The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1868-02-14

seven years, snd no, interested in any rings
in Congress OF any contracts out OF il.
nigh, legi,imately have hsd some property.
end some money 10 invest in paying secu.
ri,ies;' ard. It may be assumed, that he sp.
piled to his investments the sversgeI
Intelligence Of men who had sceumu lated
property by yesrs OF labor, end not su dden
|iy, by government contracts. Finding him
self IN possession Of money he desired 10
invest At paying rates Of interest, re goes
into msrke, 20 seek satisfactory securities.
He finds his government, in the market %
borrower. He may have he'd HE own ideas
ss 10 The necessi,ies Of the government.
aud as to whether they were not occssioned
by reckless expenditures. snd frsuds snd
specuiatioDs; and az To whether Il was ne.
icessssy or polite 10 create . i0nded debt Of
all, especially q funded debt 10 be sustained
aud paid by the industrial pursuits Of the
country only Being pov erIess 10 effect
any change in the policy o. the Government.
or In the existing s,s'e Of ,hings, he 'sc.
lcap,s the SITUATION, and in 1864. invests
s 100 600 IN gold In government securities,
" h,ch he oo,siued a. prices varying from
1921 to 2563 Tor his gold. the average be
|ig 1e6; that is. he .ohisined $l99 600 in
,Government securities tor his 100 900 in
eoid-,be bonds bearing Elk per cent. in.
tersst-s,, payable in. gold semi annually, |,
and * mpt from oil taxes. He could have
sold, II he h-d managed little closer. his
gold on The 7'h' day Of July for 27S-on the
ill'h Tor 2S2- which would have paid stiil
better Such On Investment, Tor the purpose
Of income. was decidedly advantageous ss
long ss The Government could afford 10 paw
the iuteresl. But. at the time The loan in
which he invested, IVES on the mark u, there
wss an under cUrren, Of doubt 40 10 its cx
act character. I, was not expressly payable
in gold, and the, Cover lnment had reserved
the riph, to chsnge The inves,ment-to re
deem or substituts some other for IL; sl.
ways accompanied BY the high pa,iossl
moral obLgs,ion. implied il not expressed,
ha, the creditor should lose nothing by bic
osn, il in the power Of the Government TO
pro,ec, him. This induced him 10 ,ske the
osn. kpcwing he would lose so'h'ng in any
event. as he could change his investment
when necss,sry. He dd not understand
the Government - proposing 10 contract
with the lender ss speculstor upon 10 ne.
ces-iriss, who world demand more than bic
money and . rae Of interest. in gold. which
no other Investment would produce. IL
was undersiOod ut the time these lOsns
we're put dpon the market that some change
would be made IN their character alter De.
.ignsted time. Doub less there were false
representstiors msde 10 some, in the sales
of these securities, by those ready TO prof,
by wrong doing; snd, it 10 possible, that
Govefnment agents went outside Of their
su,horiy and deceived some purchssers.-|
But the great body Of purchasers wele not
deceived. for il wss psteEt that Congress
could change the losn. In what men.
ner. and 10 what extent the change would
be made, IL was ief, 10 the future to die.
close; every one believing that Ia whst.
ever Congress nigh, do. sbundsnt. oppor.
|tuni,y would be afo,ded TO make the chsnee
without loss. II 10 true that many hoped
a ID were anxious that the loan should bp
cone,rued 20 payable in 60 d. end ,hese i'm.
medis,clv commenced their efforts to oblsin
from the Secretary OF tie Treasury some
dec chrs,icn ~ opinion 10 that sff' 81. II there
~ss. a, the time, - definite uudersts nding 4
that the bouds were payable in coin." in1
the words OF the Secretary. why sppIy TO him
sub.eq ,rntiy, tor his opinioni Ia the sb.
senc- Of aay p's;',ve Law, he referred 70
I,he practice Of VI. Grven m.nt, and Rsve
an opinion upon ~h.ch h.s been call, d 'hr
ro'd csyina argument. Theprsc,ice ~ ihc
Gove,nment ~ss no, is law, ncr could II
become a precedent 10 be fcIlowsd = here
millions. not borrow. d-u~vss rec.iveJ from
the Government. were 10 be ,sk.n from all
ovestsxed people, It wssa nsr'onslxwsons,
in csse of doub'. ~ give Construction 10
law or 20 sssume . condition of thinCs
aasinst the tax, payers spdr IN favor oi The
bo ndholders. II there were sdoub's, Why
make them doIlNs 10 ts 'ssken from ,he