Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-01-07

interest o. lit Z tAalt De IN iItse mann II
applied TO he pnrea4as g. paypen. e. the
rlbae artt. ss the Seer agy 81 tie Treas
ury susll, ir4sn 'ims % ,iine q rect.
3 TIL esGae thefeo. ihIi b paid mo
III treasury Of the IMted states
TAe W0,ht l.iu.s t.si tie ,angaa.c Is
The second ca. , constitutes prom :, %
pay TIC priaeipa' rs ctiu. iaif .with Vie
Eorii TIE 6rst clause Ffayidos, oxirtss-
-, thai tic interest shal, BE- paid in co.n.-
lie &C "a c sute eot tains 10 Ntlr.. Npresa
provision as 10 he prnGrA Narh tie
language Of the second section: To the
purchdsc or payment Of one per cent. OF the
entire debt" II, from this Lam rng, an in
ference can be drawn ihst the payment was
to be made N coin 1t par, then, as The same
language applies to the purchase tic infer
ence must be drawn that ,he purchase
was TO he made in coin at par. tie pur
chase or payment was to commence during |
the year between July lat. 1862. and July |
LIST, 1868 THIS Law is the first one au-
thorizing the Issue Of 5-2o'.. They were
redcemable by the Government before five |
years. Not one Of them, therefore could
DC redeemed until after the 25lh Of rebrua-
~. 1867. The compound interest notes
aud the 7-33's were not yet due, indeed
lad rot yet been issued TO auy extent s.
None o. the public deb became due ia that
| yenr or the .ex,, and therefore could not be
! red,6m,d
BY tn terms 81 tie law, then. Till nh ount
OF one PR centum must be purchased pu-
ring the first year gold went steadily ~
ward, reaching, believe, nearly 200 per
cent premium In few months the bonds
were prepsr d. You Remember that Jay
Cooke Was emi'pyel 70 sell thcm tfat he
mad. extraordinary efforts TO do So and
that he was well paid by the Government
e., getting them oil A. par in greenbacks.-
Nov, then, If the Interpretation OF the law
put upon il by the World is correct, the ex-
traofdlnary spectacle was presented that
the Government was, by law, paving its
agents to sell its bonds ut par in greenbacks.
aud by the same law was compelled to buy
them back, at tho came time, NJ par in
gold, which was then worth 900 per cent.
IN ptcenbsoks. II seems TO me that need
on, state this result, t. show that the in
terpretalon is wrong The coin was 10 be
LAID ABIDE and when the time for purchaa
ing came II was t. be converted into legal
tender notes, and then tho purchase TO bc
maio a, the market rates. have therefore
stated tina, the legal tonder net provides
7on can each read Il for yourselves on the
back of each notc-that this note shall be
lawful money, and n legal tender in pay
mea, of all debts, futi,c and pirate except
duties on imports aud interest on the public
debt"
Every fsetwenty bond uns issued after
I, tha, act l. $50 Was paid for in legal tender
: uotcr. and every holder bought with that
PROVISION staring him full in the face Can
there remain doubt as to the leg .li,y Of
;, this m de of payment
But II il snid that this scheme would in
II fate the currency, destroy its value, and
: thus, il 'aei, rcpudiato the debt. Not al
:, all These gentl, men seem to think that
they can s. TO bed a, nlght, ana in the
y morning wake up with all the bonds re
deemed, aud IA their stesd f., 2ao 600 00o
II erecnbscNe. They Gceia - forget tha'
the process VIII b. necessarily slow, ani
:. t4at II ms. bc conducted with sknl and
csatl ~ aia Us mon whose posih u ni!
eoah.c them 10 guard against any evi
which may tic incident 10 the execution o.
