Buchanan County bulletin and guardian. (Independence, Iowa) 1866-1869, 1868-10-09
ARsw P!ai.. rycHsesIeas ASsss

From lion. Benz. Stanton's Spsscl
in Wheeling. .-5s,sI
! wish to state one or two plain
propositions about the payment oI
bonds in grccnbacks.
Every man understands perfectly
that when = government borrowa
money and gives its bond, il creates
the relation Of debtor and creditor
between nhc borrower aud lender,
and that the came principles Of hon.
esty that regulate dealings between
two individuals regulate the rights Of
the lender. although one Lc govern
ment.
The Government Of tho United
States hss borrowed money AMI Civ.
on its bonds. Tho question is in what
shsn tho bonds be paid? Yen say in
" "greenbacks." What il agrecn-
badk! A promise to pay. That is,
you propose 49, hen your creditor
comes to xtrAiA SO.
Certainly. ] am ready to pay my
bond.rs
"Whst will you pay il ing
Il will give you anew note"
swell, what Will yon pay the note
in? When that comes due will you
give me another note? What is il
ultimately TO DO paid in - s.a5
Now, ifithis government owes two
thousand millions Of bonds, and ~
deems them with two thousand mil.
lions Of grcenbacks. Will it owe any
lessf II will have given two millions
Of new notes for precisely the same
amount Of other notes. And how
are the new notes to be paid? I do
not see that you have reduced your
debt any. You have delayed the day
Of payment, that's all.
10, bui," says the party. "we will
get nd oi the interest"
Now, will that do among honest
men! lhaye Captain McC Clurs's note
for thousand dollars, bearing inter.
est At six per cent. lie comes to me
and says: II want to pay yon. l will
give you new note, payab in twcn-
~ years, without interest,"" Now, IL
he has power to compel me 10 take il,
and does compel me, isnot he . scoun.
drel : Applause.
H yoa propose to redeem your
greenbacls by the soeumu ated and
surplus products Of the country, you
may be able 20 redeem them at the
end Of twenty years, and in the mean.
time you pay NO interest. The result
is that you propose 70 the public cred
itors, instead Of paying his bonds in
money, You will pay him by giving
him . new note. payable At the end VI
twenty years. Now, Whist 10 q note
for 600 worth. payable in twenty
years without interest! Il is worth
precisely that sum which in twesty
years, at compound interest, will
amount to >lOO, and that y shout oeS.
Then, II l understand it, the PROPOSE.
ton is that you win redeem these
bonds by giving practically e3S for .
600 bond. and compelling the cred.
itor 70 take L. Now, between man,
aud man, and between Government
and iss craditors, u that honestf
Whes these gentlemen talk to you
about paying these bonds 10 green.
backs they stop just there. Il never
occurs to them that greeobacks have
to be paid some day-thas they are
mere government credits, and that
substituting them for bonds 10 merely
changing the form of tho debt, ana
not changing the amount OF At eli,
unless you intend to repudiate . por.
ton of the debt, to-wit: the interest.
For l take it, it / give my bond paya-
bic With interest,". ,.it 10 jsst ~ much Z
repudiatios 20 repudiats the interest
as to repudiate the principal. II 10
partial repudistion, and on long obi.
gations much the largest portion for
the intessst on q Rote running At six
per csst. 10 equal to the principal eve.
ry sixteen and fraction years.