The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-06-29
Tne Copperhead Greenback HumDu
FTom he Indianapolis Journal.

the Copperhead Greenback HumDug.
From Tie Indianapolis Journal.
Immense efforts have been put forth
by Democratic organs in the West to
manufacture political capital for their
party by proposing the payment OF the
public debt in greenba cks. They pre-
tend that the right of the Government
to do this is Democratic discovery,
Int for which every debt owing by the
later, in gold. This Is untrue. There
has never been time that the Secre-
tary of the Treasury could not use
every surplus dollar of greenbacks In
redeeming some form OF public debt
and If he had hundred millions to-day
he could apply it all, under existing
laws, to that object. The difficulty is
not that the Secretary cannot use green
backs in paying public Indebtedness,
but that he Is not able to get enough
for the purpose. National banks and
private capitalists now hold htty
millions of three per cent certificates,
issued in redemption of an equal
amount of i've per cent and six per
cent treasury notes, all OF when
were payable in legal tender green
backs, us are the three per cent
Issued in their stead. All the seven.
thirty bonds are due or will be in
short time. Those past due the Secre-
backs, but he has not the currency to
pay them with, and therefore has
advertised that he will continue to re-
ceiye them for conversion into i've
twenty bonds. He has millions OF gold
lying in the treasury vaults, with
which he might redeem seven-t -thtrtles
at a heavy discount, but he fails TO use
1t, A proposition was submitted in the
the House of Representatives day or
to ago, to compel him to sell the surplus
gold for greenbacks and apply them TO
the interest bearing debt. We hope 1t
will pass, or, what we think would be
better; that he shall be required TO offer,
from time to time, such sums of gold
as the treasurer has no Immediate use
for in exchange for bonds, those offering
the best terms for tho Government to
be preferred. In this way, we should
get in the bonds at prices equivalent to
their redemption in greenbacks, and
all OF the latter currency that could be
spared after paying the current expen-
ses of the Government might still be
employed in discharging that class OF
debts expressly payable In lawful
money.
The only distinctive element in the
Pendleton programme was that enough
preenbacks should be printed to re.
deem every class OF bonds, save the
p-forties, as fast as they attained the
age of five years, the Government hay
ing the option to redeem them after five
years from their date, or at the explra-
ton of twenty years. There was a dl-
rectness in this proposition that every
hodv could understand, and 1t was
Immensely popular with all who favor
ed repudiation of the public debt, for
they reasoned correctly that an addi-
tional issue of greenbacks to the
amount of $4,000, 900, ,0o0.. would be
equivalent to a direct repndiation of the
bonded debt, and that 1t would be
speedily followed by repudiation of
the flood of greenbacks.
But OF late the Democratic newspa-
per organs have denied that either the
party or Mr.. Pendleton favor the issue
OF any considerable addition TO the
present paper currency. Indeed, they
have wandered SO far from their orig
inal ereenback project that they furi-
ously assail as liars those Republicans
who represent them as faVoring the
printing press mode of raising green
backs wherewith to retire the hYe.
twenty bonds. s..- q
On this change or base being. an
nounced, we begged the Sentinel, which
we supposed knew what Democratic
principles and measures were, at least
in this State, to inform us how Its party
proposed to redeem the pnblic debt
with greenbaoks any faster than has
been done heretofore, unless by new
and enlarged issue OF themi put II mas
not yentured to answer. We have also
Inquired of our neIghbor whether the
Democratic party is prepared to adVo-
cate increased taxation for the purpose
OF raising moro greenbacks to be en-
ployed In paying the interest-bearing
debt. To this question It gives no
response. The raot is. The PEN
- mt HaRlaFa them.
selves either in favor OF the
manufacture of more legal ten
ders by the Government printing
presses, or of increasing the taxes.
This being the case, what is their LETT OF
their hobby of paying the bonded DEBT
in greenbacks, except a declaration OF
the abstract right of the Goverumentto to
pay in that currency when 1t has ttr
Absolutely nothing. But they can not
rallY recruits on an abstraction. espect-
ally in this instance, for the Govern
ment WAS paying out Sreenpacks al
Pendleton's humbug scheme was
broached, and 1t has been doing SO
ever since.
How are the five-twenties to be paid
at the rate OF five hundred millions per
annum, except by heavier taxation OF
the manufacture of more greenbacksI
SO contemptuously described by Mr..
Pendleton in his Congressional speech
of 1862, as 'sIugitives and vagsbonds in
the earth?" Until the hehypocritical Dem
ocratic converts to greenback cur
rency are prepared to take a position in
favor of one or the other OF these meth
ods of providing means for liquidating
the interest bearing debt, their har-
rangues about paying in greenhacks
scarcely amount to q plausible hum
bug. The whole thing is cheat and a
swfndle, intended tn deceive the credu-
lons and win a few votes to the Copper
head cause, on the false pretense that
they can somehow dispose OF the pup-
| lie debt In a way that will cost the peo-
pie nothing.
- nnn LBS. sueAR.ouREp nAMs.