Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1868-05-19
Gen. Cobb on the Finances.

Some of the copperhead papers
having classed Gen. Amasa Cobb
with Pendleton in the currency ques
ton, he has written his views to
Waldo Brown, from which letter we
copy as follows
Dear Sir II never have been in
favor of Mr.. Secretary McCulIocb's
policy of retiring the currency, and
enforcing specie payment st the ex-
pense OF the industry, the enterprise
and the business prosperity of the
country, and at the hazard of gen
eral bankruptcy. Neither do | app
preciate the wisdom of bis practice
of keeping hundreds of millions of
money locked up in the treasury,
while he is paying many millions an
nually as interest on borrowed mons
ey. Hence | am in favor of using
this money as fast as it accumulates
in tbs treasury in excess of what is
required TO meet the semi annual in
terest on the public debt, and there
by decrease and finally extinguish
this cause for the heavy taxation
which weighs upon the business and
industry of the country. In expires.
sing the above views 1 disclaim any
intention or thought of repudiating
any of the obligations of the govern
ment. On the contrary, | am in fa>
vor of discharging to the letter every
one of such obligations. Now, a
.a ,voi.I ~
express terms, or because one party
has received something of value from
the other, and is bound TO pay the
same this is called an implied con-
tract. The bond holders do not put
their case upon this latter ground,
because if they did, they could not
only claim to be paid in gold, but
not even in greenbacks at their pres
ent standard of value, as most Of the
bonds were exchanged by the gov
eminent for greenbaeks at time
when gold was above two hundred.
But it may be said that these bonds
are but few of them in first hands
having been sold and passed by de-
livery to the present holders, who
purchased them in good faith. Very
we'll, then they bought the paper of
the government upon the faith of the
printed words borne upon it's face,
and they are entitled to their pay
exactly as expressed thereon. Some
Of them express that they are paya,
bic in gold coin. These | would pay
in gold coin, because | would not vi
olste the contract to the wrong of
the creditors of the government.
Others, and the larger amount Of
these bonds, do not express the
kind Of money they are to be paid
in, hence they fall within the gener-
al rule, and sre payable in lawful
money, because | would not violate
the contract to the wrong of the tax
payers, including my own consttu>
ents That is the manner in which
! would pay off this indebtedness.
| would pay it off as fast as | could
procure the funds, because no man
who intends to pay his debts will
keep large sum Of money locked
up in his safe for great while, when
his notes are outstanding against
him past due, and drawing large in
terest. While j am opposed to the
Withdrawing Of the greenback ours
rency, either by it's destruction or
by keeping it locked upin the vaults
OF the treasury, am equally oppos-
ed TO the issue of any new green
backs for the purpose OF paying off
bonds, or any other purpose, unless
it should appear that those which the
Secretary has already retired and de-
stroyed under the provisions of an
unfortunate law, should be restored
in order to meet the needs OF the
business OF the country. The issu-
ing of the greenbacks as we'll as of
the bonds was q military necessity,
and can only be justified as such.
The condition Of things at the close
Of active hostihties is the true status
quo, and all subsequent action of the
government should be shaped accor-
DINGHY. What we legally, according
to the pledged faith o: the nation,
then owed, must be paid, every dol
lar, for it is the price of rescued
and redeemed country. To pay
more or less would be an act of in>
justice either to the people or their
creditors. | will never knowingly
consent to either. / will indulge in
no suppositions, for | know that these
sentiments neither make me " a reb>
eI sympathiser, "a repudiator, or
{. a traitor" have fought all such
and will to the end.
Your obdt' .svt.,