The Conservative. (M'connelsville, Ohio) 1866-1871, 1869-09-03
UoHtital.
Relndlnflon.

The b~ondbolders supposed, when Grant
was elected and Schenck's public credit bill
was passed, that tho huge swindle of gold
payment Of the iive-twenty bonds would be
carried out without possibility Of failure.
They had very good reasons for this suppo-
sition, because after the excitement of the
presidential campaign was over, there was
Tor q few months, apartial abandonment Of
the discussion Of the question ofthe curren-
cy redemption by the democratic press, aad
q general assumption by the republican
newspapers that the question was defn-
itely settled.
The way in which the campaign in Ohio
has been opened, and the bold and deter
mined manner in which Mr.. Pendleton
presses upon the attention of the people
tho results Of Mr.. Boutwells swindling pol
icy will convince bondholders that they
are not as secure as they imagined them
selves to bea few weeks ago. II has been
the policy Of the secretary of the treasury
to raise the premium on bonds, and in
crease the difference in value between bond
and Preonbuks.
His alleged reason for this was to adj
vance the credit Of the government 80 as TO
be able to change the form of the national
debt into one bearing a less rate of interest
The true reason was a hope to get the ques-
ton of currency redemption out of the way
by bringing bonds 10 n par with gold, or so
nearly to the gold level that the people
would be accustomed to regard them as
equivalent to coin.
When he began his purchases Of bonds,
there was but a slight difference between
their price and that of currency. Tho pros
poet of continued and heavy purchases of
the former, while no calculation or prov
ision was made for the redemption of treas.
ury notes, daily increased the difference,
and this increase has- served TO make the
disastrous effect Of his policy more appar-
ent.
On the LIST of january 5.20's were selling
at l01 On Saturday they were quoted az
1924 nv Boutwell, hns managed in pur-
chasing bouds to increase their price much
beyond what they would have advanced
had he not given notice that he would
make heavy purchases on days named by
him. lie aud his admirers congratulate
the taxpayers upon tho lnct that they have
lost several millions of dollars by the in
crease Of premium on the bonds, and the
prospect that within a short time no bonds
can be bought ut a discount is also deemed
matter for congratulation.
It is not probable that the taxpayers of
Ohio will be Indifferent to these facts when
presentation Of them shall be made by Mr..
Pcndloton. The question of currency re-
demption has been pushed to n point which
has compelled the opponents of that policy
to acknowledge that the government did
reserve TO itself the privilege to redeem the
bonds IN currency. As Secretary Boutwell,
has been shaving bonds fos tho two months
lls, past, It Is not for him or the republican
party to say that the government Is bound
In honor 20 pay dollar for dollar in coin on
all classes Of its indebtedness.
The advocates OF currency redemption
have everything to hope from discussion Of
it, and i may be assumed that in Ohio the
question will be treated in such a states.
mauliie manner as to attract national at
]tention, and enable the people clear
~ 20 determine the right and
cXpediency OF the policy. Let us find out
where reputation lies, whether it be in
shaving the paper of the government, or
paying il according TO contract.