Urbana union. [volume] (Urbana, Ohio) 1862-1872, 1869-09-15
Reputation.

The bOndhOlders supposed, when Grant
was elected and Schenck's public credit
bill passed, that the huge swindle of
gold payment of the five-twenty bonds
would be carried out without possibility
of failure. They had very good reasons
for this suppOsitiOn, because after the
presidential campaign was over, there
was for few months, partial abandon
ment of the discussion Of the question of
the currency redemption by the demo-
cratic press, and general assumption
by the republican newspapers that the
question was definitely settled.
The way in which the campaign in
Ohio has been opened, and the bold and
determined manner in which Mr.. Pen
dletOn presses upon the attention of the
people the results of Mr.. BOutwells swim
ding policy will convince bOndhOlders
that they are not as secure as they i'm
agined themselves to be q few weeks
ago. 1t has been the policy of the Sec
retary of the Treasury to raise the pre-
MUM on bonds, and increase the diff
ference in value between bonds and
greenbacBs.
His alleged reason for this was to ad-
vance the credit of the government so
as to be able to change the form of the
national debt into one bearing a less rate
of interst. The true reason was hope
to get the question of currency redemp-
ton out of the way by bringing bonds
to par with gold, or so nearly to the
gold level that the people would be ac-
custOmed to regard them as requivalent
TO coin.
When he began his purchases of bonds
there was buta slight difference between
their price and of currency. The pros
pect of continued and heavy purchases
Of the former, while no calculation or
provision was made for the redemption
of treasury notes. daily increased the
difference and this increase had served
to make the apparent.
On the lst of January 5-20's were sell
ing at 107. On Saturday they were
quoted at 1921. Mr.. Boutwell, has man.
aged IN purchasing bonds to increase
their price much beyond what they
would have advanced had he not given
notice that he would make heavy pur-
chases on days named by him. He and
his admirers congratulate the taX-pay-
ers upon the fact 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 at a discount is al
so deemed matter for a cOngratulatiOn.
Ohio will be Indifferent to these facts
when presentation of them shall be
made by Mr.. PendletOn. The question
of currency redemption has been push
ed to q point which has compelled the
opponents of that policy to acknowledge
that the government did reserve to it
self the privilege to redeem the bonds
in currency. As Secretary Boutwell, has
been shaving bonds for the two months
last past, it is not for him or the repnb-
lican party to say that the government
is bound in honor to pay dollar for dol
lar in coin OH all classes of its indebted
ness.
The advocates of currency redemption
have everything to hope from discus
sion of it, and it may be assumed that
in Ohio the question will be treated in
such a statesmanlike manner as to at
tract national attention, and enable the
people clearly to determine the right
and eXpediency of the policy. Let US
/ find out where reputation lies, whether
it be in shaving the payer of the COVER
ment, or paying it according to con-
tract.