New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-01-13
DEMOCRATIC FINANCE.

AS Mr. George III. PendetOn is the proclaimed
candidate for President of the Western De-
mocracy, the resolves of the late Democratic
Convention of Ohio, by which he was unan-
imously presented, were drawn with obvious
care and caution as platform whereOn to rally
the party to his support. Indiana, West Vir-
ginia, &c, have substantially echoed them !;
but the Ohio resolves, being the best cOnsid-
cred, most deserve public attention. They are
as follows:
l. Resolved That notwithstanding the enormous and
conceded frauds in the creation Of the public debt the
and interest according TO the terms Of the several acts
OF Congress under which the bonds representing the debt
issued, but not otherwise; and are opposed to
any plan for extending the time OF payment mus IN
principal; to any declaration by Congress that the
principal Is payable In gold which would virtually add
than thousand millions To the burden OF the debit
and to the whole insane financial policy OF which these
O. Resoired That neither forgetting nor denying
Client faith that gold and silver form the currency OF the
country we declare that the Fye-Twcnty bonds should
be paid in the currency received by the Government
for their issue, and that by the withdrawal OF the money
granted TO the National banks, this result be accom-
pshed without undue or dangerous increase or paper
money, now the only circulating medium thus renewing
people from the burden OF debt the tendency or
Government the reprOach OF paying favored class
in gold while dschargng its debts 10 all Others including
g. Resolred That this plan violates no law, mpars no
contract breaks no faith and instead OF Ietardng re
sra, ~ raaochin1 that end
esolved That ali the property OF the country includ
ing the Government bonds which the projection
of the Government should bear an equal share an It's
Comments by The Tribune
l. Each Five-Twenty bond stpulates that the
United States will pay the bearer sir per cent.
interest in gold on the sum specified therein, and
will redeem the principal not sooner than five
nor longer than twenty years after the date of
O. for
Now, Mr. PendetOn and his hackers resolve
above that the Government may and shall re-
deem and satisfy each of said bonds, whenever
it shall have run five years as aforesaid, by
proffering its owner i'll exchange therefor the
amount of its face in greenbacks, drawing no
interest and payable at the convenience of the
issuer: and, whenever this tender is advertised
or prOffered, the interest on the bonds shall
stop-fve years interest, and no more, being
paid on each bond.
When these bonds began to be issued, gold
and greenbacks were very nearly at par, and
the discrepancy between them remained mod
crate forla year or two; after which, it became
large and Auctuated wildly according to the
varying fortunes of the War and the prospect
of overcoming the Rebellion. Yet all these
bonus CAL 1OT precisely lne bdnle lnedsuIt Oh
payment. The depreciation of greenbacks
measured from time to time, the popular faith
in the overthrow of the Rebellion. Every one
was urged to invest in these bonds; and every
investment was hailed with JOY by those who
wished the Rebellion overthrown. Copper
heads, on the contrary, discouraged investments,
and predicted that the bonds would never be
paid. Pendleton g. Co. are now striving to
undergraduates predictions.
The Government employed agents to nego-
tate its bonds, and these advertised them ex-
tensively and besought editors to commend
them to investors. But in what currency are
{" they to be paid?" inquired certain cautious
capitalists. :" In gold, certainly" responded the
agents. "Where is your authority for this
assurance?" "Tbe Secretary of the Treasury"
responded the agents; and not one merely, but
every Secretary of the Treasury since Lincoln's
Inauguration, has assured and treasured the
public that the bonds were payable in coin.