The Plymouth weekly Democrat. (Plymouth, Ind.) 1860-1869, 1868-02-06

lS19S, 900 in government securities tor hi
1900, 900 in gola-the bonds bearing 81,
per cent. interest, payable in gold semi
annually. and exempt from all taxes. IL
could have sold. if he had managed lit
tie closer, his gold on the 7th of July 70
273-ou the 11th for 2S2-which woult
have paid still better. Such an invest
ment, for the purpose Of income, was de-
cidedly advantageous as long as the gov
ernment could afford to pay the interest
But, at the time the loan in which he in
vested, was in the market there was ar
undercurrcnt of doubt as to its exact char
acter. 1t was not expressly payable il
gold, aud the government had reserved
the right to change the investment--te
redeem or substitute some other for it; al
ways accompanied by the high national
moral obligation, implied if not expressed
that the creditor should lose nothing by
his loan if in the power of the government
to protect him. This induced hin, to tax g
the loan; knowing he would lose nothing
in any event, as he could change his in.
vestment when necessary. He did not un-
derstand the government as proposing to
contract with the leader as speculator
upon its necessities, who would demand
more than his money and at rate of in
terest, in gold, which no other investment
would produce. 1t was understood at the
time these loans were put upon the mar
ket, that some change would be made in
their character after designated time.
Doubtless there were falsc representations
made to some in the sales of these securi-
ties, by those ready to profit by wrong do
ing; and it is possible that government
agents went outside of their righ;fa! au-
tlority and deceived some purchasers.
But the great body Of purchasers we're not
deceived. for it was patent that congress
would change the loan. In what manner
and to what extent the change would be
made, it was left TO the future to disclose ;
every one believing that il whatever con-
gress might do, abundant opportunity
would be afforded to make the change
without loss. 1t is true that many hoped
and were anxious that the loan should be
construed as payable in gold, and these
Immediately commenced their efforts to
obtain from the secretary Of the treasury
some declaration Of opinion TO that effect.
If there was at the time, ga definite un-
dcrstanding that the bonds were to be
paid in coin, in the words OF the secreta-
ry, Why apply to him subsequently, for his
opinion? In the absence of any positive
law he referred to the practice OF the gov
ernmcnt, and gave an opiuion ON which
has been built the gold paying argument
The practice OF the government was not
the law, nor could it become q precedent
to be followed where millions, not borrow
ed-neyer received from the government
were to be taken from an overtaxed
people. 1t was q national wrong, in case
OF doubt, to give construction to a law to
assume condition of things against the
tax payers and in favor of the bondhold-
ers. If there were doubts, why make
them dollars to be taken from the people
to go into the pockets of those from, whose
pockets the dollars never came? That the
people have made an issue upon this ques-
ton, and are constituting all the doubts in
their favor, is every day demonstrated.
The secretary Of the treasury in his last
report says, "some five hundred and ff-
teen millions of fve-twenty bonds arc now
redeemablc according to their tenor"
The democratic party of Indiana pro-
pose to redeem them according to their
tenor. 1t proposes to give me for my
100000 in geld, loanod in 1864. $685.
600 in legal tender notes, which l can to-
day convert into $40, ,4S0 in gold or if |
prefer to hold the legal-tenders, L can use
them in all the business relations of life
In addition to the Sl40, ,4S0 in gold, which
could be obtained from my 500 900 loan
ed, L have received the interes. semi-an-
nuaily, in gold, and have been exempt
from all taxes upon my bonds.
Now the question is asked me, am |
willing to receive the s19S,000 in legal
tender notes? answer, | am. Is there
any reason why should be paid sl9S, 900
IN gold? What taxpayer is wiling to be
taxed to pay me this sum in gold !? But it
may be asked, why pay me anything at
this time? Why change my relation to
the government as one of its bondholders?
lfmy interest only were to be consulted
no payment would be necessary, for /
must be very unreasonable not to be salts
fed with the semi-annual interest in gold
on my Sl9S, 900, and the entire exemption
of that sum from taxation, with the assur-
ance that this condition Of things is to
continue for twenty years, at least, and my
bonds to be all the time equivalent to gold
But there are other interests IN the ma
tion to be watched over and protected, and
the Taxpayers who have the debt to pay,
propose to consult their interests and pay
it now, as they have the right to do; and
hence they say to me, you can accept pay
ment or not: we do not propose to pay you
interest any longer, nor do VIC propose to
pay you Sl3S, 900 in gold.
propose to accept the Greenbacks.
The secretary of the treasury asks,
" How would the government Of the Uni
ted States stand before the word-how
would it stand in the estimation of its own
people-if it should decline to pay accord
ing to agreement, the money it borrowed
when its very existence was in peril, aud
without which it could not have prosecu-
ted the war, on the ground that the leud-
ers took advantage of its necessities and
purchased its securities at less than their
value?"
1t will not be denied that during the
war there Sas combination of moneyed
men money neutrality-suspicious. in their
efforts to depreciatc the government secu-