Nebraska advertiser., 1868-04-09
Financial and Commercial
ElnanGIaI.
'AFRn., esb, 1888.

eAPRrT, 8sb, 1883.
uold nfmarf stasug - erssHaas &C
IS7. GQvernments higher, ana more active.
The contest between the doctrine Of paying oar
National debt in the manneF the Government has
always cancelled its obligations and the doctrine
of reputation is still going q, and is narrowing
down to a square fight in the arena of public opin-
ion. 1t is significant that the leaders Of the latter
party are the very men who opposed the crushing
of the r~eballiOA, and are in favor Of assuming the
Southern debts; while the advocates Of the for
meT policy are the men who stood up for the Gov
eminent Of our Fathers, whose policy was to keep
pub lie faith with creditors. Notwithstanding the
the struggle with poverty which the country un-
dertoOk during and after the Revolution, she re-
deemed all her currency, bonds and foreign loans,
both p~riecipsl and interest, in specie. After the
Var of 1912 the same policy was pursued, and a
debt Of three hundred millions was cancelled with
10 20 years, dollar for dollar, principal and inter
est, in specie. The Republic has never been poorer
for her honesty.
The Chicago sJournaI of Commerce discours-
ing on this subject gives the following reasons why
the fve-twenty bonds should be funded on terms
satisfactory to tho holders of them, and when paid
should be paid in money.
1. Because no civilized Government, ~insluding
our own, recognised anything as money but coin.
2. Because to pay in coin has always been the
true policy Of our GOvernnsnt. wheJh er coin was
promise d in the bond or not.
8. Because coin is the only money provided Cor
in the constitution. Bills Of or edit are not mon
a. Because the paper currency of one country is
worth nothitg in another, and to pay the foreign
bondholders in paper is cheating them out OF SO
much of the debt, as marks the depreciation of the
currency. This is partial reputation.
5. Because it is not good policy to lose our ma
tenal crOdis abroad, nor is it right to defraud those
who were friends of our Union during our struggle
for national life.
6. Because to defraud those who lent us money
thinking we were honest, ia to play the part of
hypOcrites and cheats, and would give US the rep
utstiOn Of a nation Of swindlers.
z. Because the agents Of the Government gave
the lenders to understand that the loans would be
paid in coin: and no voice was raised against that
opinion at the time by any legislator OF other
official of the Government.
8. Because, if paper had been offered for TIT
loans at the time they were made, no money would
have been obtained.
9. Because. as a bond is a promise to pay money
and . greenback is another promise to pay money
to force the latter upon the holders of the former
would be simply compelling them to exchange Oni
Cldse Vi IEOlAAe0S " pay WOAOy VI onohANA NN
but this would not be q payment Of the debt II
any true sense.
10. Because the issue Of enough paper currency
10 extinguish the national indebtness would q
initiate the currency Of the country that its value,
would shrink in q few weeks to complete worthless
ness as a medium of exchange. This would IN
settle the entire business Of the country.
IL. Because esch new or additional issue o.
paper money tends to diminish the value OF tina
already out if carried beyond the point Of tn
actual wants OF the country for business purposes
10. Because all history shows that the reSoT
70 inOrdinats issues Of psper money in times hk
the present have been uniformly and %certainl.
d isast1ous, and result in inevitable depreciation
and 6nAl Reputation Of the redundant currency
l3. Because it is d dishonest, nnameriean, EuinOu
in every aspect and to every degree, to American
character, tAeAmeriean credit, American morality
American traditions, and an insult 70 the SpiEi
Of our American Invitations. The policy is begOt-
ten Of fraud, slavery, secession. knavish politics
/ and The meansst intrigue. Il strikes 1t the roo
Of American credit abroad, of Government credi
at home, and the life Of the American people. I
aims at the ruin7Of trade and the disruption Of on
international and interstate business relations
{ Il looks to the suspension OF our projected natiOna
/, State and civic enterprises, and plans to throw u
county into chaos aud turn the centres os trait
into bankrupt communities. The policy smack
Of the brasen hardihOod Of the barbarian that dis
trOyed as be went, and boasted that where hi
horses hOof stamped the sod no spirs Of grace eve
grew afterwards. IL deserves the
and contempt Of every man not hcketed TO p
D insane asylum.
r We commend the foregoing to the friends Of Nj
. PsndIstOn and hisrepudiation doctrine. A careful
] consideration of these wholesome truths may d
them good.