North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1869-07-07

An Issue Of veractty.
1t is not difficult thing to characters,
the facts and arguments prese nted il
support Of the payment of the FIVE. twenty
bonds in currency as ''lies' and "sophis
tries," and, with the editors of sundry
prominent republican newspapers, it is q
pleasant employment. AT least, it may
fairly be inferred that it is pleasant en-
ployment to them, from the frequency
with which they engage in the work. No,
only this, but we are informed by them
that the policy of currency redemption il
SO plainly "villainous one," that it il
prcsumable that only rascals will suppor,
it.
In support Of the assumption that the
government is bound in honor to pay the
bords in gold, it is alleged that at the time
the bends were isssed, sundry prominent
congressman declared that they were 60
payable, and that Thaddeus Stevens was
one of them. It is also said that the act
providing for sinking fund, pledged the
government to the payment Of the bonds
in gold that it was pledged to such pay
ment by the declarations Of Secretaries
Chase, Fessenden, and McCulloch and
that purchasers Of the bonds understood
they were to be paid in coin. These are
the points relied upon by the gold redemp
tionists in support Of their theory that the
payment Of the fvetwentics in depre-
ciated currency would be reputation.
Let US briefly consider them in the order
named. 1t is true that sundry prominent
congressman said the bonds were payable
in coin, but in this they could have meant
only that the government would, probably,
waive its right to redeem in 'lawful mon
ey," because such a right was plainly
reserved. The testimony Of Thaddeus
Stevens on this point is contradictory,
unless the above supposition be adopted.
He declared in congress, short time be-
fore his death, that every member ol
congress knew, when the act authorizing
the issue of the fve-twenties was passed,
that they were redeemable in currency.
He denounced the proposition to pay them
in gold in as severe terms as he could
employ.
The act providing for sinking fund
does lot in any way interfere with the
privilege Of redemption in "lawful mon.
ey." Secretary Boutwell, is now shaving
the government paper by selling gold 70,
currency, and buying bonds at heavy
discount with the currency.
lie does not pay the bonds, or redeem
them. He buys them at as low prices a'
they can be bought, and takes advantage
of the damaged state of the government
credit to do so. If the doctrine of thu
gold-redemptionists concerning the sink
ing fund were correct, the secretary of ths
treasury could not pursue his presen
policy. He could make no exchange o.
gold fer bounds but by payment of tn,
latter at par. Is it the intent Of the Law
providing for sinking fund that the fivc'
twenties shall only be paid at a hundret
cents on the dollar in gold or it's equival
ent? Is that intent carried out by Shawn.
the bonds at discount of some fifteel
per cent? In principle, what is the diff
erence between shave of fifteen or of ffh
per cent?
The declarations Of Messrs. Chase, Fes
sender, McCulloch, & Jay Cooke ant
Co., bind the government to nothing, un'
less they were declarations authorized b,
law. Mr.. Boutwell, has just as muci
authority to say the bonds shall be paid a
forty cents on the dollar in currency, a
any of his predecessors in the treasur!
department had to say that the five-twen
ties should be paid at hundred cents Of
the dollar in gold.
The government is not responsible 70
what "purchasers of bonds understood,
when buying them, if their understanding
was at war with the contract and the no
torious facts. The law authorizing th
five-twenties to be issued was notice t
purchasers. The legal-tender act was
notice to them. Every treasury and banl
note in the country was notice to them
The declarations Of Thaddeus Stevens, a
chairman Of the committee Of ways an,
means, that the bonds were payable il
currency, made, as he said, "a dozel
times on the door Of the house," was
notice to them.
We shall sec If the statement of fact
herein will be called "a refuge Of lies."-
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