The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1868-07-23

eplainaneaning.is that he shall on
ly sell the bonds as he can redeem an
equal amount. He would notsell these
bonds at aless price than the market
value Of the twentfes but he~ean'
do that or make the exchange.
Mr. Morton.-I presume the chairman
of the committee is entirely right upon
that point but the practical difficulty
is-tkRt the, Secretary can not sell them
for more than par; that in liotbc pre-
andahe can not buy the existing
aTe-twenty bonds at par. SO there can
be nothing done i'm the way of buying.
them on the market Then there CAN
benothing done in the way of + eA-.
change. because the old bonds command
a premium. while the new ones do not.
Therefore the holders yfTthe old IbohGls
would lpse, by. the ueNchange. Then
there can be nothing Jlone. with these
bonds unless he aVafleS himself, Of the
lawful right of.the Govern uieitt totak q
iiye-twenly bonds by pay ing them; off
in legal tender notes. 1 AaYeoitenheara
1t said that unless You issue more green
backs. tou can not rcdeeIn the i've
twenties in greenbacks. i have shown
that that Is 4 mistakei that byi selling,
the new bonds at par, To he paid for iil,
the existing legal tender notes, those,
notes, when thus. received. can &c an.i
piled iii )iydeefaing and absolutely pay =
ing off Il portion Of the existing. five
twenty honds. arsE I ;.,.i.t SOD 81
amr in favor myself Of passing the
first section of this bill. l am iii favor
of trying to give all additional value to
these boitls by the length of time that
has been liked i'll the bill for. them to
run. j hat is tl.c only advantage they
will h;ivc over the old bond.
One word in REGARD 10 the amend n, ont
of the Senator from Maine, which is to
make these bonds all redeema bic; at. the
pleasure of,the Governments after ten
years. He takes away the indl1cemcnt
to buy these bonds. He SAYS however,
that these bonds can be made available
by the existence of u doubt Tin, the pub
lie mind as to how they shall be paid.
whether they shall be 4paid in gold or
in greenbacks. I should like to ask that
distinguished Senator if itisEvery broad
statesmanship to hang a great,measure
of this Kind simply upon, adoubt exist
ing in the public mind'?s ISery, much
prefer making frank statement Of
this question to the W wheleicountry As
the law is written,,se it must remain
you can not help it; you can not rub it
out. you can not argue the seal off the
bond; and the distinguished Senators
to whom ! have referred, with all.their
ability and genuity. can not .tak e
a single word from these four. stat
utes. - e." .'-' Iet7
B I am in favor of rendering this fund.-
ing bill to the country!IaI hope it will
be accepted; hope it may be received :.
but. sir. to make Il candid confession, j
have very little faith in any finding
bill until such tfmeias we have returned
to specie payments. believe we could
return to them III a very short time by
legislation in that direction. : With a
surplus Of over eighty million dollars
of geldir the Treasury. and with ali
accruing surplus from month to month
it We were simply to say that the gold
we now thus hold and the gold we shall
receive in surplus shall be applied TO
the redemption of these Iegai-teiiderl
notes it would send the premium on
gold down one half at the very begin-
ming. The very existence of that gold
standing in the shadow behind these
legal-tendefnotes although the Govern
ment had declared no purpose in hold
ing that gold, has given strength and
value to these notes, simply, from the
impression upon the part Of the people
OF the Unitea States that some time or
others gold will be applied toi1 the
redemption of these notes. | believe
that the accumulationo of surplus. gold
in the Treasury with what we now
have. even for a year or a year and Il
half, woilld he sufficient to enable us.to
begin the work kofredemption and place
the legal-tender notes at par. and then
all these troublesome questions Will
disappear; but. sir. until that is done,
they Will remain to plague u.s.. guE- tstsi