Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1868-01-31
The Flve-Twenty Question.

The public debt is burden and not
a blessing. The only way to honestly
get rid of it is to pay it. The difficulty
with too many of our sO-called hnan-
ciers is that they seek to escape the debt
rather than to discharge it; they search
for some defect in the law or cunning
technicalitiV whereby our obligations
can be evaded rather than met, This
kind Of strategy may be useful as
means to elect candidates to Office, but
il is not efficient in helping us out Of
our difficulties. Sometime or otherth
great debt must be paid--or EepudIated.
And it must be paid not in promises TO
pay, but in dollars. We may change 1t
from bonds into greenbacks, and from
green backs into bonds, ever so many
furnishing an inflated currency it may
afford private debtors an easy way TO
rid of their debts, but it VIII not dis
charge the obligations OF the nation
Whether in the shape Ct greenbacks or
in bonds, they are still sacred promises
to pay, which cannot be Cancelled or IL
quidated by other promises,
But the Government now has the op-
ton to redeem 800 millions OF Five
TWenties, not due until 1882. Can they
be redeemed in legal tenders Tbe
question turns upon the construction OF
law in the light of precedents, antece-
eat customs and COntemporaneous fats.
As between man and man its adjudiea-
tion would properly belong to the courts
but there is no court high enough to
stand between the nation and those
who have trusted it. Nor can we con-
ceiVe that it would com port with the
dignity of this great nation, possessed
of thirty thousand millions of taxable
property and owing only two thousand
| i've hundred millions, to 90 into the
1 courts and baggle with its creditors
about the manner in which il agreed to
! pay its debts. Congress must be the IL
I nal aroiter fsThey are the chancellOrs
to administer equity, or rather arbitra-
tors chosen by the people Of the. United
i States, both debtor and creditor, and are
under the highest obligations to do
what is just and right" And ia the de-
7 cisiou of this Important question 1t IS
better to err on the side of honesty and
honor than on the side Of rascalttY and
shame. We can afford almost any sac
I rifice better than to lose or impair the
national credit. "PubIic credit is the
most sacred property of a nation, It's re-
lance in war or danger which, once
/ impaired or tarnished, entails upon the
/ nation an irrepara5 5le loss" At what
ever sacrifice, the public faith must be
reIigiously kept. By the non-1ulhll-
ment of any of our national pledges, eX-
press or implied, there win ultimately
/ be nothing gained. On the contrary,
every thing may be lost, and the nation
al faith, sensitive to the breath OF dis
honor as a rToman's chastity, may ne as
easily tarnished, and should be as relig-
| iously guarded.
| tors say that the Government printing
/ presses must be set TO work TO pay
| Che F'iye-pwenty bonds. Greenbacks
enough must be prin sed to cancel over
seventeen hundred millions indebted
ness. The Government now having Gne
1.-The opbion to redeem $500, 600 Of the
/ Five@Twenties, it is urged that they
shall be redeemed in irredeemable legal
tenders. e On the Seth Of June, 1854, we
/ promised in the loan act of that date
/ isthat the total amount of United States
notes issued, or to be issued shall never
exceed 400 millions. and such addition
al sum, not exceeding 80 millions, as
/ NAV be temporarily required for the re-
/ demption of Temporary loan.'' We made
/ this promise at one Of the darkest per-
iodsyOf the war. and at a time when 1t
/ was feared that the amount oflegal ten
ders would destroy our ability to bor-
| row money. Now, if such a fear was
lentsrtained when the legal tenders did
not exceed 450 Millions what may We
not apprehend VIXEN they shall exceed
| I7O0 millions? IF we continue TO pay
/ the Five-Twenties and other bonds as
/ they 1aII due, we shall soon have twen-
tv-four hundred millions of green backs
| in circulation. And if it is fair to re-
| deem the first tnstallment of the Five
IWenGIeS IN buls Way IL is quite as
much so to redeem all the rest IN the
same way, since each subsequent in
stallment was negotiated at a much
greater advantage to the bOndhOlders
than the first one, We may as right
eously sspav Off the entire Five Twenty
loan with legal tenders as any part of it.
If we commence where shall we end
/ If not in national bankruptcy, ruin and
disgrace, we shall be saved only by
miracle.
There is an honest way to call in the
e-TWenties besides psy1ng them in
money. No one denies the right of the
Government to go into the market and
buy these bonds with legal tenders now
in circulation, on the most fayora bic
terms. If there is any surplus revenue,
it should be so applied. And while this
process is going on we shall steadily APP
prOach specie pYments-the only hav-
en- of safety and final settlement Of our
difficulties. Paying the debt is less inn
portant. The party which can soonest
and most safely bring us to a specie ba-
sis will do the greatest good for the
country. Columbus Journal.