The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1868-10-20
THE FINANCES.
Troubles of a Poor Government
Creditor.

To the Editor of the World:
The Tribune is rabid on what it alleges
to be an implied contract to pay the FIVE
twenties in coin. The most anybody
has said of it is that it is an implied con-
tract The fear that the Government
may, at some future time, violate the
Tribune's construction of the contract
makes its wrath boil.
/ am comparatively a poor man. l
had $500 in gold in the summer of 1861
When it was harder for the Government
to borrow money than it has ever been
since, I loaned the $500 gold to the
Government, and took three year bond
for $500, bearing seven three-tenth in
terest. They paid me the interest in
gold up to July, 1864. Then my little
calm fell due, and l presented it for pay
ment and was refused, ercept in. legal
tender notes. On that day, (July II,
1864 J gold was selling at As. AS this
would have only paid me about $500 for
the $500 loaned, l concluded | would
wait awhile, thinking that some public
man, like the editor of the Tribune,
would take the matter up and denounce
this reputation. But nothing was said.
In September, 1864, the Secretary of the
Treasury gave us notice in the papers
that if our bonds were not presented for
payment, in greenbacks, by October, II
1864, the interest on them would cease.
Here was a new trouble-my gold gone,
and my greenback claim bearing me no
interest. A good lawyer then told me
my bond was receivable for custom
dues, and showed me the law under
which it was issued. 1t was even so.-
Now, l thought, if the Government will
give me the benefit of the law, / will
come out pretty well yet, for as it took
gold to pay my custom dues my bond
would be pretty near as good as gold
But 10! l found that the Secretary Of
the Treasury had instructed all the col
lectors not to receive such bonds as mine
for customs. After waiting couple OF
years and getting no interest, and no.
body of any influence seeming to take
any interest in the matter, l concluded
to take the greenbacks. / found on the
back of my $500 greenback, in hand
somely engroved CIRCLE, the following
This note is a legal tender for all
debts public and private, except duties
on imports and interest on the public
debt, and Is erchangeable for t,centy
gear bonds, bearing sic per cent. Interest
coin, redeemable at the option Of tht
United States after foe gears.
l was glad to find that / had even this
privilege left me in the midst of my
troubles, for these bonds were worth s
smart premium. So I got friend to
send my $500 greenback to Washington
and to get in exchange $500 five-twen
| ty bond. But disappointment still fol
lowed me. The Secretary wrote back
that Congress had passed a law taking
the privilege from me, though there il
still stood engraved on my note as plain
| ly as the "five hundred dollars ITSELF
A good many like myself held these
bonds. There were $l50,000,0O0 o.
them.
Now, think the Tribune and othel
papers who are so wrathy lest the Gov
ernment should not pay the people golt
on an implied duty when it got nothing
from them but paper, ought to bottle up
and reserve their wrath for the real often
ders who took peoples gold and have
villianously violated actual and positive
contracts by refusing any payment bu
paper. ste @a re j. Is.