The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1868-05-14
Pendlel0n FInancierlng.


States. Some insist that it is sugar
coated repudiation. Most prominent
in this class is Brick PoMEBoY Of the
Lacrosse Democrat. Others contend
that it is a nice and liberal scheme
foI paying off the indebtedness of the
Government, without burdening the
people with taxes or harrassing them
with revenue officers. OF the latter
class are the Cincinnati Enquirer and
indianapolis Sentinel Prudent and
ar-seeing men affirm that it will net be
possible to redeem the outstanding
Government bonds with - green
backs, without swelling the volume
Of the currency to such an extent as
to greatly depreeiate its value, and
that the event so confidently predicted
by an enthusiasticV anderburgh politi-
clan in 1862, that hatful would be re-
quired to buy a breakfast, will have
arrived. To this, some of Mr.. PEN
DLEToN's friends reply that it is not
the intention to redeem the bonds
with greenbacks any faster than the
business of the country viii warrant,
and that the object is to prevent both
the depreciation of the currency and
the striDgency in the money market,
so severely felt some months ago.
This would be very good. if It could
be accomplished. But how it is to
be done We are at a loss to determine.
The FIVE twenty bonds are becoming
redeemable very rapidly, and if
any provision can be made for
their redemption, by which the cur
rent rate ofinterest can be materially
reduced, it ought to be done Mr..
PENDLEToN's scheme, as advocated
by the Cincinnati Enquirer, cQntem-
plates 10 redemption but in green
backs, which, Of course, necessitates
an expansion Of the currency This
is peculiarly objectionable to the pru-
dent business men Of the country,
who think the debts of the Govern
ment ought to be placed on more
substantial basis, and not be made so
susceptible to the gambling Propen-
sites Of Wall Street brokers. mel.
AS an indication Of the revolution
that has taken place in the minds of
some on this financial question, we
observe that non the Chicago Times
is one Of the most active and infuen-
tial supporters Of Mr.. PENDLEToN in
the Northwest. 1t bases its admira-
ton Of the Cincinnati statesman upon
the soundness Of his financial
schemes, and their peculiar adapta-
ton to the financial exigencies of the
Government. Last year the same
paper entertained very different views
of the same thing In its issue of
December 1, 1867, on this subject, the
following language was used.
The first group contains the Gin
cinnati plan q. e. the PendletOD
scheme) The grand feature Of this
scheme Is what is called payment of
the national debt in greenbacks. :. 1t
cOntemplates a new issue Of green
backs equal in amount to the bonds
which its proposed 10 redeem Over
twelve hundred millions of fiye-twen-
ty bonds viii become redeemabie be
fore 1872. Five hundred millions are
redeemable now.@The ways 60 pay I
them, according 10 this plan, Is to set
the printing presses in notion Sol
long as the rags and lampblack hold
out we will have no trouble IN paying
the bonds at maturity, When all I
have been thus paid, we shall have
added to our paper money the tTif-
hng initiation of about 81, 600, 000. 900, /
making, all toll, a circulating medium
OF $1,000, 100000. Then We shall /
have what are called good times,
splendid times Wheat and green |
backs will be exchanged bashel for
bushel A barrel of whisky will be |
sold for two barrels Of legal tenders
Collectors of Government revenue |
will go about with wagons having
lofty and capaeious receptieIes on
them, like those used in. handling
charcoal, and will gather in the pub 1
lie taxes with pitchfOrks. To levy
five dollars in gold will require one /
horse wagon load of green backs.
But the Government bonds will be
paid. The only question will be
how to pay the Government green
backs. This is something the plan
does not contemplate. Specie pay
ments under it will be reached
aeUerF' e0Sr
From the above extract it will be
seen that in 1867 the Times regarded