Buchanan County bulletin and guardian. (Independence, Iowa) 1866-1869, 1868-10-09
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From lion. Benz. Stanton's Spsscl
in Wheeling.
wish to state one or two pIAlr
propositions about the payment o.
bonds in grccnbacks.
Every man understands perfectly
that when = government borrow'
money and gives it's bond, it create.
the relation Of debtor and crcdito,
between nhc borrower aud lender,
and that the came principles Of hon.
esty that regulate dealings between
two individuals regulate the rights Of
the lender. although one he govern
ment.
The Government Of the United
States has borrowed money and Civ.
en- its bonds. Tho question u in ~ha,
shsll the bosds be paid? You say in
greenbacks." What 10 . green.
badk ! A promise TO pay. That is,
you propose ..."chen your creditor
eomes 10 xesdid Sc.
: Certainly. ] aan ready TO pay my
bond.
"Whst wiil you pay il inT'
~ will give yoa anew note"
swell, what viii You pay the note
in! When that comes due will you
give me another note? What is il
ultimately to be paid IN ~
Now, If this government owes two
thousand millions Of bonds, and -.
deems them with two thousand mil
lions Of greenbacks. VIII it owe any
lessf 1t will have given two millions
Of new notes for precisely the same
amount Of other notes. And how
are the new notes to be paid? do
not see that You have reduced your
debt any. You have delayed the day
Of payment, that's all.
10, bui," says the party. .swe will
get rid Of the interest"
Now, viii that do among honest
men: Ihaye Captain Met Cures note
for thousand dollars, bearing inter-
est At six per cent. lie comes to mo
and says: Il want to pay you. l will
give you . new note, payable in twen-
~ years, without interest,"" Now, II
lac has power to compel me to take il.
and does compel me, iAnos he scoun-
drel : Applause.
Il yoa propose to redeem your
greenhackn by The sccumu ated and
surplus products of the country, you
may be able to redeem them at the
end of twenty year,, and in the mean
time you pay no interest. The result
10 that you propose 70 the public cred
itors, instead Of paying his bonds in
money, You will pay him by giving
him new note. payable At the end of
twenty years. Now, what IL q note
for 800 worth. payable in twenty
years without interest! Il is worth
precisely that sum which in tweaty
years, at compound interest, will
amount to 4l0O, and that = shout o9k.
Their, II understand It, the PROPOSE.
ton i that You win redeem these
bonds by giving practically $9s for .
600 bond, and compelling the cred
itor 70 take il. Now, between man,
aud man, and between Government
and il creditors, = that honeatf
Whes these gentlemen talk to you
about paying these bonds in green
backs they stop just there. II never
occurs to them that greeobacks have
to be paid some day-thas they are
nero government crediss, and that
substituting them for bonds 10 merely
changing the form Of tho debt, ana
not changing the amount oft At al,
unless you intend TO repudiate por-
ton Of the debt, to-wit: the interest.
For l take it, if I give my bond paya-
BILE with .nterest,si il jsst - much =
Reputation 10 repudists he interest
as 10 repudiase the principal II 10
partial Reputation, and on long obi
CATIONS much the largest portion for
the intcssst on a note running at six
per cest, 10 equal 10 the principal eve.
~ sixteen and fraction years.