Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1868-10-06

! tNJ ~ 1SoArf NOV ~
the interest, and then repudiating
the debt altogether by paying it off
in worthless paper, which nobody
proposes TO redeem at any further
time. The result of such harahgues
upon the credit of the country il
seen IN our deprecated bonds and
currency. The bonds of the State Of
Massachusetts are to-day worth 20
per cent. more in the markets OF
London and Frankfort, than the
bonds of the Government of the
L iited States. Why is this Ii Is
because nobody in Massachusetts
talks about reputation. That these
repudiating Democratic stump ora
tors are u dear luxury, think it not
difficult to show. The rate of inter
est in the great money centres of
Europe, at which any good, and un
doubted government can borrow
money, does not exceed four per
cent, yet our six per cent. bonds
are now selling at about eighty cents
on the dollar, in gold Of our own
standard. 1t will thus be seen that
the man in London who pays $50.
90 for y 500 90 bond receives u
per cent. on his Investment. New
all We pay over per cent, we pay
tor our bad credit to cover the sup
posed risk the lender incurs of losing
his principal. No body in Europe
questions the ability Of the United
States Government to pay it's debts,
and this excess of interest of 81 per
cent. we now pay, is the result Of
their distrust OF our integrity, caused
| By Democratic stump orators and re
pudiators. AS we thus pay q penal
" OF 81 per cent, per anuum on our
debt Of 81, 600, 900, 600, for the priv
lege Of having our credit destroyed,
you will readily see that ishonesty
annually costs you about seventy
millions. l say you, because in truth
and in fact, this loss all comes out of
the PEOPLE and not out OF the bond
holder who quietly laughs in bis
sleeve at every effort which depres>
SEES our bonds and enables him to pur
chase them at a cheaper rate. The
argument made use of for paying off
the bondholder in irredeemable pa
per is this The bondholders instead
OF rsking their lives at the front,
staid at home and lent their money
to the Government at enormous ia .es
actuated By a desire of gain and no
impulse Of patriotism. The money
they gave the Government was de-
preciated paper, and now to pay the
soldier who perilled his life IN the
countrys defence in deprecated pa
per, is q monstrous inju tice, and
there is one knock down question
often put by these Democrats who
loved Lincoln's hirelings 50 much
while the war lasted, and it is this
Is not the money that is good enough
to pay the one legged soldier and the
soldiers widow good enough for the
bondholder l answer that ques
ton most emphatically yes. But if
you ask me if deprecated greenbacks
are good enough for tho soldier and
the soldiers widow, answer no,
thousand times no. And | say that
only gold, the best money known to
the world is good enough for him,
and that he should have it or its
equivalent. How is it now with
gold al premium of forty i've per
cent. Take the case of pensioner
who receives hundred and fifty dol
lars annually. What does he actu>
ally receive now in real money ?
Only about one hundred and five
dollars Now it is sought to excite
the wrath Of the soldiers against the
/ bondholder and under the pretence
OF bencfiting the soldier, it Is propos-
Cd to pay off the bondholder in
grecnbacks Let us see how the sol
der whom they love SO well is to be
benefited 10y this policy. We have
now in circulation in various kinds
OF currency about three times the
amount we had before the war.
Making all due allowances for the in
creased business of the country and
enhapsed prices requiring larger
amount Of money to effect exchang
es, it may be safely said that we now
have in the country all tho circnla-
/ ton needed to do the business of
the country. Now what we call
money has no intrinsic value. 1t
performs certain part, which is to
effect exchanges in an easy manner
between individuals. If You have
more than is necessary to effect this
object it is cheap, and prices are in
fated, butif too little, it is dear and
prices are depressed. IL is with
money as with everything else,
whether it be grain, lumber or any
other commodity. Business men
we'll understand that the moment
you put any article upon the market
to the extent OF five per cent more
than the market demands, you de-
press the price % per cent. So
would it be, and so it is with paper
money You have now all that can
be used in the business of the country
and the time never was when money
was cheaper or more abundant IN
the great money centers than now.
Now these Democrats think that
if you pay off the bondholders in
greenbacks, that they will be able
to get hold of some of them to pay
their imaginary taxes, but they won't
unless they have something to give
in ex change for them. But suppose
in accordance with their advice Civ
en- in the premises, you pay off the
bordholdcrs in greenbacks and put
81, 600, 600, 900 of paper money into
circulation. The effect DO sane man
could mistake. Here is a question
in arlth lctic for you, il. the rule O
three: If the issuing ofS700, 900, 00C
OF paper money (our present circu
Iation, has so depressed that papei
that it takes Sl45 to buy s100 il
gold, how many dollars in paper
will it take to buy s1.00 in golC
when you shall have added $4,000
600 COO of paper to your circulation
1t is perfectly safe 10 say tha
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