The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1868-12-22

value of the greenbacks. The expla-
nation of this effect is simple. By
taking the gold, which is the only
means by which the greenbacks can
be redeemed, and applying it to the /
purchase of bonds, it puts the re-
demption of the greenbacks out Of |
the power of the Government, and |
proclaims to the world that it does
not intend to return to specie pay
ments.
The proposal to improve our cur
rency by taking our surplus gold and |
investing it Ia bonds would be re-
garded by capitalists as absurd. The !
gold thus paid out would not enter
into the circulation, but would sink
back into an article of merchandise,
to be gambled for, as it now is, In
Wall Street. What would the world
think of the morality of such an oper-
alton? We have 1856, 900, 900 of the
public debt overdue and drawing no
interest, and we take the only means
of paving this debt and apply it to the
purchase, at a discount, of our bonds,
which will not be due under fourteen
years. What would be said of the
integrity of a man who should refuse
|
ing his creditors to suffer great loss,
and should employ his money to buy
up, at a heavy shave, his debts that
will not be due under ten or fifteen
years? Plain people would call such
a man arascal and swindler, aud would
speak of the Government in the same
terms under the same circumstances.
| The pretence that it was done to i'm
/ IL, 4
deceive nobody. Such a plan of re
turning to specie payments IS worthy
/ of the Circumlocution Office, and
should be labeled $ How not to do it.
The greenback currency is a part
! of the public debt, for the redemption
| of which the faith of the nation Is SOL
EMMY pledged. The redemption of
this pledge Is not only demanded by
every principle of national honor, but
is imperatively demanded by the in
terests of the people collectively and
individually. Thecurrency OF a coun-
try lies at the foundation Of its daily
business, and vitality affects the inter
est of every class and condition of
| people; and If the Government, over
looking its honor and its duty, should
take the only means by which it can
be improved, and apply it to the pur-
chase of bonds which will not be due
for many years, il would merit and
receive the indignation aud contempt
of honest men everywhere.
But it is said that if the Govern
ment reserves and holds the surplus
gold in the Treasury, to be applied TO
the redemption of the greenback cur
rency at some future time, to be fixed
by law. it will suffer great loss in the
interest on the gold thus held in re-
serve. In one point of view this OBJ
lection is we'll taken. But what else
can we do? Il it not difficulty TO
be encountered by every debtor who
collects aud holds the money where
with to finally pay his debts? If a
man owes one thousand dollars, can
he pay it In any other way than by
collecting the money for that purpose,
and holding it until he gets enough TO
meet his debt2 The Government owes
a debt which eau only be paid, and it
must, if it intends to pay it, collect
the necessary amount 10 gold. Ii
the debt was of that nature that the
gold could be paid out on it as soon
:, as collected, of course it should be
done; but the debt is not OF that
nature. IF the Government should
pay out the cold as fast as it
is received in the redemption
of the greenback currency, it
would fail to bring the remainder of
the currency up to par, and the gold
thus paid out would not enter into
the circulation, but would sink back
into an article of merchandise such as
it now is. The redemption of the
greenback currency should not begin
, until the Government is prepared to
redeem all that may be presented, for
this would at once bring the whole
body Of the currency to par, and the
gold paid out would 20 into the cir
culatlon aud take the place of the
paper me1ey redeemed. But If paid
out by piece meal IN advance, it would
not go into circulation or bring up
the balance of the currency to par.
But what will be the actual loss of
= the interest on the gold held In re-
serve compared with the loss sustain
ed by the great mass Of the people In
; their labor, trade and property-to be
! suffered by the continuance of the
present condition Of the currency?
Scarcely as one dollar is to hundred.
The losses by the failure to employ
labor-by the stagnatIon in business
by the paralysis of trade-by the de-
lay in general progress and develop
ment, brought about by deprecated,
auctuating ADD deceptive currency,
when estimated In dollars, would form
vast sum, compared with which the
= loss of interest on the reserved gold
would be mere bagatelle.
But if we do not obtain the gold
to redeem the greenback currency
IN the manner proposed. in what
other way, or at what time shall it
be obtained? Shall the Government
,, go into Wall Street aud buy it, like
, the importers or the gamblers? Or
shall we sell new bonds in Europe
g at seventy or seventy-tWo cents on
the dollar. and obtain 1t in that
way? VIII it be easier to begin the
process at the end of FIVE years, the
nation suffering ia the meantime all
the evils and losses of depreciation?
; Shall the nation stand shivering Tor
years on the banks of this Jordan,
, aud then make the plunge when the
waters are deeper, swifter and cold
er than now? Such is not the part
; of wisdom or patriotic craftsmanship.
IF an individual fails to pay his
debts. payment may be enforced by
the law against his property, but
against the Government there is no
, such remedy What would be mere
neglect or failure, therefore, on the
part of an individual, would be repu-
; diation by a government.
I If the greenbaek note is to be re-
garded as an obligation, for the pay
ment of which the faith of the Gov
eminent is pledged, the continued
failnre of the Anunrnmanf 70 male