Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1868-02-26
The Western Policy as to the Ma
tiOHal Debt and the Currency.

the Democratic party at the West were TAX
ing decided ground in iator OF paying the
government debt in greenbacks, and. what in
that event wonld become necessary, larger
+ issue Of greenbacks with which 10 pay the
debt We had hoped, however, that this
was only party measure, and thai the de-
sire - initiate tie currency was not also to
! find expression in the platforms ot the Re-
publican party OF the western stites. This
I hope we are obliged TO surrender, certainly
if are to accept any indication Of the
sentiment Of the republican party west the
resolutions adopted by the Indiana Republi
can State Convention. That Convention. as
reported, adopted the following resolutions
Fourth, Tie public debt, made necessary
BY the rebellion, should be honestly paid
and all bonds issued therefor should be paid
III legal tenders. commonly called Sreenbacks
except where, ~ their express terms, they
provide otherwise, and paid in sucit qEanti-
ties a. VIII i'd Ike the circulation cJuInensu u
rate with the commercial wants of the, coun
try and 81 rs 10 avoid too great an inflat ion
u the currency and an increase III the price
- gold
ruin, Tie large aud rapid contraction 0i
heInceratic party in both Houses Of Congress
IA. had q most injurious effect on the indus
trv I'D business Of the country and il ls the
dUty ii Congress 50 provide by law for sup
plying he deficiency III legal tender notes
commonly called greenbacke, to the full ex-
tent required by the business wants Of the
country.
Ihis iourti. Resolution. nitilo,.il rather
anbiguously expressed, is evidently decla-
ration II favor OF issuing more greenbacks
~ the express purpose at paying the I've
.Fcnty government BONDS Ne have SAID
III Il former article Oh TINS subject. thai We
at see no objection u the government goin :
into tie market, like anv other purciia ser
and buying up these honda g. any time, not
issuing any rloce greenba chs therefor and
re are not now prepared 10 say that il mis- 1T
not lawfully redeem the bonds, not issuing
greenbacks for that purpose. bIt using those
which are already III circulation But the
I government "au.ot do tilis--ta, i redeem, OF
buy in IT. b0ndstor the simple reas Oh that it.
revenue II not large enough u pay its current
expenses. This talk. there; ore, about pa ms
bonds in gIeenbacks, means. il it means any
thing, q further ISSUE Of greenbacks, debasing
ana depreciatiny the currency already in use,
and Using this debascd currency fJrcibly IL
pay oil an existing Indebtedness. In thi,
view Of this proposition. It il Iuss a. honest
as. and no more honesg than highway rob
I berry
There il bat one way winch q. further
Issue OF greenbacks can b. At al justified
The nat ioual banks have issued currency to
the amount of over three hundred III iIlions Of
dolIare. Inc government has the power, un-
doubtedIy. q drive this national bank eur.
rency out OF circulation s.nd If that currency
'h0uid Be retired, an issue Of greenbacks 10
the amount would be no .nfation OF the
currency, ngr depreciat. lts value ~
money ihe treasury department would, in
this way. be able - buy III gorcrnment bond.
Q that amount. and might very Likely law
fully redeem hat amount a. par, provided
IL could designate Tie ISSUES which II
would redeem But this IL not th. propO-
sItIon set forth III theee resolutions and, We
suspect. il rhe Convention had taken the
trouble 81 say anything about it. it would
nave TtsDlteu tIihC TIE EatlOItil banks
not to be compelled 20 retire their bills, but
rather ought to be allowed to issue as many
rs they pleased and DC suffered to run a race
with tho government in issuing irredeemabi-
and inconvertihle currency.
We look upon the attitude OF western poll
ticians. Of both parties. on financial questions
with serious concern. The country has now
eight hundred or 4 thousand millions OF a
currency which is wholly irredecmabIe. The
greenbacks, their face, promise TO pay the
bearer something which is money-and this
scInethin., Is not other legal tenders, but
.hu. far neglected ~ redeem that promise.
For the past year several millions have been
Withdrawn from circulation. but not one
dollar has Vet been redeemed or paid. Yet
i large and respectable Republican state
Convention instead 81 asking that financial
measures be inaugurated by which the gov
eminent nav be able to meet It's promises 70
pay. demands that more irredeemable and
false promises IT, Eay ne issuet- How long
would ne Republicans Of iniiana trust an
I
they recommend as :, sound national financial
policy?
In view Of this dangerous schemr Ut paying
the public debt in greonbacl,s, and sl.- kin
/ dred plan OF imitation OF the currency that
vii! reduce The value of every dollar now in
! circulation and nos only tnake Repatriation
easy. but make it ineyita Die. the course Of
the Republican party, a. 4 national party
becomes Of the utmost consequence " est
ern Republicans are apparently as Wild anc
visionary iinanciers as western Democrats
and there IS :, probability that both parties
in that section Of the country will 70 into the
next presidential campaign clamoring fo1
more irredeemable paper money, and for {
scheme of pairing the national debt that II
little better than law compelling the people
to surrender their bonds without any equiv
alent. We have expected and now expect Il
SEQ eastern Democrats surrender 10 tins west
! EN- clainOr, ana shall not be surprised 10 fin'
that party East and West quite united il
favor Of Pendleton's financial policy Bn
we vet hope enough Republicans can b.
| found TO resist the western pressure tor more
greenbacks. and save the party from helm:
an instrument in running the national eredi
and destroying the value Of the national cur
rency. If this disgrace is to be brough
upon the country we prefer with the 1rfb
u,ae. that it Ire accomplished by Democratic
Congress and a Democratic President. Tn
Republican party had better be defeated il
the coming election than triumph by writing