The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-08-10
THE FINANCES.
Tronbies or Poor Government Cred.
itor.
n -. II tla

Tronbies OF n Poor Government Cred.
itor.
To the Editor of the World:
The Tribune is rabid on what it alleges
to be an implied costract to pay the five
twenties in coin. The most anybody
has said of it is that it is an implied con-
tract. The fear that the Government
may, at some future time, violate the
Iribune'8 construction of the contract
makes it's wrath boil.
i am comparatively a poor man.
had $500 in gold in the summer of 1861
When it was harder for the Government
to borrow money than it has ever been
since. 1 loaned the $500 gold to the
Government, and took three-year
bond for $500, bearing seven three
tenth interest. They paid me the inter
est in gold mp to July, 1864. Then my
little claim fell due, and / presented it
for payment and was refused, ercept
in legal-tender notes. On that day
July IL, 1854 gold was selling at 2.45.
As this would have only paid me about
5000 for the $500 loaned, concluded
would wait awhile, thinking that some
public man, like the editor of the Tri-
bune, would take the matter up and de-
nounce this reputation. But nothing
was said. In September, 1864, the Sec
retary of the Treasury gave US notice in
the papers that if onr bonds were not
presented for payment, in greenbacks,
by October, II, 1864, the interest on
them would cease. Here was q new
trouble-my gold gone, and my green
back claim bearing me no interest. A
good lawyer then told me nay bond was
receivable for custom dues, and showed
me the law under which it was issued.
1t was even so. Now, thought, if the
Government will give me the benefit of
the law, l will come out pretty well
yet, for as it took gold to pay my Gus
tom dues my bond would be pretty near
as good as gold. But 10! found that
the Secretary of the Treasury had in
structed all the collectors not to receive
such bonds as mine for customs. After
waiting a couple of years and getting
no interest, and nobody of any influence
seeming to take any interest in the
matter, / concluded to take the green
backs. l found on the back of my $500
greenback, in handsomely engraved
circle, the following:
This note is legal tender for all debts
public and private, except duties on i'm
ports and interest on the public debt,
and is erchangeable for trenty-year bonds,
bearing sir per cent. interest coin, redeem
able at the option Of the United States after
fire gears.
was glad to find that had even this
privilege left me in the midst of my
troubles, fer these bonds were worth a
smart little premium. So got a friend
to send my $500 greenback to Washing
ton, and to get in exchange $500 five
twenty bond. But disappointment still
followed Eie. The Secretary wrote
back that Congress had passed law
taking the privilege from me, though
there it still stood engraved on my note
as plainly as the "five hundred dollars"
itself A good many like myself held
these bonds. There were Sl5O,O0O, 900
of them.
Now, l think the Tribune and other
papers who are so wrathy lest the Gov
ernment should not pay the people gold
on an implied duty, when it got moth
ing frem them but paper, ought to
bottle up, and reserve their wrath for
the real offenders who took peoples
gold and have villaiuously violated &C.
tual and positive contracts by refusing
any payment but paper. j. b.