! 20 giost measure ot rclef. Let nc stat,
4 to you The rositioa No have an enor
IN 4as deia VIC have rate Of taxrtior
tct ani 49, c.awrso oppressive. We have
4 q a9s a'n ff r.sl tender notes. ard .ys
icra !, national ltql.As am sJfrv We Lsy,
, theM. dii lot vie lor 4 en-, ard am nj
r ,bau. We iar tt.enf. Hey arc Great evils
=, enrtt 10 get Ri II them. And If they
fftstut Any II. cans Of assisting Us IN gettln 4
rd & them vr ought TO seize II. The non.
: tufrfest paying debt consisting Of green.
:. Hsee and unliquidatei debt, amounts tC
= about Ss0O,o0 GOO. | do not vouch for Tho
rla.t accuracy Of these figures. They arc
4 10, IA wrong. They serve perfectly vel
for Illustration. he proposition of the re
. putls ems Ia 10 convert thus debt into bondi
which paw interest in gold The interes
on those bouds viii he SIS 100000 Ia 20.
: tuuually. The result; will be TO increase b,
A.. that amount The expresses, = convert nctiv,
. capital INTO inactive csrl,sl, and thus to in
:, crease the nnmher Of those who Do not PAL
taxes, aud t. increase the burden Of thoS,
:. who do lay taxes | maintain that thi
debt ought not 10 be 80 convette i--tha
= these SIS 100000 iii gold should lie saved
:, There are s4un, oue, 600 OF these bonds il
the irea -ury as security for the naiiona
bank currency. They are represented by
nearly equal anoun, of bank notes The,
csli tr 81 ,pone0e II gold annually a in
tcrest
Now maintain thni these bonds shout,
. lie redeemed ia guentacl ;. The resul
+ wssltd tc. that tie erecuaac,,s would tax,
:, tnc place q he bank notes. which woui.
nc called III. aui that - COO QUO of interes
:, y, nld w SAVED Il tat s2i, OoU 900 yer
dS u t. the slS.r00 see ~ which hav
=, spoken. Yen have So o0o, goo in gold m
nueliv and this properly camaouudc,
!. would pal tic whole 4, b, principal and In
,cre>,. N hitecn years. Ind noc o6sUr
:, '.if Mw, ftr hare not proposed 10 add on
I, Gatiar n paur hires, N oas dollar 10 n
y currency. Cheers This process Of re
, dcnn'ipn can DC pressed as fast as the bust
i. ness values Of the country vii bear an OK
panson o. tho currency. | am satisfied
:, that they can bear mere now. | am salts
: fed that the good to result will more thar
!, compensate far the evils. How far the ex
= pansien may be safely carried on | canno
. pretend, with exactness, TO say
= There are men around me whose expert
cnce and knowledge Of business would en-
:. aolc them to Judge. The secretary of tns
= treasury ought to be able to Judge Hi
haad is upon the pulse Of the country. Ii,
;. can feel all the throbbngs of tho blood
in the arteries. lie can tell wher
!, it flows too fast and strong and
then the expansion should cease. |, |.
- VI past Du
future experience. the condition 0
). the country after the ravagcs Of th
:, late war enables it to prosper under q sys
!, ten which would have impaired il in a tim
:, OF unbroken peace. All that l maintain i
=, ;, this. that Just as rapidly as the prosper
:. Gus condition Of the business will permit il
= the bonds should be redeemed in green
- backs; for just SO fast will the interest b
i. pald, the taxes be reduced, and labor re
), lieved from the burthens which now .
i heavily cypress it, This is not the appro
pirate time to 90 into mere details II
werc could show you that il the curren
:. expenses Of the government. including in
icresi, were reduced 10 Slo0, 0c0, goo ANU
\, atty. then upon an additional issue OF 500,
:, n0n. 600 only Of grecnbacks the entire deb
"a could be paid and the entire amount &.
a greenback could only be called in aud can
;. celcd. IN fourteen years
=. Our taxation Is enormous The revenu,
a IN fs66 WAS S5sl, .0o1, of which Slis,
- Ooo, Oeo was mo.ey taken from the people
p ckets TO pay interest on bonds which