Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-06-20
THE FTEAECTAIl TssBEs-THE PAY.
MENT OF THE DEBT IN GREEN

tnS EhlukftIs d uHe 10
The New York Times copies our sug-
gestiOns relative to the Democratic plat
form at New York-particularly so far
as paying the fve-twenty bonds in greens
backs is concerned-and adds: .-.
"The Republicans, looking al the mat
ter with regard 10 their party interests,
would be very glad 10 see such a plank
as lhis inserted 10 the Democratic plat
form. II wouId simplify the labors Of the
canvass very decidedly in this section of
The country. The West may like il,
though we do not think 1t does; bat the
West is not yet the whole country, and It's
financial ideas have not yet Obtained the
Endorsement Of all The people
We hope tli6 Times in this speaks the
voice of its party, but we greatly doubt
it gThe party" dare not make an
issue "direct, plain and simple, upon il
The labors Of the canvass, as the Times
says, would be indeed greatly siuipli-
fed lor, upon that issne the votes
obtained by those running against The
draft Of the platform which we have sug-
gested, and which the Westr7and We
will add most Of the East-is in favor
Of, would be few and scattering mostly
confined to the bondholders aud their
friends We here republish the 6nan,
eial draft Of the platform, made by the
Enquirer, from which the Times
dissents Here it is 1EE EEs55 }
81. The fve-twenty bonds can be legallg
paid in legal-tenderss and ought to be 50
paid.
"2. All debts OF a public character, not
other@ise promised in gold, are to be paid
in legal-tenders
SO. One currency for all, and equal and
common taxation upon all, must be affirmed
az Democratic prineiples-opposition 10
privileged classes which receive fayors and
aids from the government not given to the
masses, follows logically from the adoption
Of this principle
"a. The public debt is to be paid as soon
as possible, without too great an imitation
Of currency, in order to save an annua
drain of Sl50,000,000 a year, now paid in
the shape of interest upon the principal of
said debt
"5. A national debt is national curse,
and efforts must be directed for its speedy
liquidation"
Who win say that that is not right ?
That it is not demanded, not only by JUS
tice, but by the best interests of the
country. Let allread it carefully, Re
pubHcans as we'll as Democrats, and let
us hear in what respect it is faulty, and
why it should not be adopted
The Times ventures upon an answer to
it And here ia all that its combined
ability and experience can suggest 1t
says
Ii we are to repudiate the fve-twenty
bonds, let it be done boldly-not under
cover of giving other notes, 20 be rapudi-
ated in their turn, in exchange for them.
The most direct method of doing dishon-
est thing, is the one which the people are
most likely to adopt, when they have made
up their minds to do IL at all.
"The declaration that the public debt is
to be paid as soon as possible, without too
great an imitation Of the currency, Implies
that it is to be paid in greeubuck9, to be Is
sued for that purpose, and that the only
thing to be guarded against in the proc ess
is making their Issue too rapid. We don't
believe there is any considerable fraction
even of the Democratic party who can be
deluded into the belief that one bond is
paid by issuing a fresh one for it. The
only way to pay the public debt ia SO to dis
charge it that no further obligation rests
upon the country in regard TO il"
The first point ma de by the Times is,
that payment by the government to it's
creditors in legal-tenders is reputation.
That is rather curious, when greenbacks
are expressly declared TO be legal-tendeFs
for all public and private debts, and
when they are used every day as a dis,
charge and liquidation of debts Does
the editor Of the Times think that when
he pays his printers or his paper men in
legalNtenders that he is repudiating his
debts to them If motif his debts can
be paid in greenbacks, why cannot every
body's debts be paid in that currency
Can the government authorizes him to
pay his debts with that which 1t cannot
use for like purpose. Is it in favor Of
privileged classes? Does it believe that
o Woodworking printer or editor on the
Times, OF its paper manufacturer is not
entitled TO SIS good currency for their
debts as any bondholder is for his Pray,
what did the bondhOlder loan to the gov
eminent ? Greenbacks If graenbaGks
are worth nothing-ifa payment in them
is Reputation, then the bondholder never
lent anything to the government, and
there can be no reputation in the
premises. The Times argument, there,
fore, is too broad and sweeping. It
covers too much ground entirely The
truth is, greenbacks were borrowed by
the government of their holders when
they were only worth forty or fifty cents
on the dollar in specie and it is now
proposed to pay them in greenbacks,
when they are worth seventy cents on
The dollar This the Times considers re
pudiation. We never heard it, however
advocating that the people, who, after
their debts on gold basis,
and receiving them in depreciated legal
lenders, at half price, should now be
paid the deficiency Oh, mol Its syme
Dathies are all for the bondholders.
The Times says that il don't believe
hat even a considerable fraction Of the
Democracy can be deluded into the be-
lief that one bond is paid by issuing a
'resh one for it " We have shown that
he bOndholders only had the greeHbacks |
q the first place, and that they are now
ar better than when exchanged for the
,ond The argument of the Times goes
0 the root Of the legal-tender law, and |
enies that any payments under it have
,een legal This would unsettIe the
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