The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1869-09-03
WHY THE BONDS SHOUD BE PAID
In GOLD.

The Toledo Blade, in an article on
the above question, gives the follow
ing clear and explicit reasons why
the bonds should be paid in gold:
In reply we would say that gold
and silver is the currency OF the
world. Our currency or bonds, to
be worth anything in the market OF
the world, must be made payable in
gold, or its equivalent. Suppose We
insist on paying the bonds in green
backs, in what do We propose to re-
deem the greenbacks IS? To say we
will pay in q currency the world does
not recognize is almost equivalent to
lsaying we do not mean to pay at all
When, however, our means are such
as to enable us to redeem our green
backs in gold on demand, there will
bo no longer any occasion for dispute
about whether we pay in metal or in
paper. As greenbacks approximate
gold the interest in that question dies
out. Indeed the question our friend
proposes is not one of the import.
ance it was one year ago, owing to
the improved credit of our currency.
The nation made bargain with its
creditors-one of its own framing
and by that bargain it should strictly
aud msnfully abide. To say that the
evidences of our debt have passed
into the hands of rich men, or even
oil foreigners, does not affect the obli-
cation to pay our debts. Our friend
says the bargain gives rich men a
great advantage. Creditors of neces-
sity have large advantage and the
larger Q debt is and the longer it
stands, the more certain it is to pass
into the hands of the wealthies. cl ass
es; the wealthy always have the ad-
vantage over the poor, but it is bad
morality to teach that therefore the
poor should repudiate their debts to
the rich.
1t is not desirable for nations to be
in debt any more than individuals
and there are doubtless, many evils
growing out of our war debt, from
which we should seek to be speedily
delivered. But let us seek no relie
which is not rigidly, squarely honest
The expressions arising from taxa
ton to which our friend alludes in
his letter, constitute an argument fol
paying off the debt as fast as W.
! possibly can. To get clear of any
! part Of our debt IN a way which fall
to satisfy the fair expectations of Oul
ereditors, would give us bad fame
which would be q repr0ach and |
weakness in years to come. We ar
/ lifting the debt by degrees-ou
credit is improving every day, unde
the honest policy and purposes evino
ed by the Republican party. Gu
2 paper will soon be redeemable il
gold and the difficulty our frienc
, perceives will no longer exist.
But our debt is not held altogethe
!, by the rich. Thousands OF widow
; and orphans derive annuit;es fron
these bonds, and on their value il
the market their living may be sail
to depend. The debt was one at frs
held by the common people. o
,, course as time goes forward thes
|, obligations pass into the hands o
able parties who hold them. 1t wa
!, and is well for the country that on
bonds are sufficiently safe and valua
BILE to be preferred by the sagaciou
l money-dealer. If they were dea
stock in the hands OF the origina
> takers, how much worse would W
: be off than now?
The Democratic semi-repudiatio
plan Of paying the debt in green
3 backs is simply substituting on
debt for another, for the greenback