The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1869-01-12
TI1EGATE CITY.
KEOKJrK. TOWA:i
TUESDAY MORNING, JAN. u.

TUESDAY MORNING. JAN. IL.
Trx NTH az the sntire argument Of both the
o..a,e and the Arr CRY L. that II would be gisr
ipx outrage to compel the payment IN corn % g
rency appreciated By contraction or otnetwIso =
debts which were crcatcd under previously exisins
CURRENCY valuks. M, of course, do NOT question
ths sounduess Of the logic employed, Or the co!-
rcctncss Of the conclusion arrived 81. botn 5cg.e
and conclu sion are not only unexcepfionaO,e, guy
unanswcrable, But why these Journals .ua -.
Who think with then should have one Iulo ~
private creditors and :notnef iol .he P.snrd m,
Tor. or tho bohdhoidcr, 10 entirely beyond ou.
comprehension n the debts Of which they speak
-xs,e eantraesed npnn the greenback basisi the
bonded debt OF the Government WAS also created
ON tho same basis.
We ouote above the pith OF the editorial
argument Of the Constitution, and if the edi
tor will pabiish our annswer, the readers OF
both papers will understand our position in
the premises.
We insist that immediate resumption OF
specie payment would be uajust to debtors,
and ruinous to the country. Then why not
insist npon paying the public debt represent
ed by the boads Of the United States in
greenbacks, asks orr Contemporary Simply
because that would be equally unjust to
creditors, and more ruinous 10 to the country
than the resumption Of specie payments.
The Government contracted to pay i1s
bonds in specie, and in the meantime agreed
to pay interest on them. If it had been the
original understanding to pay IN greenbacks,
why were not greenbacks issued at once, as
the money was needed. instead Of issuing
bonds and paying interest on them in gold for
a series Of years.
Simply because such an immense issue Of
oreenbacks thrown on the market, would have
rendered them worthless as currency. And
to rive confidence 70 the public and to in
duce people to purchase Government bonds,
. law was enacted by Congress, and now
stands on the statute books Of the nation lin
ting the issue Of greenbacks and postal cur
rency, to four hundred millions Of dollars.
Had not the public had faith and confidence
in this pledge Of the Government, the bonds
Of the United States would have been worth
less and the war for the maintainanceo of the
integrity Of the Union, must have closed on
whatever terms the rebels might have thought
proper to vouchsafe US.
II the issue Of greenbacks to pay expenses
OF the war had been made directly as funds
we're needed, the amount in circulation
would soon have been SO great, that, like
Confederate scrip, or Keokuk scrip, it would
have had no pufchaseable value. But If
such would have been the effect under such
circumstances, the effect now Of an issue OF
areenbacks to pay off the debt would be dis
aatrous beyond the power Of Imagination to
conceive or the capacity of language to por-
tray.
Tho public debt is not due, our creditors
are not entitled to demand payment, and they
are not asking payment Of their bonds. Let
us act like sensible mon, and cease to howl
over the public debt, and 60 on to reduce tha
expenses of the Government, provide for q
resumption Of specie payment, upon snch
terms and at such time as justice and sound
policy may require, and demonstrate our
honesty and our ultimate capacity to manage
our indebtedness, and thereby secure lower
rate Of interest and longer period for the
payment Of the public debt. In the mean
time our population and our resources will
increase rapidly, and we shall maintain gen.
.eral prosperity, and at last pay off the pub
lie debt as il becomes due, without the slight
est general distress.
Let US remember that economy and TINT
are the sure reliance of the country for all I'll
financial troubles and burdens. The increase
of population and wealth, the development
Of the resources Of the latent and inestima
BILE riches of our soil and our mines, will a.
no remote period enable the country to mee
all the demands against it with comparative
ease. Twenty years or SO ago. a debt Of one
hundred thousand dollars for the State o
Iowa was looked upon as enormous and bur
densome, and would have been equal to
dollar piece for every man, woman ant
child in the State. And at that period PEG
pie were comparatively poor, but now tn
increase of population alone has SO change,
the situation that q debt Of hundred thou
piece for the inhabitants of the State; an,
the wealth and consequent ability TO pay ha
Increased in quite as great ratio.
What has occurred in Iowa in this drec
ton, during the years that are past, is takin,
place throughout the country. The burden
of any specified amount Of National deb
grows lighter and lighter every year, becaus
the number and the wealth of those VIII
have to pay the debt, are rapidly increasing
every year.
COUNTY AUDITOR.
As this new official machinery has gon
into operation, and is attracting Hawkeye at
tention, We give here the Law of the las
General Assembly creating il:
CHAPTER 100.
CREATING THE OFFICE OF COUNTY AUDITOR.
AN ACT to pro vide for the Election Of count,