The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-02-20

closer. his gold on the 7th Of July, for 2,37
ON the 18th for 2,82-which would nave
Maid still better. Such an investment, for
the purpose of income, was decidedly adj
yantapeous, as long rs the government could
afford 10 paw the interest. But, at the
time the loan in which he invested, was on
the market, there was an undercurrent of
danbt As to its character. 1t was not ex-
pressly payable in gold, and the government
had reserved the right to change the in
yestment-to redeem or substitute some
other for it; always accompanied by the
high national moral obligation, implied if
not expressed, that the creditor should loose
nothing by his loan, if in the power of the
government to protect him. This induced
him to take the loan. knowing be would
lose nothing in any event, as ne could change
his investment when necessary. He did not
understand the government IS proposing to
contract with the lender as Spectator upon
its necessities, who would demand more than
his money, and rate OF interest, IN gold,
which no other investment would produce.
II was understood at the time these loans
were put upon the market, that some change
would be made in their character after
designated time. Doubtless there were false
representations made to some in the sales
of these securities, by those ready to proht
BY wrong doing; and, it is possible, that gov
eminent agents went outside OF their an-
thority and deceived some purchasers. But
the great body of purchasers were not de-
ceived, for it was patent that congress could
change the loan. In what manner and 20
what extent the change would be made, 1t
was left to the future to disclose. every one
believing that in whatever congress might
do, abundant opportunity would be afforded
to make the change without loss. 1t is true
that many hoped and were anxious that the
loan should be construed as payable in gold,
and these Immediately commenced their
efforts to obtain from the secretary OF the
treasury some declaration of opinion to that
effect. IF there was, at the time, "a definite
understanding that the bonds were payable
in CON-" in the words of the secretary, why
apply to him, subsequently, for his opinion
In the absence OF any positive law, he re-
ferred to the practice of the government, and
gave an opinion upon it, which has beer
called the gold paying argument. The prsc
tice of the government was not its law, mol
could it become precedent to be followed
where millions, not borrowed never re
ceived from the government-were TO b
taken from an overtaxed people. 1t was I
national wrong, in a case of doubt, TO give I
construction to law or to assume condi
ton of things against the taxpayers and il
favor of the bondholders. If there wer'
| doubts, why make them dollars to be taker
from the people to go into the pockets O
those from whose pockets the dollars neve
came? That the people have made an ISSUE
upon this question and are constituting al
Il A., ~ H.. . Iox dow
| onstrated.
The secretary of the treasury, in his las
report, says, "some five hundred and ifteeu
| millions of fve-twenty bonds are now re
deemable, according to their tenor.
The democratic party of Indiana propos
to redeem them according to their tenol
II proposes to give me for nv 100000 il
| gold, loaned in 1864, $685. 200 in legal ten
der notes, which / can to-day convert int,
| Sl40,4 S0 in gold; or if prefer to hold the ID
| gal tenders, / can use them in all the bus
ness relations of life. In addition to tn
| Sl40, 4S0 in gold, which could be obtaine
| for my 500, 900 loaned, have received tn
interest semi-annually, in gold, and hav
been exempted from all taxes upon m
| bonds.
Now the question is asked me, am / viii
IuS W EtNCifC tiiS SiSCsupV IChdS
notes l answer. l am. Is there any res
son why / should be paid Sl9S, 900 in gold
| What tax payer is willing to be taxed t
pay me this sum in gold? But it may b
| asked, why pay me ANYTHING at this time
Why change my relation to the government
as one of its bondholders? If my intere:
only were to he consulted, no payment woul
be necessary, for | must be very unreason,
BILE not to be satisfied with the semi-annus
interest in gold on my $l9s,000, and the el
tire exemption Of that sum from taxation
with the assurance that this condition
things is 10 continue for twenty years, a
least, and my bonds to be all the time equi'
| alent to gold. But there are other Interest
in the nation to be watched over and pr,
tected, and the taxpayers, who have the del
to pay, propose to consult their interests an
pay it now, as they have the right to do
and hence they say to me, you can acceI
payment or not; we do not propose to pa
you interest any longer, nor do we propos
to pay you Sl9S,000 in gold.
| / propose to accept the greenbacks.
| The secretary of the treasury asks:
| Glow would the government of the Unit
States stand before the world-how would it star
| in the estimation of its own peOple-if il shou
decline TO pay, according to agreement the mon,
and without which it could not have prosecut,
the war, on the ground that the lenders took al
vantage of its necessities and purchased its $
curities at less than their value ?"
1t will not be denied that during all the WI
there was combination OF moneyed men
money lenders-persisten in their efforts I
depreciate the government securities for ii
purpose of purchasing at less than their va
Ne, and yet our government, unlike any OF
er on earth, in time of war, permitted the,
combinations to exist and its securities to |
deprecated, and dare not exercise the hig
prerogative of a government TO take the MOI
ey of these loyal citizens when it was dali
by force, taking the liUes of thousands.
nothing did the Lincoln administration e,
hibit its weakness more than in this. No
these loyal gold -xacting money lenders pr
pose to take the property left by those who.
lives were sacrificed for their country.
To the lender of money to the government
no one has ever proposed to do less that
return to him the money borrowed an
its interest. according to agreement I
him who "tOok advantage of the necessities
ms government and purchased the secuIiti
al less than their ualue, we propose to do Il
same thing pay according 10 the law.
Now, as every man wants bis investment
TO be sure, undisturbed and paying, woul
1t not be wisdom in the holder of $40
matured and maturing, to accept paymel
while he can make money by so doing,
! l have demonstrated, instead of endeavo
ing to force the people to acouiesee in a
unjust and illegal demandp