The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1868-07-31
piled obligation, whenever a govern
ment issues such bonds, that the
nrincinal shall be paid in gold.

pkleQ ODllgaLIOH, WucHcVeEd SofeAA>
ment issues such bonds, that the
principal shall be paid in gold.''
"But,' rejoined the mer chant,
"that implied obligation is directly
negatived by the inscription on the
greenbacks, and negatived also by
the wording Of the bonds, which
carefully specifies gold for the inter-
est and carefully omits any speci6-
cation as to how ..the principal is to
be paid; thus leaving that point op
tional with the Government. More
over, the greenbacks themselves
are notes, bonds, promises to pay
which the Government is as much
obligated to pay in coin as any other
description Of bonds whatever. If
the government. substitute it's green
back notes for it's bonds in your
possession, you hold against it as
valid an obligation as you held be-
fore, and have no right whatever to
cry 'repudiation.' 2,
"The government will be able to
redeem the greenbacks in coin as
soon as it will be able to pay ysur
bonds in coin. It's necessities compel
it to give it's creditors promises in
stead of pay. 1t is for you to show
why it should givs you interest
bearing notes and compel its other
creditors to accept notes which draw
no interest. It is for you to show
why the people shall be taxed to pay
interest on what the government
owes you, while they get no interest
on the notes which they hold against
the government. In what respect
is your claim more just or sacred
than theirs?
"Now, suppose the Government
takes your bonds at their face and
pays you $50, 600 in grceubacks.
You can exchange that sum for $21,
400 in gold. You will then receive
more than double the sum you in
vested four years ago, and upon
which the Government has paid you
usury at the rate of Is per cent, per
annum! My friend you have no good
reason for calling this Reputation.
When SO liberal a settlement is pro-
posed you have no right to demand
that 50, 900 more gold than is nom
mated in the bond shall be wrung
from the labor of the country for
your private cmolumcnt. AS a just
business man You would not set up
such claim against private in
dividual and you could not legally
collect it. The obligation of your
bonds as you construc it against the
public would convert them and the
Government itself into instruments
of extortion and inordinate oppress-
ion.
This implied obligation with which
you propose to piece out the actual
obligation ofthe government, applies
with farmore force and justice to the
claims of the soldiers who rendered
personal service and devoted their
lives to the public defense. But you
and the party with whom you act
do not call it reputation to pay
thcm in grcenbacks for the blood
they shed and the limbs th,y lost.
You prefer the least meritorious
class Of public creditors; and 70,
those who have already grown rich
eff of the necessities of the Govern
ment you demand an exhorbitant,
additional gold premium. The scant
wages and rewards Of the poor, who
have toiled for the Government,
and who have bled and suffered for
| it, you would pay in greenbacks!"
As he listened to this argument
in favor of what he termed "repudia-
tion," the Pittsburg gentleman be-
thought him that for twenty years
ae had known the good old merch-
ant to be a man who would part
with his last cent and coin his body
to pay his bond. He mused mo-
ment with the air of a nan who
hears something which he must pom
der more at leisure; and then he
changed the conversation. Louis.
Vile Courier. 4
In the house Of representatives,
on Saturday, the funding bill being