The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-25

business adairs, and who would fully understand
sell out and put the whole burden upon the
middle and poorer classes. The lattes would buy .(
ments which would lead them t. vote TO- STATE
would prevent their detecting ne fac that tna
destroying their II own own prSperr. "'''
mepts Of The the i"- BY sopnstical msstate-
F tae4 ou sref long suffering they would finally de-
$50 see fa,acy and would then demand justice to
the p.eholder and that the legal tender notes should
DE made as good as gold by the Oier OF payment in
coin or conversion into bonds bearing interest
BY the use Of this inconvertibe and irredeemabe
paper money l estimate that there Is tax imposed
upon the OF the people, and cruing not TO the
government but to small portion or the community,
of not less than $780, 600 600 year me aggregale
and real estate have been ascertdneu from Tue 1iH
returns to be over $ll00) 100000 year, ana an az
lowance of one per cent is but small rate 10 allow
for the risk OF measuring all these transaeuons
with iuctuating measure of value. rms guarantee
Is not lost to the country, but Is paid by conTm-
ers to the dealers middle men by whom ex-
changes are made. IL causes an unequal ana uiluss
distribution OF the annual product OF the country.
Ii we are to pay the hve-twentv bonds In green
backs we cannot finish the job until 1873 as the lasx
OF the bonds were issued in 1858, and even General
ing the first 1--WE years. ! ask you, gentlemen II
there were no other and higher reason Tor condemn.
nT @ SG w drSer at ees. our
creditors out OF twenty or thirty per cent Oh 'he'r
claim?
chusets, General, will accept your proposltlois
and win take greenbacks for my 6ye-twenty bonds,
and now that have them say give Inc oohafs iof
"Why SO :" said the General.
"Because,'' said l, .there is no doubt as to the
law or the contract on this greenbacE bond. IL ~
due In real dollars on demand and DEMAND pay
me ext: >, on,mo. ~, c.,or,, ..,o no.n,nr .,
that note is, value five dollars +"
"But" said I, according to the letter OF the law
and OF the contract it Is DUE II reads tine O9i1e
States promise to pay five dollars to the bearer and
In the absence OF any time specified 1t Is now Que
You assert that it has different meaning. l can.
not allow you to take the letter OF one law and wnai
you call the meaning OF another Give me the letter
OF both or the meaning OF botn."
pete EXPOSURE Of the sophstcai proposton for he
so-called payment of the fve-twenty bonds.
1t win be time enough to talk about the payment
of bonds which are not yet due but only redeemabe-
when we have provided for the payment or funding
OF our demand notes.
Congress passed an act for the funding OF these
notes into long bonds bur the act failed to become
law because Andrew Johnson pocketed 1t. When
Congress meets again for business his opposition
win become nugatOry. W s
Justice is due to the people whose wages are paid
in these notes and who bear the tax caused by their
| fuctuatlng value. Redeem them, say, and d0n't
detraud the mass OF the people under the pretence
| of saving something. Don't make great financial
honest man there is no mystery in this matter OF
finance. Recognize your debt and pay as soon az
| you can; that Is the whole science OF finance.
The problem now before us is to establish the
credit of the country upon the firm basis whcho uf
| wealth and resources warrant. This requires nc
| that is required Is that sound common sense OK
which General Grant Is the great exponent. I
The first step must be to defeat the sO-cacd demo
| cratic party and elect Grant and Colfax; but we
must also defeat tile nomination or election OF all
those who claim to he republicans but do not stane
| upon the platform of the party. We must not en-
! barrass the administration of President Grant by
| eecting to Congress men who have not sufficient
political sagacity to avoid giving aid and comfort to
the enemy by advocating disguised reputation IN
der the cover OF ega quiDbe men who clam 10
regard the letter OF the law under which the i've
twenty bonds have been issued and ignore the letter
but substitute their own meaning, OF the law under
which the greenhacks were issued.
Netther must we eInbarrasS the administration OF
President Grant by eecting men to Congress who
Will take from his administration the power TO bor-
row more money should 1t be needed TO put down
the rebellion now threatened. This we should do II
we by our representatives authorize local taxation
upon United States bonds. n r.f u
AS our true, honest upright Treasurer Spinner has
30 well sad:-- & tih m r1Uoa9 tto g-0sD
"Once grant to the States the power to tax United
States stocks and secession will have an easier road
to disunon and separation than any that could be
opened by an armed rebellion"
l tell you, gentlemen, dishonest legislation is an
expensive luxury. II ruins our credit. See where
We stand I.rrt5
tpnt