National opinion. [volume] (Bradford, Vt.) 1865-1874, 1868-04-10
The National Finances.

The speech of Hon. Austin Blair,
OF Michigan, delivered in the House
of Representatives on the 2lst OF
March last, maintaining that the
government is bound to redeem its
bonds, not III depreciatedpaper cur
rency, but in specie or its equivalent,
according to the definite understand
ing of Congress, and OF the entire
people, at the time when those
bonds were issued, is one of most
convincing power. 1t is enough to
do any honest mans heart good 10
read it. Take as a specimen of the
whole, the following brief extract:
''In this argument | make no ac-
count of the particular language OF
the several acts authorizing the is.
sue of the iive-twenty bonds. On a
question: of national good faith
shown like this we cannot resort to
the acts of the small lawyer. When
the bonds were put on the market
the nation was ia extremes. Green.
backs would not answer its purpose.
There VAS the most overwhelming
necessity, not only that the moLey
should be obtained, but that it should
be obtained upon securities having
a term of years orun, that the bust
ness and credit of the country might
not be destroyed by a floating debt
so large as to be unmanagahle.-
With this understanding the bonds
were issued to fall due at period
supposed to be remote enough to -
cape all contact with the grcenback
food. They were promises to pay
money as understood both by seller
and buyer and the people were eX-
horted by every motive OF patriotism
to invest in them, and they did so
to such an extent as to excite the
admiration of the whole civilized
world. Shall we now come to them
and say that the cunning llwyers
have found ont trick i'll the acts
OF Congress to cheat them out of tn,
securities they bought p!
Why sir, if we are to do this, lie
us at least assume the virtue OF tn
common highwayman. Let us stan'
square up to the position we take
Let us say to the creditors of tn
nation: 1T is true enough tina
when we were In great straits AM
desperate need of money you cam
forward very generously and save
us. And it is equally true that We
T.. apparent good faith, gave you tn
promise of the Government TO pa,
Won certain sums of money with III
teiest at future day. But reall,
YOU must be aware that the Govern
ment WAS at that time so terribly il
want Of money that we were com
PEELED to make "A great many fin
promises that it is now very incoi
venient to keep. The fact is, 20
rot altogether too good Il bargai
out of MS, aud you are getting quit
too rich in consequence OF 1t. w
have got the power III orr own hand
now, In fact, we are very greG
nation, thanks to the money 20
1oolislly loaned us,) and can do q
we'plrase. We conclude not to pm
you at all, rs we agreed to, Ar 10
the bonds, they are of no accoun
But we do not intend to leave 20
wholly without consolation yo
shall have gIeenbacks in eXchang
or course, sou will lose the intele'
entirely hereafter but that W.
Necessary b, cause that is the pr
else thing that troubles us ut pre-
ent. Perhaps the greenbaGks ma
not be worth much, since theirs wi
DC such o vast volume of them, bi
at least they look well, aud Son,
people think they are better tina
gold. At least they will stay by 20,
because nobody will export them.
This viii, ~ least, be candid, an
If lIitlc lnmilia,ing. still reach,
the main clilncc. it offers a slol
aud easy method Of disposing Of tll
public debt, which only need to Il
extended to the Ordinary bushes
OF lie 10 make It's beani ir /. co,nplet,
Iy manifest a law TO this efiet
would need only one addition I
makeit perfect, aud that Is proyis
ioibidding forever the redemption .
the 'gIeenbucks.' 1t wondprf,
that such a scheme should ever Ina,
commanded the attention of NJ,
considerable number of people for
day, aud can only be accounted &
ppOn the principle of that sort
political strategy which has iai
only IN kDayery, aud that par
powgrdicc which fears to spe X /
truth Iest tho people should .efu
" heed It,"