The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1868-07-31
The Payment Of the BONDS
In Gre enba Cks...A Real
Cease in Point"

A great public question was clu-
cidated in a striking manner the
other day during the progress of a
private conversation The details
Of a transaction then alluded to, are
stated below with strict accuracy,
and the transaction itself illustrates
the connection between the govern
ment and large class of it's credit
OrS.
A glass manufacturer from
Pittsburg was few days since in the
counting room of Louisville house
with which h. has done large bus
mess for twenty years past. In a
conversation with his old friend, the
Louisville merchant, he remarked
that he was not pleased with the
nomination Of Grant, and would not
support him unless Pcndleton
should be the opposing candidate.
"ln that ease" said he, Il shall
vote for Grant, because l contribu-
ted to the support of the Govern
mont in the hour of its distress, and
Mr. Pendleton would compel me to
accept greenbacks for the bonds
which hold. That would be rcpu-
diation.'
Il remember that investment of
yours; said the Louisville mer-
chant. "You sold $40, in gold
at 2s2 in 1864, and bought gold
bearing United States bonds for
which you paid 81 in grecnbacks.' -
"Exactly so, said the Pittsburg
gentleman.
"Then," said his friend, ''you
exchanged your $4,000 in gold for
$2s, 200 in greenbacks, and these
you exchanged for $50, 900 in United
States bonds. On these bonds the
Government has annually paid you
an interest of 81, 500 in gold, which
is Is per cent per annum on the sum
you invested in Government securi-
ties. Your interest in four gears
has returned into your pockets
7, 200 Of your 10000 gold dollars,
and you claim that the Government
owes you 100000 more in gold! If
in four years you receive S37, 200 in
return for $40, 900, your patriotism
will be we'll rewarded indeed.
II am not responsible for the
bad management Of the Govern
ment," said the Pittsburg gentle
man. II was financiering for my
self and not for the Government, and
I only ask it to keep it's engage
ments as keep mine.
"But while you were fnancicring
for youself," said his friend, "you
should have observed the striking
fact that while the bonds promised
gold for the interest they dio not
specify the money in which the
principle was to be paid. More
over the greenbacks with which you
bought these bonds bore this legend:
"This note is a legal tender for all debts,
public and private, except duties on i'm
ports, and the interest on the public debt"
Every one Of those notes which
passed through your hands before
you bought the bonds, and since,
has been a notice served on you by
the Government that the principal
Of your bonds is payable in green
backs. Accordingly, you see the
Government paying it's other debts
in grcenbaeks. So it paid the SOL
der for enduring tolls, and Drawing
dangers. Even the pitiful pension
Of the disabled private is paid in
greenbacks; and the widow is paid
in greenbacks fer the lost labor Of
the husband, who lies mouldering in
q soldiers grave. What have you
done that the Government shall
make an exception in your favor?"
II hold its bonds" replied the
glass manufactures, ''and though
the bonds may fail to specify any
thing Of tho sort, yet there is an inn