Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1868-06-11
uGREENBAcKs FOR THE PEOPLE
AND G0I.D FOR TIE HONDHOLDERs.n -

uGREENBACKs FOR THE PEOPLE
AND GOLD FOR THE BONDHoLDERs."
The heading to this article contains
the argument in full, of the copperhead
repudiationlsts upon the subject of ma
tional finance. Ii is like their argument
upon the question of impartial suffrage,
a mere appeal to prejudice, based upon
Misrepresentation. The people are the
bondholders. The securities of the Gov
ernment, to very large extent, are in
the hands of the men of small or moder-
ate means, and an examination shows
that the larger portion of these much
hated and much coveted bonds are, in
limited sums, held by laborers, farmers,
mechanics, and factory-hands, and such
persons as do not fully understand the
method of loaning money at exorbitant
rates of interest, or are not willing to
engage sin violating the laws against
usury. These bondholders loan their
money to the government for five and
six per cent. in gold. With gold at forty
per cent premium the five per cent bonds
pay seven per cent interest, and the six
per cent. bonds pay eightand four-tenths
per cent interest. The amount of in
terest. above five and six per cent speci-
fled in the bond is contingent upon the
price of gold, which, with public con-
fidcnce restored by the defeat of the
Pendleton Democratic theory of repudi-
alton will rapidly decline to par. Every
day, in this community, these whining
copperheads are loaning money to the
poor laboring men or business men of
limited means, at ten per cent. There
is 10 difficulty in loaning money at these
rates, and every man who has 1t to loan,
may, instead of investing his money in
bonds for which he must now pay pre-
MUM of from one TO ten per cent, and
draw from seven TO eight-and-four-tenth
per cent interest, may loan his money to
individuals, taking their obligations ut
par, and receive from eight to ten per
cent interest, and take 1t out in advance.
A very little common sense is all that Is
necessary to expose the fallacy OF these
copperhead sophistries. The man who
loans his money with the interest pay
able In currency, understands the value
OF money just rs we'll as the man who
loans his money with interest payable
In gold, and makes his calculations to
meet the contingency of iluctuation In
values. 1t Is true that something might
be made If parties borrowing were al
lowed, after the contract was made, 10
change the medium of payment; but
this would not, we think, be very hon.
orable even il they possessed the power
TO do so. This Is what the Pendleton
democracy propose to do. They propose
TO violate the spirit, If not the strict let
ter, of the contract between lender and
borrower, and substitute medium OF
payment not contemplated by either at
the time the loan was effected. What
will the people gain by 1t? 1t Is true
that by doing so you will depreclate the
currency Of the bondholdcr, but you vii
In like manner dopreciate the currency
Of the people. 1t is true that II youis issue
greenbacks and pay Off the bonds yor
save the interest on the bonds, but 1t h
equally true that by doing SO yot
greatly depreclate IL you do not entirely
destroy the value of tire currency fol
which the people sell their products, ant
with which they buy theirllving. The
high price of everything the poor man
buys, is the result of an Inflated cur
rency. The Democratic theory Of still
furtherinilating the currency for the pur-
pose Of cheating the bondholder, is d.
rect proposal to raise the price Of every
thing poor man buys, by depreciatlng
the value Of the currency with which
he must buy ii, and II Is nothing else.