The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1869-09-10

? credit, to avoid even The doubt
our good faith, so that our bonds ma
sell at the highest rate possibl
General Rosecrans admirably expires
es this in his recent letter deelinin
the Democratic nomination; and
this letter he precisely states IL
Republican policy in regard to OF
debt and bonds and interest.
!. Our policy is as rapidly as pOss
! bic TO raise our bonds and greenback
to the standard of gold, and ther
with our improved credit, to bold
and honestly enter the money ma
ket with i new loan. at low interes
This policy is now in rapid course {
success, and is only retarded by til
doubt and fear of reputation raise
by the Democratic party by sue
leaders as Mr. Pendleton, Mr.. John
son aud others.
And here again the influence c
! Mr.. Pendleton is as it was in ever
stage of the war, against his country
He can not prevent the advance Z
the public credit any more than h
could of our armies in the war bu
he may retard and delay it. If hi
evil counsels do not prevail, | al
conVinced that within two years bot
our notes and bonds will rAaOh par 4
gold, when we can secure a reductio
of the interest of the public debt
and the dollar in the pockets of tn
people will be equal in value to tn
dollar from the mint. Until we cal
do that we must have fluctuations
uncertainty and speculation, to tn,
especial injury of those who depend
inpon their daily labor.
THE CURRENCY.
Mr.. Pendleton complains that Mr.
Boutwell, is now paying one hundred
and twenty dollars for bonds of one
hundred dollars. Now | don't like
the idea of paying one hundred and
twenty dollars Of currency, every dol
lar of which must some day be re-
deemed in gold, f)r a bond of one
hundred dollars; but what is the rem
edy? Ny remedy is, to make the
currency at least as good as the bond,
30 that dollar Of one will be at least
as good as a dollar Of the other, and
TO advance both together to the par
of god. Mr.. Pendleton's remedy is
to still further depreciate the curren-
cy, by increasing the amount. and
then forcing them upon our creditors
a: Ear, IN payment Of their bonds
If our currency were convertible, at
the will of the holder, into bonds,
then one dollar of currency would
pay one dollar of debt, and the green
back in the hands Of the labOring
man would buy US the same as Iine-
,ty>two cents of gold, instead ofseven-
ty-two cents. When the bonds were
issued we always maintained green
backs at the par of bonds, and are
bound, in honor and honesty, to do
so yet. This is the keynote of all
our present financial troubles. Gold
is the only standard of value, the
world over. Our bonds, the interest
being payable IN gold, have a stable
productive value, only below par in
gold because of the shadow cast upon
them. We forget that our nutes in
greenbaeks are Q part of the debt oi
the United States, and must some day
be paid in gold. No one disputes
that they must and will be paid in
gold. When we issue one hundred
and twenty dollars of these notes
from the Treasury, in payment Of
bonds for one hundred dollars, we
dfstrust our own notes, ana proclaim
our purpose not to pay them in gold
until the distant future. The disease
is in a deprecated currency. The
remedy is to restore it. Our green.
backs have some qualities that make
il the very best currency We have
ever had Whatever interest is saved
is the common saving of the whole
people. What it lacks is convert
bility and fexibility. IF it was this
day convertible into bonds, the
amount in circulation would not be
materially increased. but its value
would be advanced fully twenty per.
cent.
1.-THE bonds could at once be con-
Verted into currency, there could bt
no harsh contradiction no locking
up of currency none Of the bear and
bull movements Of Wall sreet finan-
cering to make temporary stringency
but banks and notes would readily
and rapidly rise to par in gold. WhC
now doubts but that if this policy
had been adopted three years ago
when 1 first proposed it, that this day
We would have been on a specie basi:
applying our surplus revenue, dollar
for dollar, to the payment of the debt
and the whole mass of debt now re
deemable would have been paid off BY
bonds bearing lower rate of infer
est. III.
Now the policy of Mr.. Pendletor
would reverse all this. He would no
only continue the present depreciation
of the currency. bat greatly increas,
| it. Instead of reducing the value o
the notes, he would drag down thu
value of all our bonds to the depreci
tien of the notes. How would such
a transaction be regarded between in
dividuals If John Smith owed tWt
notes, one due to Sam Brown, but no
bearing interest, and the other to Ton
Jones, due in the future, on interest
you would all say that he ought t.
paw Tom Jones first, because it wa!
due and if John Smith could bC
sued, the courts wOnld say so anC
make him pay il. But the United
STATES CAM be sued and must only b.
governed by national honor What
does honor demand ? Clearly that the
note be paid; or if that is imprac
tieabis, that a note bearing legal in
terest aud acceptable to tie creditn
be given Tor it. II would be that, /
John Smith could not pay San
Brown, he must give Brown his not
with interest, and put him at leas
on footing with Tom jones.
Now, what does Mr.. PendletOn say
He says that John Smith, as he can
be sued, should refuse to pay the
Interest to Tom Jones, but shoulC
pay him off with a note similar t
that of Sam Brown. Then JohI
q u LII ..-.. Il q s..a.rnA .nI q