The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1868-10-22
Ireland in this land.
MIcHAEL 7. GIBBONS.
September oath, 1868.
A Colloquy.

| MIcHAEL T. GIBBONS.
September oath, 1868.
A Colloquy.
A debate took place in iowa III,
other day between . Copperheat
named Bennett, and one Smyth, /
Republican. The Copperhead con
Germ reports the following coIIoouy
as having ensued. Taking from hi,
pocket five-dollar greenback ani
holding it up, the former said:
"Will this bill, O. the law printed
on its back %, sit win, pay any deb,
ir the United States, public or pri
vate?"
Smyth, Eyes"
Bennett. "Well, then, are tho SIC
bonds . public or private debt I"
Smyth (after some hesitation.) "A
public debt"
Bennett. "Then will this bin pay
themY"
Smyth (after some more hesita.
tion.) eyes"
Bennett. "Then, why in Gods
name don't you advocate itri
"This brief oolloquy," says the
Copperhead concern, s'covers the
whole ground" But the "colloquy"
is cut short by the Copperhead repor-
ter just when it was Becoming inter.
esting. We will supply the omitted
portion:
smyth. Because you have not told
me how the government is to pay
the greenback' which Ia just ~ much
q debt Of tho government as the
bond.
Bennett. But they draw no inter.
est, and the people would save the
interest.
Smyth. But they would loose ten
times as much in the depreciation Of
the notes as they could save in inter
est on the bonds unless steps were
taken to redeem them. Now let me
ask you question: How is the gov
ernment to obtain the greenbacks
with which to pay the bonds2
Bennett. Why, manufacture them
of course. 1t don't cost much for
lamp black and rags.
Smyth. And how much more wo'd
such greenbacks be worth than what
it cost to make them, unless the
government was prepared to redeem
them?
Bennett. What difference does that
make providing they pay the bonds
and relieve the people Of the Nation.
oil debt2
Smyth. It would make this diff.
erence: that just ~ fast - the gov
ernment issued those shinplasters tho
bondholders would get rid Of them
by purchasing oil kinds Of property
with them; and no matter how much
they were deprecated when issued,
they would lose value still further in
the hands Of the people, ON whom
the main loss would fall. And, final
", when two thousand millions of
them were paid to the bondholders
and by the latter passed off on the
people in exchange for property, the
government would owe precisely as
much as it did before it began to man.
ufacture greenbacks. There would
then be one Of two courses to pursue,
either to fund this food of dcbased
paper into gold bonds or to repudiate
it. Which OF these alternatives do
you prefer?
Bennett. II we Democrats ever
get your Abolition war bonds CONVEX
ted into greenbacks we shall take
care that they are never reconverted
back INTO bonds:
Smyth. It is obvious that the aim
and object Of your scheme is rspadid-
ton. You not only propose to destroy
the present currency in the hands Of
the people, but to thrust two thous-
and millions moro upon them-the
whole to become % worthless a. the
Confederate raybacks issued by your
Demosratie brethren ] and this yUu
call paying the national debt accord
ing to the compact with the public
creditors. Do you hold that the mil
lion Of patriotic American people who
subscribed for the bonds understood
that the government had reserved
to itself the right to manufacture, af-
ter five years, 40 equal amount Of non-
interest, irredesmable notes, and give
them in exchange for gold-interest,
twenty-year bonds, and call that pay
ment in full !?
Bennett. don't care chew of fto-
bacco about any Misunderstanding or
expectation the bloated bondholders
might have had on the subject. There
is the law. Itsays that this green
back note will pay any debt 10 the
United States, public or private, and
q bond is public debt, and you can't
get round that.
Smyth. But the same act declares
that the whole amount ofsuch green.
backs shall never exceed four hundred
millions. When the first issue of Eve
hundred millions of bonds were put
forth, the greenbrcks were limited by
the same act to ohe hundred aud fifty
millions. Afterwards, when the gov.
ernment was obliged TO increase the
5 20 bonds to one Thousand six hund
red millions, it was enacted that two
hundred and fifty millions morelega
tonder notes might be issued. Tht
people subscribed for the bonds will
that express condition annexed: thu
non-interest notes were never to ex
ceed four hundred millions. The pub
| lie belief at the time was that in ,
little while after the rebellion shouls
be put down, the government woult
be able to redeem the greenbacks
and thus make them a & BOD - gold
They are stillliving in the expectation
that it will be done ere long. No sub
scriber for q 5 20 bond ever dreamet
ofsuch athing as Pendleton proposes
to manufacture billions of neU green
backs in excess of the stipulated fou
hundred millions several years ate
the war closed. Had the governmen
avowed that intention it could NO
have borrowed a dollar. Nobody vol
have touched q bond. A 500, to b
paid rs you now propose, would hav
been regarded as worth no more tina
the white paper on which it is print
ed.
Bennett. Very well, if the LAND
holders will not take shinplasters i
exchange for their bonds, I give 20
fair warning that they will wait