Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1868-07-03

i
es -l7 ANEW CURRENCY BOND.
d Taking it for granted then that Law
i and equity authorize the payment O
p these bonds in lawful money I would
T. j. That the Secretary of the Treas.
{. urY be requested to reissue the full
70 amount of United States notes which
o he has withdrawn from the circulation
{ 1 and use the, notes thus issued to pay of
y as far as possible, the first series OF the
Il fve-twentiess commencing with D the
e first number and calling them in theiE
If order. esrHH5 $50 .r.l g.z..s.- .r.f.- :
], 2. That anew bond be issued, prin-
Q ciPal and interest, to be paid IL the cur
n rency of the country, which may be q
!, / legal tender W ben. such payment Is or
8 deFed, making the rate ofjntereat Of the
I bond, whatever the average legal rate
+ Of the several States may be for first
, class securities, after dedQcting from
: the same an amount equivalent to the
average rate of taxation In the several
3 States. h g..t M.
It may be said that this bond would
, not sell. ] think otherwise Ghen9 ney-
2 people than the aeTen-thirty. Treasury
, note, It may be claimed that the pop.
, ulRrity OF this bond arOse from the fact
: that if was convertible into . six 7peF
, cent. gOld-interest bond, In my ppin-,
ion very few OF the original purchasers
cared for the option, and at maturity.
did not seek TO avail themselves Of itF
but sold the bonds for, currency. A
similar bond Tuuning for longer teE83f
bearing lower rate Of interest,", with
the understanding that the currency,
should remain undiminisheds would
sell ns rapidly as the five-twenties
! would mature. Thus money would fbe.
brought into the Treasury, which wORld
! again flow oat to the people In Payment
bfthe old bonds. The PFacticability Of
..sfH oh srnhrv
tried. 3 Lfit fails entirely the loss will
be trifling. If il succeeds but partially
it will amply FemUnerate for ali eEPen7
dttures. If il proves s9qeess4HAs the
1 bonds finding ready sale II VIA save
many millions to the government AT
all events the effort to obtain RcheapeE
| loan, whether successful or not, would |
satisfy the country that there existed !
/ an honest desire on the paEtof Congress !
| to tighten the burden Of the people, II 4
| it failed, they would be to some extent /
responsible for the failure, and could /
not thereafter as Justly complain If /
/ the people then com plain that the Gov
ernment is paying too high rate Of in
terest Congress could say 70 thems In /
obedience to your wishes We have put /
a bond on the market bearing a less
rate of interest, and stripped of the OBJ
| LJectionable features Of the old bond, Il
and we now ask you to supply as with /
the money in exchange tor the new
It may be said the people have not
the means to buy the new bonds but
this is answered by the fact that the peo-
ple'and not the capitalists originally I
bought a large, if not the larger pro-
portion of the old bondss If IT, is claim
ed that more can be made out of money /
invested in farmsg gu1eEchandise or man
utaetures, it HIill llsllggest the untairness
or the complaint ffmade against those
VINO make less out of money invested Il
h0T7nR al
the denominations fifty dollars and
upwards you will give every man who
pays taxes an opportunity to secure bis
1alr proportion and place himself in a
position whore he will feel that just in
proportion to the amount which his
property is taxed to pay interest to 9TH
eTss property of others is taEedlto pay
interest to him.. f7 ~ 1r lr ~ T-rf
The common, sense of the people re-
tects with scorn the idea that a. superior
currency must be paid to one class Of
creditors and an inferior to another ,
Money good enough to pay the interest ,
on a note of an individual should be /
good enough to pay interest on Gov I
ernment bond, the interest on ordinary :
debts, contracted in every day transac- ,
tions, should be as sacred as the inter- i
est upon the extraordinary debts Of the
Government. The Government dis
credits and depneciates its own paper
When 1t acknowledges that 10 is money Y !
for some purposes and not for others,t
for this action must necessarily CONTRIB i
butte to make it an imperfect medium OF /
exchange, and an uncertain measure Of J
value. @
NECESSITY FOR DEFINITE ACTION. IL
1t is claimed, that the increased pro- t
duetion, resulting from the disband- '
ment of the army, and return of our cit G
izen soldiery to industrial pursnits, and 4
the consequent decreased consumption G
on the part of the Government, led to a {
reduction of prices, and thus caused the t
depression In all branches Of industry y
which prevails throughout the country. d
But this, apprehend, is only partially g
true. The return Of peace, and with :
draWal Of the Government from cOmpe- 9
tition for further loans, by restoring 2
and rendering money more
accessible to the people, would under Q
ordinary circumsEa noes have encourage Y
ed industry, stimulated Legitimate spec 2
ulation, and gone far toward maintain- Q
ing prices at the old STANDARD. NOrdOI / P
believe the present stagnation in bust q
ness and stringency of the money mar g
kee, arise SO much from a deficiency OF ?
as from general uneasi- 2
ness and uncertainty on the part of the
people as to the future action OF Con- y
gress in reference to the currency. III q
it is to be contracted, no one desires to u
invest in produce,in real estate, or mer- Il
chandise, because in the event of con- q
traction such investments must neces- q
sarilv be Improbable. If Congress q
to initiate, no one desires to P
sell, because property sold now could q
not be replaced for anything like the u
same money after imitation, We are u
lust in that situation where the buyer
is afraid to buy. and the seller afraid to
sell, for both are anxiously waiting for j.
Congress to settle down upon definite 9
and permanent policy. The business =
of the country had become adjusted to II
the currency Of 1866, and had the v
Ofthe Treasury not tnterfered q
with the amount then in circulation, q
and given the people ground to appre- q
hend further serious reduction, every =
industrial interest would In my Optn- II
ion, have continued buOyant and pros y
porous. The Capitalist is now afraid L
to lend, because if the Pendleton q
scheme is adopted and the land flooded g;
with Rreenbacks, he will get returned 8
TO him but balf the value Ee gave. He Q,
hand, locked mp and Imperative, so q
that at the first appearance ofthe COM =
ing flood he may put his money in real 81
~, and allow others less sagacious than y
himself to bear the loss resulting from ~
depreciation. Tho Intelligent borrower y
Is afraid to borrow, because If the con- y
traction mania which possesses the Sec
retary of the Treasury prevails he Wtll ~
be compelled to pay back money which ~
will have perhaps twice the purchasing q
power of that he borrowed. You rob y
,he creditor when you initiate and you y
rob the debtor when you contract. Give ~
of value to the currency and OF
you will do justice to both. In reference =
% the evils resulting from imitation and g
I read from, report OF Sir ~ ~
Archibald Alison: "
s'Any rise in the discount of the Bank m
1f England has been followed by in it
crease of crime and civil suits. This Is bt
to great increase in the al
ofthe country, which orig pl
nate in the circulation being much and hs
1ften undu1y stimulated, then follow al
ID by a sudden contraction Of the cur "a
rency, which disables persons from the N
Of obligations which have sa
been entered into. Thus one state OF re
things produces q multiplication of con- pt
tracts, and the other produces q utsR- ~
bility for the fullfillment Of them that tii
lhrows people out Of employment, and si