The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1868-09-03
The Greenback Question.

Hon. John c. Lee delivered a
speech at Fostoria on the 18th ult.,
from which we take the following
extract:
81 do not wish to be tedious in
this; but you are all interested in
greenbacks-I wish you had more
ofthem. Our debt consists of bonds
mainly, of different names and char
acters. All of it is, by it's terms, or
the law providing for it, payable in
coin, except the 500 bonds, and OF
these there is, by the last re-
port of the Secretary of the
Treasury, a balance of about ST.
5S3, 100000. 1t is only about these
that there is any dispute. He says,
pay them in greenbacks. Very well ;
I am content with that. But what
are you in favor of, Mr.. Pendleton
Are you in favor of paying these
five -twenties with the greenbacks
now issued, or issue until you have
as many as the e-twenties amount
to? Ii you do not intend to issue
more greenbacks 1 agree with you
We believe that the 5-2Os may
be paid in greenbacks now out, but
it was stipulation of the law that
there should not be more than $4O0,
600, 900 of them issued. On that
promise the five-twenty bonds were
issued, and by the terms of three
different acts relating to it these
greenbacks were made susceptible
of paying all dues to or from the
Government. Now then, remember
that while we could issue only $780,
600, 900 of greerbacks, but 356, ,00O,-
600 of them are now out. 1 am
willing to go on and pay off the five
twenty bonds with it, just as fast as
it can be done, and these are the
views of the Republican party as an
nounced at it's last State Convention.
We have $30O,OOO,OOO of National
Bank currency, and $3.50, ,OOO,OO of
greenbacks that makes 1856, ,OO0,-
900. There are $31, 100000 frac-
tional currency, making $6S7, ,0OO,-
600 of currency now afloat, and with
that volume of currency the whole
business of this nation is being done.
With the greenback worth sixty
cents on the dollar, that is six-tenths
of one dollar, instead of $7OO,OOO,-
600 for round numbers) double the
volume of currency and make it ST.
400, 100000. If worth sixty cents
on the dollar before, what is it worth
now? Thirty cents on the dollar
Add to it $70O,O0O,OOO more, makes
it $2,10O,O00,0O and what have
you? A currency worth about fif-
teen or twenty cents on the dollar.
Now, then, it will take very nearly
that amount to take up the five
twenties. But, say they, our plan is
to retire the $500, ,OO0, 900 of Nation
al Bank currency and substitute
greenbacks, so that then we will have
$4O0, 100000 of greenbacks to start
with; then we will have to issue
enough more to make them exceed
the five-twenties by 100000, 900,
and we shall then have $1,983, ,OOO,-
900 of currency in the country.
Now. Mr.. Democrat, are you ready
to give that to the bondholder p
ayes, sir, I am.' Then, of course,
you are ready to give it to the pen
stoned widow and soldier, and where
they were to have one hundred dol
lars. you are. giving them fifteen. Is
that your theory? If it is the peo-
pie want none of it. Horatio Sey-
mour was right in his speech, made
a few days anterior to the New York
Convention, in which he ridiculed
this Pendleton theory and crushed
the author Of it under it. He was
right when he stated that idea that
you would reverse the usual order
of carrying your money to market
in your vest pocket, and your mar
keting home in your basket; that
instead of this you would carry your
money to market in your basket and
your marketing home in your vest
pocket. laughter. The values
would be wholly unsettled the wild
ness of speculation would be rife
throughout the land and everything
would be in a financial chaos. That
which would seem to be prosperity
would be but delusive excitement,
to leave the victims of it in a worse
condition than before, and then, if,
never before, would bankruptcy
stare us in the face"