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

risk which the lender assumes. I
| does this eheerful1y, thankful that the
/ are those sufficiently adventurous
I take the risk. But when he emery
from his embarrassment when he hi
demonstrated his ability to pay, ar
his credit is above suspicion, if a sens
BILE business man, he considers the Or,
priety of effecting a new loan upo
terms more advantageous to himseI
This is business like; and it is rigll
He proposes to injure no one, to Violat
no contract, or TO turn his back upOn 4
friend. He was from the first confider
of success, and reserved the right to pa
at the expiration of a certain period
he found it to his interest to do so. b
now chooses to make q payment, and
he has not money enough of his owl
he proposes to borrow at q lower rat
his right to do this. It is an honOrabl,
manly and sensible transaction. Thi
is simply what the Government shouT
do, that is to effect loan at a love
rate of interest, pay of q matured debt
and the five tWenties so soon as the on
ton in the bond viii permit.
1t is said, however, that these bond
are redeemable in coin only, and tina
it is impossible to obtain coin to pay tn
with the obiec6or, and deny that thes
bonds are payable only in gold. TIN
act of February 25, 1882 authorizing tn
FIRST issue of the United States notes de
elaros in the first section that thes
notes 1854 t-e ri
eShaII be receivable in payment of al
taxes, internal duties; excuses, debt
and demands of every kind due thi
United States; except duties on import.
and of all claims and demands agains
the United States of every. kind, what
soeYer, except for interest upon bond.
and notes, which shall be paid IN coin.
The act provides further that they
a'shalI also be- lawful money and !
egsl tender in the payment of all debts
public and private within the United
States except dnties on imports, and in
crest on the public debt"
The second section of this act, pro-
7ides for the issue and sale of five-tWen-
y bonds, "redeemable at the pleasure
II the United States, after five years,
md payable twenty years from date. ;"
-t authorizes the Secretary of the Treas
lry to dispose of these bonds for ''the
,oin of the United States, or for any
II the Treasury notes that have been or
nay hereafter be issued, under any for
ner act of Congress-, demand referred
o, or for United States notes that NAV
Ie issued under the provisions of this
let.p " r
The act of July II, 1862, and March 8,
S63, providing for the further issues of
Teenbacks, both reiterate that ''they
hall be lawful money and legal ten
Ter in payment of all debts" All these
avs were passed before these five-twen-
les were sold. Thus we find the law
the issue Of the greenbacks,
nd gives them power to pay all debts,
xcept duties on imports and interest
n the public debt. Then it authorizes
nd provides for the contraction of
ebt, or in other words we, find first,
given to create a money
Ehich shall pay all debts second, au-
hority given to contract a debt. Is f6
ossible therefore, to resist the eonclus-
IN that this debt may be paid with this
money. ETz43 err r fe
It is said; however, by those who diff
sr with us on this question, that the
ct of February 25, 1862, provided that
ny holder of United States notes de-
ositing any sum not less than fifty
oIlars, or some multiple Of fifty, should
sesive an equal amount Of fVe-twenty
onds, and ib is therefore claimed that
lese bonds cannot be redeemed with
currency which by law has a right to
1LlGuO COuVEIEAUu 1lLLU LIS
ct here referred to authorized the issue
{ greenbacks with this right of CONVEX
on. The greenbacks were issued and
sken by the people, the bonds were
OF, and before the bonds were sold the
Ct of March 3, 1858, was passed, which
eclared that .--.
ssThe holders of United States notes.
sued uDder and by virtue of said aebs,
25, 1852, and July IL, 1862, )
lan present the same for the purpose
exchanging the same for bonds as
lerein provided, on or before the LIST
az Of July, 1868, and thereafter the
ght so to exchange the same shall
sase and determine"
After the passage of this act, which |
so provided for a further issue of |
the fiYe-tWenty bonds were |
I'D, and Of course all who desired to
on did so before July 1, 1868, and re-
lived from the Secretary of the Treas
~ fYe-twenty bonds in exchange for |
leir notes. Those who preferred not |
do SO held the greenbacxs with the |
III understanding that the right to 1
,nvert them had ceased. Those who 1
ought the bonds did 50 after the pas
.ge of the act which settled definitely /
le power of the greeDback over the |
But it is said that the agents of the
declared the bonds were /
ayable in gold. If this be true it was |
IMPLY the unauthorized opinion Of the 1
rents, which might have been honest
entertained, ,sbut in this could in no /
ise bind the principal. At the time
any believed they would be so paid,
Id why I? Not because the agent said
j, not because the law contemplated or
-ovided for such payment, but simply |
scause they thought that before the /
lnds matured the Government would 4
} ready to resume specie. payments. /
his opinion, unWarranted by anything |
the loan laws, was found to be erro-
sous, and because it prevailed to some
,tent is no reason why we should be
Ound either in law or equity to do
hat we never agreed to do. Jay Cooke,
! honest and able financier, advertised
Id sold these bonds. His opinion as
the termination of the war, the re-
lmption of specie payment, better
)ubtless than the opinion of most men,
as however not infallible, As a
arning to all not to trust too fully to
hat could then only be mere conjec-
re was the plain simple notice in the
)nds, that they were "redeemable at |
e pleasure of the Government after
7e years, and payable twenty years
Om date" !" And the greenbacks for
hich they were exchanged bore the
notice. staring all men in
e face, so palpable that the sWayfar-l
q man though a fool could not err
erein,' that they were a legal tender
r all debts, public and private, ex-
pit duties on imports and interest ON
g public debt.
Can there be any doubt, therefore in
eW of the law and the facts, that /
ese bonds are payable in lawful mon
of the country and is the bOndhol-
injured by this conclusion? Certainly
IT. We have paid him thus far
,od round interest. We propose to
ntinue the payment of interest until
e redeem the bond. We propose to pay
IN money which has fully as much If
1t more purchasing power than that
hich he gave us for the bond
IN he have any ground for complaint?
1e broker who has been loaning mon
at two per cent. a month, may be
mewhat 10th to receive payment of |
e principal, because he regards it
investment, and would be
ad to continue it; but he certainly
nnot refuse the money when rendered
)r can he consider himself injured
,cause the debtor finds he can do bet
r elsewhere.
It is asked by those who hold that
ese bonds cap only be paid in coin,
hat is meant by the word dollar
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