Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1868-04-16
Tine sreenbacks and fractional currency
should now remain undsturbed

the srccnlacks and fractional currency
should now remain untlisturbed.
MISCELLANEOUS MATURED DEBT.
The several classes OF debt, making the ag-
gregatc of $203, 1872, 100. Il, Including com
pound-inte notes, will he paid out of
funds in the Treasury, or are already pro-
vided for.
THE FIyElTWENTY BONDS
| The great body Of the debt, 81 ,Gi5, 1876, :
$50, consists Of five-tweniy bonds and seven
thirties, convertible by law into tive-twen-
ties With regard to all this, the Secretary
OF the Treasury proposes no change, but de-
mands that il shall run the full period of
twenty years, and in this last annual report
| he says:
s'Tne bonds should be paid, principal as
well as interest,i in coin. y d,tnaot Ri port
page %.
THE TRUE INTEREST OF THE BoNDHoLDRs.
| Mr. Speaker, | have no sympathy with
the meu who would attack the capitalist or
undervalue the patriotism Of those who, in
the perlous hours Of the rebellion, came
forward and contributed to aid the Govern
ment in carrying on war which saved the
life of the Republic. | would stand by the
contracts we made with them, and with the
| widows and orphans whose means are in
| vested in Government bonds, but | warn
them that their only safety is TO accept
justice, make no demand beyond their con-
tract, and assume u share in the burden OF
Government. II they fail in this, and terri
Bile retrhu,ion follows, no part of the re-
sponsibility will be mine.
THE FIvE-TwENTIEs MAY BE PAID IN GREEN.
BACKS.
The original act of Congress authorizing
the issue Of five-twenty bonds is that of
February %, 1862 That act also authorized
the issuing of "United States notes, COM
monty called greenbacks," and provided
that
"Such notes Y "shall
be receivable in payment of all taxes, inter
nal duties, eXcises, debts, and demands of
every kind due TO the United States, except
duties ON imports, and of all claims and de-
munds against the United States of every
kind whatsoever, except for interest upon
bonds and notes, which shall be paid in
coin, and shall be lawful money and legal
tender in payment of all debts, public and
private, within the United States. except
duties on imports and interest aforesaid.
And this was printed in substance on
every greenback issued and was notice to
all the world Of what the contract was ind
is with the holders of this class of bonds
Congress refused TO insert n provision max
ing the principal payable in coin The in
terest is payable in coin-he principal in
any "lawful money" Congress carefully
emitting to make the principal of the five
twentics payable in coin and expressly de-
caring greenbacks . 'legal-tendcr in pay
ment Of all debts, public and private, ex-
cept where otherwise specified, may have
supposed that the same currency which
paid the soldiers and which now pays PEN
Ai, fg,t "A
which pays all other loans, public and pri
vate, might equally pay this great debt OF
the nation.
All the States, except Massachusetts and
California, pay in grecnbacks the principal
and interest Of State debts contracted before
they were known, attl 500, ,O00, 900 of pub
lie ndebtedness-State,c city, county, town
ship, railroad aud other bontis-al rest on
the same form Of payment.
The Treasury notes issued under the act
ofJuly II, 1861, before greenbacks were
known, were refused payment in gold when
they maiurcd three wears from date About
six hundred and eighty four Thousand four
hundred dollars of the .l3a, 800, $50 issued
were paid in grcenbacks and the residue
converted into bonds.
THIS QUESTION MATERIAL NOW.
But it may be asked, how is ii material
now to inquire into the mode Of paying the
| iive-twcniy bonds? | answer, by law the
Government has the right TO redeem these
bonds after five years from date or elect to
let them run on fifteen years longer.
III 81 ,6lj, S5,a50 ofdebt can be so renew
cd us to save to the tax payers only one
per cent per y,ar, ii will amount to SIG,
600, 0N0 in gold, equal to nearly twenty y-three
million dollars in currency, which in fifteen
| gears makes AN aggregate of S3ij, ,000, ,U00.
In ~ t,,, 1,I
10 maturity at six per cent. interest in gold,
Tor ii is impossible now 10 procure the means
Of paying this great debt; but ii it may law
fully he redeemed in grctnlacks" it can
soon he paid or funded at a less rate of in
trrest. But shall "greenbacks he issued
TO pay At once the whole debt? | answer
no. The whole debt is not yet redeemable.
OF the : ,Gl5, lS5, $50 of bonds ;5l4, $50, 800
are now redeemable, and the residue at diff
icrent periods. The amount Of currency
should be measured by the business wants ol
the country, and beyond This there should
he no Initiation, because this would disturb
all values, change the relation Of debtor and
creditor, dtpreciate our currency, and pro-
,!uee bankruptcy and ruin far beyond any
saving Of interest effected on the public debt
| 1t should be remembered too that such an
| issue Df greenbaeks would not pay tbs debt
| They would constitute liability to be paid
sooner or later by taxes collected from the
people, for no one anticipates an endless
debt i'll any form Our policy is not TO in
tiate and drpreca;e tic currency, but to
consult the substantial interests Of the pro-
ductlyc industry Of the country
But the Government has the right to offer
to the holders of the bonds now redec malile,
and those hereafter to become so, the o,tion
to receive payment in ''greenbaehs or in
Government bonds running on long time
and at a less rate Of interest than is now
payable. If the Treasury, from taxes or
Otherwise, cannot supply tile srcenbacks
they can be borrowed, as they were during
the rebellion, either on new bonds payable
| in grcenbacrs or gold, as may be most ad-
vantageous to the public
| This will work no injustice 10 bondhold-
cis. The light of redemption was reserved
10 b. exercised for the public benefit. Ii
leaves the investment in bonds, at least fair
ly rcmunerative, They were paid for, not
in gold, but in greenbacks. The average
price of gold and greenbacks has been thus
stated for four years preceding 1866:
ircrage pfic, AGe'agr raiue
OF H0M ia ~ prctnbacks
greeMbdrks Ia gnh.
1862. 2.......................1ls 1ls 10 Stt