Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1868-07-02
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! The Vopperheuu 9reenbucH humnuGs
From the indianapolis Journal.
Immense efforts have been put forth
by Democratic organs In the West 70
Manufacture political capital for their
party by proposing the payment of the
public debt In greenbacks. They pre-.
tend that the right of the Government
! to do this is Democratic discovery, but
for which every debt owing by the Gov
ernment would be paid sooner or later,
| I'm gold. This Is untrue. There has
never been time that the Secretary OF
the Treasury could not use every surplus
dollar OF grcenbacks In redeeming some
from the public debt, and IL he had q
hundred million to-day he could apply it
! The difficulty Is not that the Secretary
| cannot use greenbacks in paying public
Indebtedness, but that lie is not able to
get enough for the purpose. National
banks and private capitalists now hold
fifty millions Of three per cent certifi-
Gates, issued In redemption of an equal
amount Of five per cent and six per cent
treasury notes, all of which were paya-
BILE In legal tender greenbacks, as are
the three per cent issued In their stead:
All the seven-thirty bonds are due or VIII
be In short time. Those past due the
Secretary has the right TO pay off In
greenbacks, but he has not the currency
to pay them with, and therefore has ad-
vertised that he will continue to receive
them for conversation into five-twenty
bonds. He has millions OF gold lying in
the treasury vaults, with which he
might redeem seveh-thirties at heavy
discount, but he fails to use it. A prop
ositi0n was submitted in the House of
Representatives day or to ago, to COM
pei him to sellthesurplus gold for green
backs and apply them to the interest
bearing debt. We hope 1t will pass, or,
what we think would be better; that he
shall be required to offer, from time to
| time, such sums of gold as the treasurer
has no immediate use for I'm exchange
for bonds, those offering the best terms
for the Government to be preferred. In
this way, we should get in the bonds at
prices equivalent to their redemption in
greenbacks, and all of the latter curren-
cy that could he spared after paying the
current expenses of the Government
might still be employed in dischargipg
that class of debts expressly payable in
lawful money.
The only distinctive element in the
Pendleton programme was that enough
greenbacks should be printed to redeem
every class of bonds, save the ten-fortles,
as fast as they attained the age of five
years, the Government having the Opti-
ton to redeem them after five years from
their date, or at the expiration oftwenty
years. There was directness In this
proposition that everybody could under
stand, and 1t was immensely popular
| with all who favored q reputation OF
the public debt, for they reasoned cor
rectly that an additional issue OF green
backs TO the amount of $1,000 900 900,
would be equivalent to direct repudia-
ton of the bonded debt, and that 1t
would be speedily followed by repudia-
ton of the flood of greenbacks.
But of late the Democratic newspaper
organs have denied that either the party
or Mr.. PendletOn favor the issue or any
considerable addition to the present pa
per currency. Indeed, they have wan
dered so far from their original green
back project that they furiously assail as
liars those Republicans who represented
them as favoring the printing press mode
of raising greenbaclSs wherewitht to retire
the five-twenty bonds.
On this change of base being announc-
ed, we begged the Sentinel, which We
supposed knew what Democratic princl-
Piles and measures were at least in this
State, to inform Us how Its party pro-
posed to redeem the public debt with
greenbaclSs any faster than has been
done heretofore, unless by q new and
enlarged issue of them; but 1t has not
ventured to answer. We have also in
quired Of our neighbOr whether the
Democratic party Is prepared to advocate
increased taxation for the purpose OF
raising more greenbacks to be employ ed
In paying the interest-bearing debt. TC
this question 1t gives no response. The
fact Is, the PendletOnans dare not de
clare themselves either in favor of the
manufacture of more legal tenders by the
Government printing presses, or of in
creasing the taxes. This ceing tho case
what Is there left of their hobby of pay
ing the bonded debt In greenbacks, ex
cepl u declaration of the abstract right
OF the Government to pay in that cur
rency when 1t has it? Absolutely moth
ing. But they cnn not rally recruits on
au abstraction, especially In this instance
for the Government was was paying out
greenbacks at par on the public debt
long before Mr.. Pendleton's humbue
scheme was broachcd, and IL has beer
7 doing so ever since.
How are the five-twenties to be pait
at tho rate of five hundred millions pei
annum, except by heavier taxation OF
the manufacture of more greenbacks, &c
contemptuously described by Mr.. Pen.
dleton In his Congressional speech o
1862, as fugitlves and vagabonds In the
earth?" Until the hypocritical Demo
cratic converts to n greenback currency
are prepared to take position in favor
OF one or the other Of these methods d
providing means for liquidating the in
terest-bearng debt, their harranguei
about paying In greenbacks scarcely
amount to a plausible humbug. Th,
whole thing Is q cheat and n swlndle
intended the deceive the credulous ant
win q few votes 10 the Copperhead cause
} on the false pretence that they can some
how dispose OF the public debt In n way
that will cost the people nothing.
THE New York Herald, a high Demo
cratic authority, predicts the defeat an,
death of Its own party In the following
} terms: