The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1868-02-13
WHOLE NO. 1882.

moral or legal dishonor. The banks of every
State, with all other corporations, have In like
manner been using legal tenders In the payment
Of their liabilities, 80 that the man who under
takes to brand his fellows with dlshonOr will lnd
that he has rather big job on bis hands, for he
will have 10 implicate not only individuals aud
States at large but also every member Of Congress
who voted for the lega-Lender act.
! Purchasers of fye-twenty bonds certainly had
no legitimate ground to believe they would be
paid in coin; neither the language Of the law nor
the financial condition Of the country Justified
such conclusion. but precisely the reverse. and
that they did not ~ believe is apparent from the
price which they paid The average gold value
Of the bonds since the close 0f the war IN New
York and London has been about seventy cents
or fraction over that sum certainly, If IL had
been the belief or expectation of capital lists that
the principal as well as the interest was payablc
in gold they would have been bringing aud would
be worth to-day very nearly, if not quite, par in
gold.
The fact that British cOnsols bearing but three
per cent. interest are all the time worth from
twenty 10 twenty-five per cent.more in the London
market than our six per cents. can only be &C.
counted for on the principle that capitalists there
do not believe The latter are payable in gold
It is no part Of the theory of those who favor
paying these bonds in the lawful money of the
country 10 initiate the currency to any considera-
ble extent for that purpose. Such course would
De unWlse, unjust, and dishonrabe. But II Is their
purpose to keep gold at prem ium until at least
the larger portion of our Indebtedness shall nave
been paid. and in no other Way can Justice be done
TO all parties, in other way Is 1t possible to make
the capital invested in these bonds bear its equal
proportion Of the depreciating effects Of the war.
II these bonds are to be paid in gold surely the
man WHO invested his greenbacks in them Is
stranger To the depreciating and devastating ef-
tects Of the rebe lion, and 1t matters not with
him If the war had lasted generation provided
the Government had remained solvent But this
is not the worst feature Of the case. The man
who held on 70 his gold until it went up frOm
one hundred tO one hundred and eighty per cent
and then Invested in greenbacks, and in purs1-
ance Of the same sharp practice reinvested his
greenbacks IN bonds, made rather nice thing of
1t at the expense Of the country. True, that pUr-
ton Of these bonds which NAV remain unpaId
when the finances Of the country will Justify
resumption of specie payment will undoubtedly
be paid in gold, but then our policy ought TO bu
10 pay the great bulk Of our Indebtedness before
that period arrives.
But another theory has been presented TO the
country which, ,monstrOus as it Is, has found MANY
advocates. 1t proposes to issue greenbacks in
amounts sufficient to pay of the whole of the
hve-twenty bonds Us fast they reach that period
when they are at the option,of the Government.
2.
to our already large volume Of currency an addi-
tion of greenbacks amounting to about five hun.
dred and fifteen million dollars, and at no distant
day would give US an addition of more than one
thousand six hundred million dollars. making
our circulation of greenbacks alone more than
two thousand million dollars; and the plan,
believe, goes still further, and proposes TO sub
stute greenbacks for the 300 000 900 OF Irrational
bank notes now in circulation, making the whole
volume more than twenty-three hundred million
dollars, which 0udging from the gold value Of
the $500, 900 OOO of paper money now in circula-
tion) would be worth less than twenty, possibly.
less than ten cents to the dollar. the result of
which would be not only to dshonor and dis
grace the Republic but to ruin the bondholders,
whom they represent as being clothed in pur.
pie and fine linen, farlng sumptuouSly every
day" oil ut the expense Of and from the toll and
sweat Of the poor mans brow, thereby traducing
the rich and endeayOrng to array the poor
against them.
Next to the soldiers of the Union BY whose
yalor, strength and skill the Republic was saved.
honor the men who in the hour of their csun.
'try's need stepped forward and furnished the
sinews of war We could not have survived
without either the one or the other of these
classes, and l have no doubt the Government
will do justice to both. Garry out this mammoth
greenback doctrine and instead of paving father
less children, pensiOned widows aud manned
soldiers in valuable funds, as is now done, you
will pay them in deprecated and worthless cur
rency, worth perhaps less than ten cents to the
dollar, eight dollars of which per month will
not buy food and raiment sufficient to keep the
soul and body of the pensioner together aud
thus by turning your MANNED heroes upon the
world 10 beggars you will disgrace your country
forever
If this policy is to prevail as well might the
rebellion have been success. Ruin the finan-
ees and you ruin the nation: by striking down
her credit you neutralize every element Of pros
perily. Downright, undisguised, and unblush-
ing reputation would be preferable. While the
American people, in my Judgment, are opposed
to such measures as will tend to force the coun-
try TO specie basis they are equally opposed
TO al undue and prodigal issue of paper money.
PAYMENT OF THE PUBLIC DEBT.
Mr.. Chairman, cannot allow myself to adopt
the theory which has been SO often advocated
by gentlemen on this floor and elsewhere to the
effect that we ought not to try to pay our nation
al debt during the present generation that wo
should provide for the interest and leave the
principal for the next generation to grapple with
These are not my views, neither do / believe they
are the views Of the sound thinking men of the
country. According to the census of 1860 the
real value OF property within the United States
both personal aud real, amounted TO trihe less
than sixteen billion one hundred and sixty mil
lion dollars. In this sum was included the value
of slaves, since wiped out. This was q specie
basis. | am willing TO be liberal, and suppose
that in view of present fictitious values, making
due allowance for moderate increase Of solid
wealth, the amount on alegal-tender basis might
possibly now reach S25, ,000, Q00 0G0, and In view
Of the loss 10 the country by war IL certainly
could not reach higher sum.
From the report of the Secretary of the Treaa-
ury 1t will be found that our national indebted
ness, is, in round numbers, 81, 900, 000, 900, and
If we add the gold premium to that portion Of
the debt which is certainly payable in gold 1t
will increase the amount more than one hundred
million dollars, so that from the very best show
ing we can make we are in debt fully one tenth
Of all we are worth.
Now, this thing called interest has the same
consuming powers whether applied to nation
or to a private Individual, and what prudent man
can be found who, finding himself In debt 10 the
extent of more than one tenth of the value of
his entire property. upon which he is paving in
terest, will not, instead of folding his arms and
leaving the debt for his children to grapple with,
bestr himself at once not only to provide for
the Interest but also TO diminish the principal as
rapidly as may be consistent with the PROSPERITY
of his estate. II is true, there arc nearly louf
hundred million dollars of che debt in paper
money upon which we pay no interest but as
soon us we get upon specie basis, for which
lhVlc 10 just hoW STeut clduloT III soIHe quar-
ters we will pay interest upon the whole or near
ly so. know we are great nation, possessing
q great country, with unbounded resources but
Ialso know we owe an immense debt and Ii we
allow ourselves to sleep over it and fall to make
every audable effort to pay up, it will not only
consume large part of our annual surplus 10
interest but will also retard us in reaching our
destiny, which is, doubtless, to be the very nrst
Power on the globe.
The present is our golden opportunity, and, in
my Judgment II we let pass unimproyed gen
eratlons yet unborn will not sec the debt paid.
TAXATION OF BONDS.