The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1868-07-16

1Vih RtatC NohNCutAous hdACu IL
1868: .
1t has been proposed to pay most
of che Government bonds in the paper
money called greenbacks, and it is
claimed that this will save the people
500 900, 900, without doing injustice
10 the holders, as it is alleged it was
the contract they should thus be paid.
This Is denied by others, and it is
clear that the proposal has excited
alarm, not only as to the mode OF
payment, but as TO growing feeling
in favor of repudiating the whole debt.
This springs out of the stupid folly
which exempted the bondholders
from taxation, which lowered the
price Of the bond, as il made from the
beginning a distrust that a measure
so odious would endanger the pay
ment The next cause of this feeling
is the fact that the party in power,
to shield themselves from the odium
of crushing taxation, give out that
this is necessary to pay our debts,
when, 10 fact, two-thirds of the money
wrung from the people is wasted in
corruption, or lavished upon officials,
or spent in upholding the enormous
cost Of our Government under its
policy OF keeping one-third of the
States out of the Union by military
force. The whole odium of this tax
alton they threw upon the debt and
the bOndholders. The last and, per-
haDs, the greatest peril to the public
credit and honor, is the fact. which
meets US at every turn, and annOys
wherever met, that the bondholders
are paid IN coin, while honest labor
gets a debased paper money. This
state of affairs alarms every thought
full man. The sectional division of
our country into debtor aud creditor
States has caused much anxiety in
the minds of thoughtful men, lest it
should distract the eounsels of our
barry. While, on the one hand, the
oppressive legislation which burdens
the West with high tariffs, together
with the fact that the revenues drawn
from all sections are mainly paid out
TO one, excites deep feeling; on the
other hand, the bonds so unaoiscly,
900stefUlly issued, hare gone into the
hands of iqsRoceRt holders, a0hO, to a
east amount, are compulsory OlUaerS.
II IS q mistake TO suppose that they are
mostly held by cdpi.dt5st Is. Large sums
betOngiUQ To children and a0iCiO1CS, ag1-
der Tie order of courts or the action of
trustees, haze been iRuesfed iIs GOUerR-
Htept bonds. The east amounts held
bg IRE and life Insurance companies
and saUiHls banks are, tlt fact, held en-
tT1tst for and are The reliance of the
great body of octiUe business or
tQb0riag men or 9gonleR, or of
10id0ies and orphans. The savings
banks of this State, which are
the depOsitaries of the poor, or of
persons of limited means, hold about
500, 000, 900 of Government bonds.
The whole amount held In the State
of New York, in the various forms of
trust, will not fall below 500, 000,0 900.
five look into other States we shall
see that only small share of these
bonds are held by men known as cap
lt1llsts, but they belong in fact, If not
in form, to the business men, the
active and the laboring members of
society. The destruction of these
securities would make widespread
ruin and distress, which would reach
into every workshop and every dis
triet, however humble.
There is a perfect accord In the
Democratic ranks as to the policy
and the need of honesty and econo-
my, but there Is some difference of
opinion as to the construction of the
contract with the creditor. Some
aold that it is right, aud that it is
due to the taxpayers that we should
save what we can by paying the prin-
cipal of the debt in currency, but
they underrate the force of their own
arguments. Ia Is a mistake to suppose
that the Interests Of the boadholder and
the tao payers are aRtdgoRjSfjc. The
fact is overlooked that in order TO
make any saving by giving the bond
holder a debased or worthless paper
are must bring Xpon ourselves disaster
and dishopOg' oDllick 10ill cost a han.
dredJ0fd aghdt l1e can SAGE. 1t mean,
that 11c are 10 giUe TO the ldbOrer for Ia;
toll q base currency. II means thai
The honor of oar cOUptry shall b,
stained. II means that our business
shall BE- Kept IN uncertainty and con
fusion. q means that the laborias
man shall suffer 6y the increased cos
of the comforts Of life. II means thai
the t0r- payer shall be Jar1ened bg q
government proceed to be corrupt and
imbecile by the gerry depreciation o.
as money. We cannot afford to specu
late upon he nations honor at so
fearful cost. We know that
when 4 dishonest merchant OF
corrupt government wishes to make
large profit In specializing in theil
own paper. they must dishonor them
selves as they can. There is a great
gain in this plan as upheld by Messrs
Butler and Stevens They not only
propose TO pay in deprecated paper
but they are doing what they can tt
dishonOr the character and credit o
the country. If they carry out theil
corrupt revolutionary schemes, the,
will pay off the debt with paper
which is not worth ten cents on thu
dollar. There is no Democrat Twins
who thinks that this can be done will
safety, or that 1t is for the interest o
the taxpayer at the East or West
Every Democrat demands policy o
peace. order and economy, and, jus
SO Tar as he gains that, he lifts up tn,
national credit, he helps the tax
payer, and does justice to the bond
holders. lie makes our currency a
good as sterling coin, for that will
rise with the public credit, TIL,
error is in supposing that under !
Democratic administration the cur
rency would still stand fixed at a dis
count Of twenty-five per cent. IT
say that is to say that we are to fai
as our opponents have failed. Tn
national credit can't be bought at
profit unless the nations character
dishonored. Ii WE COME INTO PowEl
THERE WILL BE NO DIscREDIT ON OF
CURRENCY. NO SPECULATION IN PAL
ING OUR BONDS IN PAPER. | than
God that the faith which we hold,
one man, seeks to level up, not
level down. 1t means that the ste
ling coin shall ring again on the coul