The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-04-16
our Soldiers and Sailors" as consider
themselves "loyal' after the order of
NAT. HARRISON.
tFrom the Dayton Ledger
Jay Cooke nt the Outlook

out of the war, was the proprietor of
small shaving shop" in Philadelphia
whose capital might have been carriet
in low crowned "plug," and who
through excessive "loyalty," was er
abled to amass millions, is out in carC
in defense of the bond holders.
Being himself the holder of severa
/ millions of "Five-Twenties," of cours
he feels deep and abiding interest il
the result OF the financial contest be
tween the tax payers and the tax con
sumers.
His position is, that the five-twent,
bonds should be paid in gold!
- There is nothing inconsistent in this
in the estimation of broker who made
his raise by shaving the Government il
its hour Gf financial distress.
To Mr.. Jay Cookies mind, two pc
cent. month is only legitimate rat'
of interest. Did not lie, and his subs
and customers, charge the Government
even greater rate of discount thai
thisi What solvent trader ever suffer
cd such "shaves" in his paper as Jay
Cooke and his "loyal" customers in
tiicted upon the securities of the Gov
ernment.
Bonds were freely sold in the market
at forty and fifty cents en- the dollar ii
gold; that is, they were exchanged fol
currency worth these figures. Then Jay
Cooke himself charged the Government
one per cent. for negotiating the loans
that is, for exchanging one class of cred
its for another.
Having induced the Federal Govern
ment, in its straits and shifts, to par
with the public securities at forty and
| fifty cents ou the dollar, the very hon
cradle, illustrious and patriotic Jay
Cooke can see no improperly in ad-
vising the same party to beswindled out
of one thousand millions more.
But why should the five-twenties bt
paid in gold'
Let the Government broker answer
Because the custom has always beer
to pay funded debt in coin only;"
because the Secretaries of the Treas
ury have declared the bonds would be
paid in gold;'
Because the bonds were sold by the
authorized agent (him Jay COoke) OIL
the strength of this declaration" :
Let Us look at this very ingenious ar
gument.
In the first place what has custom
to do with the payment of the bonds
When was it ever before claimed that
custom could alter law, or change the
character of n contract made III pursu'
ance of positive law. If the time hon
ored custom of the country was, i'll its
better days, to pay its bonds in gold, il
was because il was so nominated in
the bond" and for the further reason
that all Government obligations OF
every grade and class were paid with
coin.
Such was the law then, but such is
not held to be- the law nos. The Five,
Twenties are stipulated to be paid in
lawful money" and greenbacks have
been Hheld to be "lawful money"
Whenever the law is changed so that
all obligations between man and man
are payable legally, in coin only,
thereby constituting gold and silver the
only lawful money" then will the
bonds be payable i'll the precious
metals. One class of creditors is no
better than another; and TO undertake
to discriminate against the producing
and tax-earning and tax-paying classes,
in favor of the wealthy bOnd-hoiding
class, is the most glaring Injustice and
favoritism ever attempted.
In the second place, the claim that
the Secretaries of the Treasury declar-
ed that the bonds would be paid in coin,
has no more force than the same prom
Use made by an obscure money chang
er. If it is $50 nominated In the bond" /"
if by looking at the law, and ut the pa
per itself, the promise is sustained, then
the assertion has force, bnt not other
wise.
We have no facts to bear out the as
sertisn, however, then even the heads
of the Treasury made sueh promise.
But we say if they did, the act is
wholly unauthorized and of no earthly
binding force and effect.
In the third place, it is not true, i'll
fact, thatJay Cooke, the agent of the
Government, advertised that the five
twenties would be payable in gold.
Had he done so, it would have been
without authority of law, and therefore
of no moral or legal binding force. We
care not what pirate assurances Jay
Cooke gavo his customers, neither he
nor they were shallow enough to be i'll
fluenced 10y them. Why did he not, in
his recent letter, produce the advertise
ment wherein he promised, as the agent
of the Government, that the bonds
should be paid otherwise than in the
"lawful money" of the country
The ten-forties were stipulated to be
paid in coin, and hence, Mr.. Jay Cooke
80 advertised them.
He did more:
He declared that they were the Ouly
bonds issued by the Government il
which both the principal aud interest
were payable in gold. This we think
should be conclusive as to Mr.. Jay
Cooke and all those who claim tC
have been governed by his repre-.
sentations. Let the bonds be paiC
in lawful money" the same that the
people are compelled to receive in pay
ment of all other claims, and there viii
be no complaint. But let US have none
of this attempt, on the part of the bond
holders, at imposition. There is a time
in the history of every people, wheI
forbearance ceases to be a virtue. Le
the bondholders and their paid ant
pampered advocates beware. Let then
be content with the "pouud Of flesh
and no more, for no other drop o
blood" shall msisten their alread!
4 L