The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1868-11-27
The National Debt-The Greenhaok


Now the Presidential election is settled,
the New York Herald and many Kindred
pi ints OF influence in radical quarters pro-.
nounce boldly for the Democratic position
on the greenback issue The Herald of
Saturday publishes the following terse and
logically yrcenesa4iye argument on this quss-
ton: u snf
by forcing specie payments or by the
government declaring tnat all its bonds
shall be paid III gold the property of the
bonahoiders would appreciate in value
something Ike thirty per cent. These
highly vlrtuous individuals may well clamor
fer the full face Of their bonds in specie, as
Their property would be increased SO much
IN value. 1t is the virtue and honesty of
Shtieck over again. They will not listen
TO any abatement or compromise, how
ever. much the country Lay suffer or tie
burdens Of the people be augmented.
Let us examine the exacting olJims Of
the bon lhoIders. First, then. il is we'll
known that not Uole than sixty per cent.
In specie, on an az erage, was ever paid for
the bonds. A large portion was Obtained
tor less. More thar half the capital in
vested IN them has already been returned
ln interest,". Then nearly all the hondhold-
ers have had th, Ii o her property vastly
augmt nied In value through the apprecia-
ton OF gold and the elftcts Ct the war.
Ihere Is sea ceiy real estate owner, for
example, whose property has not doubled
since the war commenced. In many cases
It has been appreciated more than that.
la tact, the northern capitalists and prop
erty holders have become much richer from
the war, while the uass Of the people have
becoue poorer and more heavily bur1ened.
Had they suffered As the property holders
of the south have their demands would be
less unreasonable; but they have been
made rich and ought to be satisfied, with
out wishing to increase their bondholdins
wealth thirty per cent. at the expense Of
tue overburdened Industrious classes.
As TO the Thne tourishes about national
honor and integrity, such as MIR. Reverdy
johnson, the British press and the bondx
holders organs here indulge in, they are
all bosh. No great modern alton, except
the United States, has ever paid It's debt in
specie. Hardly any have paid il all. Even
Engiand with all her prctence Of honesty,
reduced the Interest on her debt from five
and SIX per cent. to three and hree and
half She never can hope to pa the prin-
clpa!, aud Whenever the British govern
ment has any surplus funds to apply to the
liquidation Of the national debt it does not
feel bound to pay a hundred for stocks
nominally issued at hundred The ma
tional debt commissioners buy at the low
est rate they can, and give only from
eighty to ninety i,I consols, according to-
the market. Is tia. dishonest? Why,
then, should the heavily burdened people
of this country be required TO pay the full
face Of tho bonds in gold? Why should
there be deprecia;el national bank notes
for the people and specie for the bond.
holders? Justice ard common sense call
for the same eurrency-one measure-for
both.
''TLi, is DO longer question of expedi-
ency or equity, or of law, but Of power. If
the bondholders possess sufficient power in
congress they will compel the people to pay
them the extra thirty per cent. demanded.
On the other hand if the PEOPLE are heard
in the next congress, the scheme will be
successfully resisted 1t is already evident
that the bondholders cannot demand the
unanimous radical vote In that body, and it
is by no means certain that they can COM
mand sufficient vote to carry their meas
ures through the house, or without the
support of the president. They do ex-
pect, however, to command large MAORI
ty Of the present congress at the coming
winter session, and by the legislation before
Grants Inauguration the whole result may
be determined, as far as congress can de-
termiue."