Indiana American. [volume] (Brookville, Ind.) 1865-1872, 1868-07-03
The copperFlead Greonbsok Humbuq

the payment Of the public debt
10 greeubacks. They pretend that the
right of the Government 10 do this Is q
Democratic discovery, but for which every
debt owing by the Government would be
paid, sooner or later. 10 gold. This IL un.
true. There has never been time that
the Secretary Of the Treasury could not
use every surplus dollar Of greeobacks 10
redeeming some form Of public debt, and
II he had hundred millions to-day be
could apply IL all. under existing laws. 10
that object. The difficulty Is not that
the Secretary cannot use greenbacks In
paying public Indebtedness, but that he
Is not able TO get enough for the purpose
National banks aud private capitalists
now hold fifty millions Of three per cent
certificates, issued In redemption Of an
equal amount Of five, per cent. and six per
cent treasury notes, all Of which were
payable in legal tender ereenbacks. as are
the three per cents issued in their ste1d
All the seyen-thrty bonds are due, or will
be In a short time. Those past due the
Secretary has the right 10 pay of in
greenbacks. but he has not the currency 20
pay them with, aud therefore has adver
tised that he will continue TO receive them
for conversion into f,e twenty bonds. he
has millions Of gold lying in the treasury
vaults, with which he might redeem seven
thiriies at heavy discount, but he fails
10 use IL. A proposition was submitted
10 the House Of Representatives a day OF
two ago, to compel him to sell the surplus
gold for groenbacks aud apply them To
The reduction OF the interest bearing debt
We hope IL will pass, or. what We think
would be better, that he shall be rsquirec
TO offer. from time 10 time, such sums Of
gold us the treasury has no Immediate us,
for Ia exchange for bonds, those Offering
the best terms for the Government to be
preferred. In this way, We should yet ia
the bonds at prices equivalent TO their re
demptlon In greenbacks, and all ofihe lat.
ter currency that could be spared after
paying the current expenses Of the Gov
erument, might still be employed in dis.
charging that class Of debts expressly psys
Bile in lawful money.
The only distinctive element 10 the
Pendleton programme was that enough
greenbocks should be priuled TO redeem
every class Of bonds, save the ten foriies
as fast us they attained the sge al five years
the Government having the option 10 70.
deem them after five years from their date
or at the expiration of,wenIy years. There
was direct0oss in this proposition thai
every body could understand, aud il was
Immensely popular with all who favored u
reputation Of the public debt, for they
reasoned correctly that an additional issue
OF greenbacks TO the amount Of $1,000,
00U,O00, would be equivalent to direct
reputation Of the bonded debt, and lha,
it would be speedily followed by repu.
diation Of the food Of greenbscks.
But Of late the Democratic newspaper
organs have denied that either party or
Mr.. Pendleton favor the issue Of any
considerable addition to the present paper
currencyI Indeed, they have wandered so
far from their original ereenbsck project
that they furiously assail MS liars those
Republicans who represent them MS favor
lug the printing press mode of raising
greenbacks wherewith 10 retire the FIVE
twenty bonds.
On this change Of base being announced
we begged the Sentinel, which We supposed
knew what Democratic principles and
measures were, at least in this State, 10
inform us how It's party proposed to re.
deem the public debt with ereeubacks any
faster than has been done heretofore, un-
less by new aud enlarged issue Of them;
but il has not veutured 10 answer. We
have also inquired Of our neighbor wheth-
or the Democratic party is prepared TO
advocate increased taxation for the pur-
pose OF raising more greenbucks to be
employed in paying the interest bearing
debt. To this question it gives no re-
spouse. The fact Is, the Pendletonians
dare not declare themselves either in favor
OF the manufacture Of more legal tenders
by the Government printing presses or Of
increasing the taxes. Tlrs- being the case,
what is there left of their hobby vi paying
the bonded debt IN greenbacks, except n
declaration Of the abstract right OF the
Govcrnm ent to pay in that currency when
it has in Absolutely nothing. But they
can not rally recruits on an abstraction,
especially in this instance, for the Gov.
eminent was paying out greeubacks at
par on the public debt, long before Mr.
PendIeion's humbug scheme wus breach
ed, and it has been doing 50 ever since.
How are the fve.;weuties to be paid at
the rate Of five hundred millions per an
nun, except by heavier taxation or the
manufacture OF more greenbacks, so con-
temptuously described by Mr.. Pendle.on
in his Congressional speech of. 1862. as
"fugtives aud vsgabonds in the earlh?''
Until the hypocrilical Democratic converts
to q greeuback currency are prepared "a
take position in favor of one or the 9th.
err Of these methods Of providing means
for liquidatng the interest bearing debt
their harangues about paying in green
backs scarcely amount to plausible hum
bug. The whole thing is cheat and a
swindle, intended to deceive the crednlous
and win few votes to the Comprehend
cause, on the false preiense that they can
somehow dispose of the public debt in a
way that will cost the people nothing
Il Journal.