The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1868-04-18
THE GREENBACK QUESTION
A View Of II Prom the Standpoint Of
Western Democratic BOndhOlder.
HOW A MAN MAY CONSISTENTLY &c A DEMOCRAT
AND A B0MOHOLOER,
Why Bondholders Should Accept Green
backs for their Bonds.
LETTER FROM HON. A. P. EpGERToN, DEMOCRATIC
CANDIDATE FOR LIEUT.. GOV. IN INDIANA.

Hon. A. p. Edgerton, the Democratic
candidate for Lieutenant Governor in In.
diana, having been charged by Republi.
can papers with inconsistency in being at
the same time bondholder and Demo.
cratic candidate, replies as follows:
1t seems that many Republican jour.
nails in the State insist upon making me
large bondholder. Their purpose is 10
show that a United States bondholder
ought not TO be u candidate of the Dem
ocratic party; or, if he persist in being a
candidate, il must be at the sacrifice OF
his personal interests.
Taking the position assigned me, Of a
bondholder, aud being candidate Of the
Democratic party, and standing on It's
platform of Jan. 8, 1868, / will treat the
Questions presented from a Democratic
bondholder's and candidates standpoint.
1t may be stated that Democrat not
connected with the government for the
past seven years, and not interested in
any "rings" in Congress, or any contracts
on: Of il, might legitimatcly have had
some property, and some money to invest
in "paying securities;" aud it may be as.
sumed that he applied TO his investments
the average intelligence of men who had
accumulated property by years Of labor,
and not suddenly, by government con-
tracts. Finding himself in possession OF
money, he desired TO invest at paying
rates Of interest, he goes into the market
TO seek satisfactory securities. lie finds
the government in the market as q Dor.
rover. He may have had his own ideas
as to the necessities of the government
and as to whether they were not occasion.
ed by reckless expenditures, and frauds
and speculations aud as TO whether il
was necessary or polite to create fund
ed debt at all Especially funded deb
10 be sustained and paid by the industria
pursuits of the country only. Being
powerless to effect any change in the pol
icy of the government, or in the existing
state of things, he accepts the situation,
and in 1864, invests 100000 in gold il
government securities, which he obtained
at prices varying from 1924 10 1864 fot
his gold, the average being 1913; that j
he obtained sl9s. 900 in government Sc
curities for his 100000 in gold,-th,
bonds bearing per cent. interest, paya
bic in gold semi-annunlly, and excmp
from all taxes. lie could have sold, i
he had managed little closer, his golt
on the 7th of July for 273,-on the 11th
for 2S2, which would have paid still bet
ter. Such an investment, for the pur
pose of income, was decidedly advanta
geous as long as the government could af
ford TO pay the interest. But, at th
time the loan in which he invested wa
OF the market, there was an undercur
rent of doubt as to its exact character
1t was not expressly payable in gold, an,
the Government had reserved the righ
TO change the investment-to redeem O
substitute some other for it; always nc
companied by the high national mora
J.. obligation, implied if not expressed, tha
the creditor should lose nothing by hi
. loan if in the power of the Government
:. to protect him. This induced him /
!. take the loan, knowing that he could los
nothing in any event, as he could chang
his investment when necessary. He di,
not understand the Government as pro
posing to contract with the lender as
specuator upon its necessities, who woul,
demand more than his money and rate O
g interest, in gold, which no other invest
ment would produce. 1t was understood
}. at the time these loans were put upo
the market, that some change would b
}. made in their character after designate,
time. Doubtless there were false repre-
= Isentations made to some, in the sales O
these securities, by those ready to prof
by wrong-doing; and it is possible tba
government agents went outside of thei
authority and deceived some purchasers
But the great body of purchasers wer
not deceived, for it was patent that Con
= gress could change the loan. In wha
manner, and to what extent, the chang
0 would be made, it was left to the futur
to disclose; every one believing that, il
! whatever Congress might do, abundan
opportunity would be offered to make tn
change without loss. 1t is true tina
: many hoped aud were anxious that tn
loan should be construed as payable il
gold, and these Immediately commences
: their efforts to obtain from the Secretar
Q of the Treasury some declaration Of opin
y ion to that effect. If there was, at tn
time, :" q definite understanding that tn
bonds were payable in coin" in the word
, of the Secretary, why apply to him, sub
sequently, for his own opinion In tn
It absence Of any positive law, he referre,
8 to the practice of the government, an,
gave an opinion upon which has beel
J built the gold paying argument. Tn
q practice of the government was not it
law, nor could it become precedent t
s be followed where millions, not borrowed
= never received from the government
were to be taken from an overtaxed peo
pie. 1t was a national wrong, in case o
: doubt, to give construction to a law o
to assume a condition of things agains
the taxpayers and in favor of the bond
holders. If there were doubts, why
make them dollars to be taken from tht
people to go into the pockets of thos,
! from whose pockets the dollars never
came? That the people have made al
) tissue upon this question, and are constru
ling all the doubts in their favor, is every
day demonstrated.
The Secretary of the Treasury, in hi
last report, says, "some 5l5,OOO,OO0 o