Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1868-06-18
THE GREENBACK 1881 E.

There are in every party, whether po-
litical. religious or otherwise class Of
individual. who ere 80 profound So as
tute. so learned as to be aole 10 lay down
for the. guidance Of their associates every
rule of conduct or policy which they think
I it necessary 10 adopt They sre. inyari-
ably, dogmaticl, and 30 very mctaphySl-
cal as TO confuse every topic they DISCUSS,
and thus bewilder the understanding and
mislead the judgment Of many who. not
able to cumprehch,t IL. 1..l,....-.- s-ii de-
sirous to avoid argument admit their rea
soning as sound.
I 1t is the misfortune of the Democratic
party TO number in it> ranks few Of these
! impracticables who have made themselves
especially noticeable by a very silly opro-
sition to the theory, originated by the
Enquirer. that the National debt ought
to be discharged by the payment OF that
portion of it that was contracted during
/ the inflated period by means Of the legal
tender notes of the Republic 1t would
seem to men of our ordinary understand
ing that no proposition that has ever been
presented for the consideration CT a peo-
pie could be more popular. Its slmpliei-
ty, its many obvious advantages, ana,
above all, its justice recommended 1t as
highly effcacious, not only to the party
but to the countrv also. The strength OF
! the opposition to it may be found IN the
class Of individuals whom l have Just de-
! fined, who are, with the exception Of the
/ bondholdcrs. its only opponents, and 1t Is
the object of this article to consider the
objections which have been made by them,
who claim that it is not 4 proper issue for
the Democratic P@arty to present to the
people.
The national debt amounts, probably to
S3, 500, 600 900 of which about s., 800
! 600 900 is either funded in shape of bonds
| or other evidences of indebtedness or con-
tanned in promissory notes which are made
legal-tendcr for debts, public and pri-
yate, except, only. interest on the public
debt and the import duties imposed by
law. OF the funded debt all but 5000
600 900 is by law payable in greenbacks
Upon this funded debt interest at various
rates, varying from frye and six per cent,
in gold and upward, is payable annually
About 1880 600, 600 of the bonds are
held by banks, who have them on deposit
with the Comptroller of the Treasury
lat Washington, and who are allowed
to circulate $500, GOO goo in their ewu
notes.
The proposition of the Enquirer is tc
withdraw from circulation these notes
and to issue IN th2ir place q like amount
Iof ercenbacks which bear no interest, ahc
to redeem $500 600, 600 ofthe bonds upoI
which $4,000 900 in gold is annually
Epaid as interest and then 10 issue sucE
further amount of legal-tender notes a
the business Of the country may require
saw 5000, 600, 600, and to that extent re
deem the interest bearing bonds IL
this way $50, 900, 900 in gold can ever.
wear be saved and applied to the paymen
Of the principal of the debt, adding to th'
volume of the currency only $500, 900,
600. This mode, would, as has often beer
demonstrated, discharge the entire deb
, in the course of a very few years.
There are two plausible q will dignif,
them bv calling them plausible) objection
, to this proposition, urged, which are
t first, that tie national honor is pledge
10 the payment of the bonds in noHry
and. secondly, that to issue any more le
! gal-tenders would 50 slepreciate the valu
of all as to seriously injurc the business
Of the country and eventually lead to re
pudiation. Other objections are made
but they are either SO frivolous or SO high
lv metaphysical as to offer on their fac
their own refutaticn.
Now, as to the first objection. 1t is IN
iversallv admitted that all the bonds G
the United States, except those commonl
called the ten-forties, are, by their terms
and bv the terms Of the law by which the.
were authorized, payable in the currenc
which was a lega!-tcnder at the time the.
were issued. Those persons who lnves
ted in them paid for them III greenbaek
s and took them with full notice that th
5 Government was not bound to pay then
in gold.
e t is said that Mr.. Jay Cooke advertis
y Cd that they would be so paid, ana tha
+ reliance was placed on his representations
e I am not advised Of any law or Of an
K constitutional provision which invests j
d Mr.. Cooke the power to enact or repe;
statutes. or to enter into contracts for tn
United States. Grcenbacks were the
worth not to exceed htty-cents on II
gold dollar, and if it IS any violation
national honor to return the same greer
backs with their value increased fifty J,
cent and after the original sum lount
has been repaid in the course Of h'
wears, in the shape Of interest at an usul
ious rate. in exchange for the same bond
:. a code Of honor must have been estal!isl
cd entirely new 70 the present age. y
plyiug the same rule to individuals, al
Gentlemen would claim shat debts whel
: ever contracted, no matter IN what hin'
!, are by the code Of honor payable in nsa
"a !. r. geld An application that wou
- induce far the code 4 small degree q r.
= :, spect The objection IS frivolous =.
: shows that those who make it have tu;
\ poor opinion e their ease.
The other pJectlon is easily anSwsrot
There are certain laws OF trade wh!c4 re-
a.ate the currency question, and w-.'
ALWAYS assert themselves. If It should
found that, Al -ny tima, the volume
currency WaS too great. the heavy tax
which are imposed upon cur people wou
soon reduce il 70 IL proper standard
) evident that, a, the present tine. {.
amoun; of money IL circulation j .usu,
:, .I,r. Il II ct the demands Of the c0l IT
!. av..-,-tt .s..ytt