The Plymouth Democrat. (Plymouth, Ind.) 1869-1941, 1869-10-07
Persistent ETrOntery.

IcTSlSttnt GUIUHttI1s
A great deal is no doubt accomplished
sometimes by mere posltlvencSS, vche
mence, and downright impudence and
effrontery of assertion. The opinions of
some persons in regard TO currency re-
dcmptiOn have, it seems to us, been to a
considerable extent influenced by such
means The Radical organs habitually
denouncc the proposition to redeem the
five-twenty bonds, like other pecuniary
obligations, with the legally established
currency of the country, as "a rascally
policy" unqualified villainy," "absOlute
knavery," AN attempt to rcpudiate the
national debt" No matter what strong
arguments, what conclusive reasons, may
be offered in favor of the business and
the rcctitude of the plan of paying the
bonds in currency, all arguments and rea-
sons are met by the Radicals with their
thunderstorm of fierce and scurrilous
epithets, and only with that Tbis..ruffian-
ly and bullying treatment of a great ma
tional question, affecting deeply the inter
ests and the welfare of the whole people
of the country, has not, as we have said,
been without effect The continual reiter-
alton of audacious assertions and dcnun-
Citations have temporarily biased some
minds that should be above bias from
such causes
H. the interest OF the bondholders, Mr..
Schenck, of Ohio, few months ago,
brought forward a bill in Congress, gencr-
ally known as the public credit bill, and it
became a law. 1t provided that the prin-
cipal of the Five-twenties should be paid
in gold or its equivalent. Not only was
the bare enactment of that law an ac-
acknowledgement that the bonds were not
payable in gold by the law under which
they were purchased by their holders, but
Schcnck's law contains, in terms, q full
and undeniable recognition of the fact that
the bonds might, according to the expressed
conditions of the contract between the
bondholdcrs and the Government, be paid
in Treasury notes 1t refers to them as
bonds payable in lawful money or other
currency than gold or silver" This law
was the work of our Radical Congress
very soon after Grants inauguration and
not many months after his election. 1t
contains as we have said, an uncquivocal
concession, that, by the terms of the con-
tract, the bondholders can be paid in cur
rency, yet, while conceding this, it pro-
hibits the exercise of the privilege But
this prohibitory law, this partisan enact
ment, is no part of the contract between
the bOndhOlders and the Government. 1t
does not enter into or affect the contract
at all. 1t can he repealed. 1t will be re-
pealed, and the Secretary of the Treasury s
outrageous action in the wantOn sacrifice
of the vital and vast interests Of an OPP
pressed nation will hasten the repeal, and
perhaps hasten some other things. Album
dant and conclusive proof has been ar
raycd, outside of Schencl's public credit
law" that the bonds are, by the contract,
undeniably payable in the national cur
rency, but, to stop the Radical clamor, we
have chosen to refer to the acknowledge
ment involved in that very law itself.
And now let the Radical organs 60 on,
raining, hailing, showing, and slceting
their cpithets.
BY paying the bondholders in the cur
rency demanded by tlps terms of their
contract, the Government will practice no
reputation. BY paying them in gold and
silver, the Government would practice the
most inexcusable and injurious rcpudia-
ton. 1t would repudiatc its faith to the
people by paying an immense amount of
their money to privileged class not en-
titled to it. 1t would repudiate it. promise
to the holder of every grccnback in the
World-a promise recorded in black and
white upon every greenback in the world.
1t would make every grccnback Gov
eminent falsehOOd, a Government lie, a
Government fraud, Government swindie
Some of the Radical organs, whilst unable
to deny that the contract with the bond
holders, the law under which the bonds
were negotiated, does not call for payment
in gold and silver, insist upon an allega-
ton, that, when the negotiations took
place, Jay Cooke, and several other gen
temen prominent in the Radical party,
said privately in reply to applications per-
sOnally and by letter, that the bonds would
no doubt be paid in specie If it had been a
provision of the contract that the bonds
should DO paid in specie, there could of
course have been no occasion for
such applications. And the idea that
business investing their money in
law under, which they invested open be-
fore them, were governed in their impor-
tant transactions not by the plain terms of
that law but by the private and irrcspon-
sible talk Of Jay Cooke and others pc
cuniarily interested iii the most rapid pos
sible sile OF the bonds, is in the
Est degree and to the last degr, Q
prepOst erous. The editor of the New
York Tribune says that he, even he, gave
assurances in his columns that the bonds
would be paid in specie; but surely fell
lows that were idiots enough to rely
upon Jay Cookies talk and Greeley
editorials instead of the law deserve no
sympathy if the.large profits of their bonds
turn out little less tremendous than they
expected. The false assurances of Cooke
and Greeley may be good reason enough
why they should make contributions to
the bondhOldcrs, but no reason at all why
the people should.-LouisciNe Courier
J0urnGL.