The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1868-07-04
THE FINANCIAL QUESTION
areenbaoks in 10 way Reputation

of paying the bonds in greenbaeks, which
we have seen. Oar readers should peruse
it carefully:
! A great public question was elueidated IN
a striking manner the other day during the
/ progress of a private conversation. The
+ details Of transaction then alluded to, are
stared below with strict accuracy, and the
I transaction itself illustrates the connection
/ between the government and large class
I Of its creditors.
1 a glass manufacturer from Pittsburg was
q few days since IN the cOuntIng-room OF a
/ Louisville house with which he has done a
/ large business for twenty years past In
/ conversation with his old FREUD, the Louis
| vile merchant, be remarked that he was not
/ pleased with the nomination of Grant and
would not support him unless Pendleton
j should be the opposing candidate.
In that case, said he s. l shall vote for
! Grant because I contributed to the support
/ Of the Government IN the hour of its distress,
and Mr. Pendleton would compel me to &c.
/ cept greenbaeks for the bends which l hold.
I That would be repudiati6n
"a remember that investment Of yours,
/ said the Louisville merchant You sold
/ $4,000 in gold at 282 in 1864, and bought
/ gold bearing United States bonds for which
/ you paid "a IN greenbacks."
Exactly SC" said the Pitsburg gentle
man.
Then" said his friend, you exchanged
/ your SIC, 600 in gold for SIS, 200 in green
/ backs, and these YOU exchanged for $4,000
/ in United States bond On these bonds
/ the Government has annually paid YOU an
interest Of 81 500 in gold which is 8 per
cent per annum on the sum yOu invested IN
/ Government securities Your interest in
four years has returned into your pockets
Z 200 OF YOUR l0.000 gold dollars and YOU
claim that the Government owes you $50 600
more in gOldI IF in four years you receive
S37, ,200 IN return for $4,000 your patriot
ism viii be well rewarded indeed
l am net responsible for the bad manage
ment of the Government" said the Pitts
burg gentleman. '' / was fnanceering for
myself and not for the Government, and
only ask it to keep its engagements az
keep mine"
But while you were fnaneeering for
yourself, said bis friend, '' you should have
observed, the striking fact that while the
bonds promised gold for the interest," they
did not-speciiy the money IN which the
prineipal was to be paid. Moreover the
greenbacks with which the principal was
wbieh yoa bought shose bonds bore this
legeud:
This note IS a legal tender for all debts,
public or prt0Qte, eIcept duties on imports,
and -tbte interest Of the public deb"
Every enc of those notes which has
passed through your hands before you bought
i7the bonds and since, has, been a notice
served on you by the Government that the
I principal Of your bonds is payable IN green.
backs. Accordingly, You see the Govern
! Iaent paying its other debts in greenbaeks
/ So it paid the soldier for enduring tolls and
/ braying dangers Even the pitifa1 person
Of the disabled private Is paid in greenbaeksi
and the widow Is paid IN greenbacks Tor the
lost labor Of her husband, who iesmouid
ering in a soldier grave. What have you
done that the Government shall make an ez-
cePtion in yogr favor.
/" holdits bonds replied the glass man
uiaeturer, and though the bonds may fail
/ to specify anything Of the sort, get there is
an implied Obligation, wheneyer govern
ment issues such bonds that the principal
shall be paid in gold"
4 But" rejoined the merchant, SO that i'm
Piled obligation is directly negatiyed by the
Inscription on the greenbacks, and neeatived
also by the wording of the bonds, which
carefully specifies gold for the interest and
carefully omits any specification as to how
the principal is to be paid, thus leaving that
point optional with the government More
over, the greenbaeks themselves are snstes,
bonds, promises to pay which the govern
ment IS rs much obliged to pay In coin as
any other description of bonds whatever.
If the government substitutes its gresnbaelr
aotes for It's bonds in your possession, you
hold against it as valid an obligation as you
held before, and have no right whatever to
cry repudiation.
"The government will be able to redeem
| the greenbacks in coiuas soon as it WILDE
able to pay your bonds in coin. Its neces-
sites compel it TO give its creditors promises
instead of pay 1t is for you to show why
/ it should give you interest bearing notes and
compel Its other creditors to acceptnotes
/ which draw no interest It is for you to
/ show why the people shall be taxed to pay
interest on what the government owes you,
while they get nc interest on the notes
! which they hold against the goveruInent
! In what respect Is your claim more just or
sacred than theirs
"Now, suppose the government takes
( your bonds at their face and pays you $780,
! 600 in greenbaeks. You can exchange that
sum for s2I 400 in gold. You will then re-
ceive more than double the sum you invested
/ four years ago, ard upon which the govern
ment has paid you nsury at the rate Of g
per cent per annumf My friend, you have
mo good reason for calling this reputation.
When 50 liberal settlement is proposed
IyOu have no right to demand that $1,000
tm0re geld than is nominated IN the bond
/ shall be wrung from the labor Of the eoun-
try for your private emolument As just
/ business man You would nob'set mp such 8
claim aeainst-a private individual, and you
could net leaaliy collect it The obligation
\ of your bouda a. you eonstrue il against the
public would convert them and the Govern
ment Itself into instruments Of eztortion
and inofdnate oppression.
This implied obligation With which you
propose TO piece ont the actdat obligation OF
4 the government, applies with farmo force
and justice to the claims Of the soldiers who
rendered personal service -audsdevoted their
dives to the pubic defense. But yOg and
the party with which you act do not call it
repudiation to pay them IN gFeenbacks Tor
the blood they Sized and the limbs they lost
Y on preferthe least meritOrious class OF the
public creditorF: and for those who have
F already grown rich of the necessities OF
the government you demand an exorbltaDt,
additional gold premium. The scent wages
and rewards Of the poor, who have toiled
for the Governments, and who have bled
and suffered for it, you would pay IN green
backs
As be listened 20 this argument in favor
Of what he bad termed repudiatIon, the
Pittsourg gentleman bethoueht him that for