The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-08-17
A FEW PLAIN PROPORTIONS
ABOUT THEPUBLIC DEBT.
Remarks OF GOV. stanton at washing
VS. ton Hail.


At the Washington Hall meeting last
Wednesday evening Hon. Benjamin
Stanton, OF this city, being called on
for Speech said:
wish to state one or two plain pro-
positions about the payment OF the
bonds in greenbacks.
when a government borrows money
and gives its bond, it creates the rela-
ton OF debtor and creditor between the
borrower and lender. and that the
same principles of common honesty
that regulate dealings. between two in
dividuals regulate The rights of the
borrower and of the lender, although
one be a government.
The Government of the United States
has borrowed money and given lis
bonds. The question is, in what shall
the bonds be paid (? You say in green
backs" What is greenback? a
promise to pay. That is, you propose
now, when your creditor comes to you,
+" Certainly am ready. to pay my
bond"
"What will you pay it in?"
will give you new note"
Well what will you pay the note In?
When that comes due will you give me
another note? What is it ultimately
to be paid in ?"
Now, If this Government owes two
thousand millions of bonds and re-
deems them with two thousand millions
of greenbacks, will it owe any less? It
will have given two million of new
notes for precisely the same amount of
other notes. And how are the new
notes to be paid? 1 do not see that you
have reduced your debt any. You have
delayed the day of payment, that is all.
40, but" says the party, ave will
get rid OF the interest"
Now, will that do amongst honest
men? have Capt. McLure's note for
a thousand dollars, bearing interest at
six per cent. he comes TO me and says !:
III want to pay you. will give you a
new note payable in twenty years, with
out interest" Now if he has power
10 compel me to take it, and does COM
pei me, is not he q -scOuDdrel? Zap
plause.l
II you propose to redeem your green
backs blythe accumulated and surplus
products OF the country, you may be
able to redeem them at the end OF
twenty years, and in the meantime
you pay 10 interest. The result is that
you propose to the public creditor in
stead of paying his bonds in money you
will pay him by giving him a new note,
payable at The end of twenty years.
Now what is note for 500 worth, pay
apIe IN twenty years WlLhOut 1nterSt?
1t is worth precisely thassum which in
twenty years at compound interest will
amount to a hundred dollars, and that
Is about S25. Then If 1 understand it,
the propos ition is that you will redeem
these bonds by giving practically SIS
for a 500 bond and compelling the
creditor TO take it. Now, between man
and man, and between Government
and its creditors, is that honest?
When these gentlemen talk to you
about paying these bonds in greenbacks
they stop just there. 1t never occurs TO
them that greenbacks have to be paid
some day-that they are mere Govern
ment credits, and that substituting
them for bonds is merely changing the
form of the debt, and not changing the
amount of it ut all, unless you intend to
repudiate a portion of the debt, to wit
the interest. For L takeit, if 1 give my
bond payable with interest, it is just as
much reputation TO repudiate the in
terest as to repudiate the principal. Il
is partial Republication, anu on long obi.
cations much the largest portion, for
The interest on a note running ut six
per cent is equal to the principal every
! sixteen and "a fraction years.