Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1868-02-14

and again, while the bonds were being
sold. They could not have been sold
had It been supposed the principal
was payable In greenbacks. The lO-40
lean bearing 5 per cent. interest was
failHre-that is. fbe bonds would not
sell, because Of the difference in the
rate Of interest. This would not have
been the case hadit been understood
that the principal Of the 5-20s was pay
able IL paper No one can be 50 stupid
as not Go knoH that people would
have given more, at that time, for a 3
per cent bond, the principal being
payable in guld, than for a 6 per cent.
bond. the principal being payable in
paper. No use in arguing the question.
1t won't bear argument. The prOpO-
sition to pay paper when gold was, by
implication, at least, clearly promised,
is nothing less than d dishonOrable
trick, unworthy Of the American
people.
But while We regard the Govern
ment as morally bound to pay the B.
20s in real money, the discussion of
the question is practically of no con
sequence. The BIOS cannot be paid
in greenbaoks unless greenbaGks are
issued for that purpose, and We DO
not find any party willing to put itself
squarely on the record in favor of such
an imitation of the currency as that
course would lead to. The Democrats
Ia their State platforms. adopted at
Indianapolis and Columbus, did not
dare to do it. In their approaching
National Convention they viii not dare
to do It. Mr.. Pendletou, with all his
/ talk about ''greenbacks for the bond
I 4 Il - I@0o v.rk I,wo IN aaw rs Sr IN
4 favor of Initiating the currency for the
! purpose of rsdeeming the bonds or for
/ any other purpose.
Therefore, we say the discussion of
4 the question, practically, means moth
/ ing. If the Democrats should come
/ out in favor Of isuing 1000 millions
of greenbacks for the purpose of ia
king up the interest debt, then we
could meet them sqaarely on the ques-
1 tion of reputation. That would be
4 the meaning of such a policy. Issue
1900 millions of greenbaCks, and the
! paper dollar would not be worth 25c
in gold. From this the step to repu-
diation would be a short one, and It
would be taken. That policy would
bring distress upon the country such
as has never been experienced, and
would bury the party responsible for il
Iout Of sight.
When, therefore, a Democrats tells
you he Is in favor of paying the deb
/ in greenbacks, but is not in favor oil
initiating the currency forthat purpose
tell him he either means nothing OF
| does not know what he is talking about
/ The bonds may now be paid in green.
backs If the Government were able tt
pay them; butt is not. Mr.. mcCullOcE
i sold several hundred millions of 5-20s
in the last four months at about 107@
108. He can buy them back now a
this rate, 10 greenbacks-but he has
not the greenbacks, aud the Democratic
party is not in favor of manufacturing
greenbacks for that purpose. Or i
lMcCullOoh will take the 100 millions
of gold he has in the Treasury, he caI
pay the debt IN gold, as far as it goes, a
70 cents on the dollar. He can do tina
to-day in the New Y ork market, in
fair way, without violating any agree
ment, direct or implied, or bringing
/ the least disbOHoF upon the American
people. Furthermore, whenever VIZ
return to specie payment the green
back dollar will buy a 520 bond at
the rate of 80 cents on the dollar. Tha
will be better than paying the deb
in greenbacks. With a Volume o
currency that can be carried on a spe
Gle basis, $40 bonds, and all othe
bonds, will sink below par; and if thi
generation shall feel like taxing them
selves to pay off the debt, they vii
have an opportunity to pay at a dis
count
The true policy is, not to depreciat
greenbacks by inoaeasing the quantity
but to 20 to work to earn the money t
pay the debt, and thus bung the green
back dollar up to par with gold. Thi
is the policy that must be adopted,
we would give stability to business re
/ open the avenues of trade and prOvid
employment for the people, Ciacia
matt Gazette.