The Weekly Perrysburg journal. [volume] (Perrysburg, O. [Ohio]) 1861-1???, 1868-03-20
o.r National nosa.,

10 the issues now presented, and deserves
an attentive Lerusal. The letter wac
addressed by Messts. jar CooEE h Co., Y.
B. HOWELL, who enclosed 10 them q copy
of tho resolutions offered In the General
Assembly by Judge BALooN, and bis pub.
lisbed " rssSons for the payment Of United
States bonds, In new taxable coin bonds,
or greenbacks, in case the holders refuse
to convert them into the proposed new
issue;
BANNING HoUsE oE jar CooKE a Co.,I
Cor. Of Wall and Nassau streets,
New York, Feb. 2e 1858.
T. o. Howell, Esq, Painted Post, N.Y..
DEAR SIR--We have your letter OF the
18th, iuclosing Mr. Balcom's resolutions,
The sale of the tirst fve-tweuty loan was
undertaken by our Mr.. Jay Cooke, at .
time when the Government had utterly
failed to find market for the bonds through
tho ordinary channels, and the necessities
of tho Treasury were immediate aud press.
ing. The bonds were offered directly TO
the people, and sold TO them at prices which
could not possibly have been obtained but
for the distinct understanding that they
were payable principal and interest in coin.
That this was the spirit aud intent of
the authorizing act, It is only necessary to
refer to the sinking fund clause (sec. s. act
Feb. 25, 1862, which specifically appro-
PIRATES the coin duties on imports to-hrst
payment of inter est on public debt; sec.
Ond, to o sinking fund for tho payment OF
principal. All the funded debt OF the
United states that has heretofore matured
has been paid in coin, notwithstanding the
acts did not so specify in words, and three
such loans have matured and been paid in
csin since the issue of the 8 20s OF 1862.
These bonds then were advertised AT d
sold in good faith aa gold bonds and that
they were so payable. see the lstters OF
Secretaries Chase, Fsssenden and McCuk
locb, all OF whom have repeatedly affirmed
il.
1892, when they will be du, and payable
in coin. The Governn option only has
matured, but the GOvornm Jut il not now
ready to pay.
II, as Mr.. B,lcom urges tho Government
should pay in greenbacks what is green,
back but promise to pay a dollar? aud, If
500, ,000, GOO Of greenbacks SHOULD be issued
to pay the hve,twenties, must we not
afterward pay them, and il so, in what but
goldp Such an issue of paper money every
thinking man knows would totally unse tile
values, and indefinitely rem)ve the re-
sumption OF specie payment. But, on the
other hand, without any increase Of cur
rency, in a reasonable lims specie payment
will be resumed, gold aud greenbacks will
be Of equal value, aud to pay tho bJnIs in
geld will be no hardship.
Without entering into any labored argu.
ment to meet Mr.. Bllconi's reasons" for
taxing bonds. it is enough to say, in aur-
wer to the idea Of bondh0lliug aristocraoy,
that it is in the power of any ma to become
a bondholder by purchase in the market, il
he regard the exemption from taxation as
a sufficient inducement TO sell taxable prop.
erty and so invest the proceeds. II bond.
holders are "favorite Glass;" no man pos
sessing any property is excluded from that
class except OF his choice, aud no such id q
can he made justification for violation hy
the Government of a contract which at the
time it was made was Indispensable to the
supply OF the Treasury.
1t in not generally known how large n
proportion of the securities of the United
States are held by people Of moderate
means for the Investment of their savings
We have not at hand the precise figures OF
the demonstration in which tho several
series of ive.twenties were issued, but the
following statement shows the number oi
notes of each denomination en- br ,ced in
~ So" ~f 80 po'U" thirty rroasury uotns |
which are now being converted by the !
TrsaSurJ iutO tve-Iwcnty Donus. In these |
conversions the Treasury has never been
sblo to supply enough mail bonds to
meet the demand
962, $50 ACKNOWLEDGEMENTS, S4SS,1 10000 |
1,474.940 100s...... ,147 494 900 |
436,1S2 500s.... -, -. q 500 900 |
370316 1000s".. .......... $40 376 900 |
1921 5000s ''.......'....... As, 1885, 900 |
1885, $s3I ,OOO, 900
The figures will give an approximate
idea OF the amount in which all of the five.
twenty bonds of the government are held.
They show that ONE HALF OF THE LOAN in
amount was taken in sos. l09s. and 500s
and further, that as 2.S77,8l3 pieces OF
these three denominations were issued
against 37l ,l07 pieces Of the large denom-
nations, the capitalists are in very small
minority, and any legislation repudiating.
IN whole or in part, the obligation of the
bonds Of the Government, would fall most
severely upon widows, orphans, and peo.
pie of small capital, who invested their
money in those securities in perfect rel.
auee upon the representations made to
them by the Treasury Department, directly |
and through its agents, at the time Of their |
issue.
Moro than once during the war resolu.
tions were offered in Congress looking to |
the payment of the FIve.twenties in cur.
rency, but in every case were promptly |
voted down. Yours respectfully,
JAY COOKE & co.