The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1869-11-02

I the character and reputation Of first
class financier; he had spent no money
in gambling or other designations; nor
engaged in any business, and his
books would show that he had done
honest business With this explanation
he trusted he had satisfied his creditors.
that if they had lost their money he had
not cheated them out Of it ! If we should
adopt the proposed plan of selling bonds
for specie to resume, l have no doubt
our Government would soon end in
bankruptcy as the swiss financier did. Z
The next plan will notice is that Of
Gov. Morton From the high charac-
ter he sustained in the rebellion, his
views are entitled to our careful consid-
Grafton Where duty cslled him he was
always found. Cold, heat or storms,
and even sickness, when he was able to
go, never kept him moment from his
duty. As noble patriot he was ever
ready to sacrifice com fort and ease for the
good of his country; he gave more aid
to the Government than any other man
similarly situated. and to-day he stands
a head and shoulder above any other
Governor during the war. He was
| terror to rebels abroad and traitors at
home He has more devoted friends
in the West than any other man, and
whilst.we give full credit to his motives.
we cannot approve bis plan-we think
he reasons from incorrect data: first, he
estimates the coin in the country at
from four to i've hundred mnlions of
dollars; this from the amount in the
Treasury in banks. and the estimated
amount in the hands of individuals,i is two
or three times more than the real amount.
Second, H. greatly over-rates the pro-
duction of our mines. (Some persons
estimate a large amount brought in by
emigrants, but think the amount taken
out by travellers to Europe, and the
money sent to bring emigrants here will
oves-ballance the amount brought in to
the country Third, he says our green
backs are past due, and are not redeem
ed according to contract. The green
backs were issued at the time we had
! neither coin or credit to maintain our
army in putting down the rebellion, and
although made payable on demand, ev-
cry body knew it was not the intention
or expectation of the Government to
pay them on demand; if it was, why the
necessity of making them legal tenders
only in payment of certain debts? When
these bills were taken by the people,
they took them with the full under
standing that they would not be redeem.
in coin until it suited the convenience
and ability of the Government to do so,
whether that shall! be in one, five or
twenty years. The people have no
cause TO complain Of bad faith Of the
Government, and the mass of people are
not complaining, it is only the politi-
clans, office seekers, stock gamblers, anti
other cormorants that live off of the la
Dor of the farmer and mechanic, who are
complaining. Fourth, Gov. Morton's
next complaint is that our bonds are be-
low par When these bonds were issued
and sold, the Govern N ent agreed to pay
interest semi annually and the principal
atcertain periods hereafter. If Govern
ment pays the interest and principal as it
becomes due, she has fulfilled her con
tract and there is no cause for complaint.
If the bond holders depreciate them in
their own hands it is their own fault
The bonds were bought at a discount
and if we can buy them back at like
discount it would be just, and no viola
tion OF faith. The Government is under
no obligation to maintain any fixed val
ue to them; the holders alone can con-
trol their value. The more the govern
ment bonds depreciate, the better for
the country. Fifth, The Governor
proposes to resume specie payment
in two and a half years, and to place the
country in a situation to succeed, he pro
poses TO leave in the treasury and banks
one Or two hundred million dollars on
Il deposit (perhaps all the gold their is in
the country. He says prudent man
who owes debt payable at future day
should lay away money to meet it when
due That kind of financiering may
suit Gov. Morton but it would not suit
me-if owed debt due one or two
years hence and had the money to pay
it / would not hoard it up to pay it
when due. l would deposit it in bank
or invest in government stocks where
could draw interest until my note was
due. No body but misers hoard money.
Ii we hoard all our gold and silver we
stop the greater part of our Importation,
and consequently our income from that
source will be reduced to very small
i sum, and we shall have to depend on
our mines principally for coin to pay
the interest on our bonds. 1t we should
determine to resume specie payments in
two and half years, we should apply
all the surplus gold and currency in the
| Treasury in purchasing our bonds at
til market price. we would stop inter
est on them; and when we do resume,
ii necessary we could resell them for
the same we paid for them, or more, and
would save the interest On them during
the time we held them, and the coun-
try would have the use of the money
paid for them for business. Gov Nor
toms plan sounds pretty in theory, but
it will not stand the test of practice.
The creation of National Bankswas
a miserable blunder; the same amount
IN greenbacks would have sav'd the coun
try from paying eighteen million year
in gold interest, and furnished better
currency but it is now too late to aban-
don the former aud adopt the latter.
The National Banks are now established
and the people have adapted their busi-
ness to them. Complaints are made that