of th'
nation.