The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1869-09-17
A PLAIN, UNVARNISHED TALE.

IN whicn he portrays the effects oil
the PendletoEian Scheme of paying
the debt in greenbacks in characters
so plain that he who runs may read.
We hope our Democratic readers will
study the picture carefully, and seri-
ously ask themselves If they can lon
ger remain party to this dishones,
scheme proposed by their standard
bearer, and upheld by their party,
We give below the extract from
Judge Dickson's letter bearing upon
the question
1t Is well known that the entire
debt of the United States could at
once be funded in London at three
and a half per cent, if there was the
same confidence in our integrity that
there was in our ability to pay
Thus, we are at this time paying two
and half per cent. on our entire
debt as the penalty for the faint upon
our integrity. This very condition
of things, shameful as it Is to us,
happily indicates a plain, practicable
and honorable remedy for our mo-
mentary troubles. We have only to
remove this taint upon our credit
We have only to satisfy the world
that we are as honest as we are able,
and at once we are relieved from
nearly one-half the pressure of our
debt. Never was there before held
out to a people so great q reward for
.banesty. Never before WAS the max
inn, "honesty is the best policy.' so
clearly made manifest.
Now, who attaches this taint to
our credit? Who thereby imposes
this burden of two and half per
cent. upon us? The Dem ocratic
party; and chief among its sinners
in this respect is George II. Pendle-
ton.
Well do l remember, when abroad
last year, the rude shock it gave
our credit when the telegraph an
nounced that Mr.. Pendleton proposed
to pay the bonds by the issue OF new
greenbacks. Seldom has it fallen to
the lot of any man to do SO much
harm to his country by a single
speech. Its baneful influence was,
however, neutralized by the an
nouncement that Mr.. Seymour repu
dated Mr.. Pendleton's proposition.
While Cory is proposing repudi-
alton, Pendleton payment in green
backs, and the Democratic party is
threatening reputation, we will have
to bear the full pressure of our debt.
The taking and plausible PROPOSE
ton of paying the debt with the ex
isting greenbacks has even affected
some Republicans and requires a
more careful consideration.
In the first place, suppose we were
to agree to do this, Whist relief would
it bring US? Where are we to get
the greenbacks 7 How can the Gov
ernment get them? Clearly only
by taxation. Is it proposed to in
crease our taxes that We may pay
off the principal Of the debt in green
backs ? Is this the remedy for the
pressure of the debt
Ia this the feast of good things to
which Mr.. Pendleton has invited his
followers ? 1t is true that the exist
ing taxes, under the even admins
tra,ion OF Mr.. Boutwell,, furnish a
margin that may be applied TO the
reduction of the bonds. But this is
comparatively small, and before it
would be sufficient to pay off the
debt, the present generation will have
passed away. But to maintain this
the existing taxes would
have 20 remain. And again, l ask,
taxpayer The thief has stolen
goods, the murderer has gratified
malice, but the betrayer of the public
faith has prostituted himself in vaih.
The evil, however, to the public is
not merely of negative character.
Mr.. Pendleton, in lugubrious strains,
that Mr.. Boutwell, is buy
ing up bonds and paying for them
current market rates. The gratifying
fact that with our reduced taxes We
nave margin to apply to the pay
nent of the debt, thus showing our
ability easily to manage it, brings
no gladness to his heart. Now sup
pose Mr.. Boutwell, adopts his policy.
Let the announcement be made by
he Government, tomorrow, that it
will at once take up the first ten mil
ion bonds on the list, paying the face
If them in greenbacks. What would
ollow? II the Government had
Fought these in the market at current
'ates, being at about twenty cents
it would have had to pay |
or them twelve million dollars, So
~ the compulsory purchase, the
would save two million
lollars. But the effect of this pro-
edure upon the entire bonded debt,
Tould be to reduce it to par in green
'acks. For no one would give more
or bond than its face, as the Gov
might, in the next moment,
axe il from him at its face. So that
be effect of this procedure would be
D save the Government, in Its pur-
hase of ten millions of bonded debt,
wo millions of dollars, and cause a
,ss to the bondholders of the twenty
er cent. premium at which bonds
ow stand being total loss on the
xteen hundred millions of five
yenty bonded indebtedness, Of three
undred and twenty millions of dol
rs, or about one-sixth Of their en-
re value, a pretty good deple-
on of the bloated bondholder.
But would he suffer them? Far
ON it. The injustice now for the
.st time perpetrated by the Govern
ent would strike to its foundations
e whole fabric of public credit
be foreign creditor would first seek y
get rid OF the tainted paper. =
It would be hurried home with an :
'er increasing stream, disturbing :,
Ir international exchanges. Our :,
Iporter could no longer pay his "
BITS. Bankruptcy would soon over
Ike him. Meanwhile, tie holder OF =; y
nds would take the alarm and seek o "
get rid Of them. The vast volume ",
at would thus be thrown upon the : :
arket would quickly sink them ), =
low par. -
Loans effected on their hypOtheca = =
IN would be pressed to collection, :"
using forced sales, engendering ~ -
bankruptcy. Soon the 81