North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1869-09-15

y
to prescribe for the case of the adopted
without the aid of Place and Friday.
Yours, sympathizingly,
j Ii. o.
"Etcrnal Vigilance Is tho Price of Lib
erty.
1t is fact that is generally lost sight O
in the discussion of the bond and green
back question, and their relation to eacl
other, that the same law that provided iol
the issue of the $50 bonds, provided fol
the issue Of what is known MS the lega
tender greenbacks, and provided that they
should be illegal tender for all debts pub
lie and private, except duties on import:
and interest on the public debts" The
act also provides that they are convertible
at the pleasure of the holder, into 5 &c
| bonds. That is it makes each equivalent
to the other, but that the bonds could moi
be converted into legal tender notes, cx
cept at the pleasure of the government
until twenty years from their issue, there.
by giving the legal tender notes prefer
ence. While this law was carried out in
both the spirit and letter, greenbacks
! would always be worth a slight premium
over the bonds, for the simple reason that
when it was for the interest of the holder
to convert them int bonds he could do so,
while he had not the option to convert the
bonds into greenbacks if he desired to do
SO. 1t never was contemplated by any
living man, unless he was an idiot that
the government was to pay gold on these
bonds. until it had redeemed its obliga-
tions by paying off the greenbacks. The
obligation OF the government to the hold
ers OF these greenbacks was Just as sacred,
that they should be allowed at any time
before they were redeemed in gold to con-
vert them into $50 bonds, as it was that
they should pay the bonds in grecnbacks
when they became due, to say nothing of
their payment in gold and it was just as
much reputation by the government,
when it took away from the holders of the
greenbacks the right to convert them into
bonds, as it would be to flood the country
With new issues of greenbacks until their
gold value was reduced to 80, or even %
cents on the dollar in gold, and with them
redeem and pay off the $50 bonds that
had run the five years. The only differ
ence is, the greenbacks are held by the
masses of the people, and the government
seems to have no scruplcs in repudiating
an obligation where the masses of its own
citizens are affected. but when the wealthy
bondholder and lordly millionaire is to be
affected ii, is an awful thing.
That it was contemplated by some that
these bonds were payable in gold or its
equivalent, we don't deny, but that it was
ever so contemplated upon any other
IL A.
that the greenbacks would be equivalent
TO gold in value ut the time the bonds be-
came due, we do most emphatically deny.
The whole theory of the law, and the only
Interpretation that can possibly be tortured
out of it, is that SO long as greenbacks,
80 bonds. and gold exist as a currency
or commodity, greenbacks should stand
between the bonds and gold. and be the
currency with which to pay off and liqui,
date them and while the paid retainers
of these bond-holdins lords are mystify-
ing and beiogging the people into the idea
that it would be a horrible thing to not
pay otf these bonds in gold, and that the
consequences would be awful on the credit
of the country. they never will undertake
TO meet the above proposition suuarely.
They care little what becomes of the
other obligations of the government only
so that theirs are met.
1t is to be deprecated that the governs
ment cant meet all her obligations in gold.
and, In our judgment, no obligations
should ever have been created, payable in
any other currency than gold. but that
basis departed from, the obligations to the
tax payers who bare 1t to- pay, is Just as
strong and sacred than it be adhered to
until the obligations created under it are
paid off, as it would be to the holder of
gold obligation to pay it in gold instead Of
Deprecated currency.
A people who will be lulled to sleep
with such sickly sentimental nonsense of
these lordly Shylocks, abont their right to
demand payment in gold instead of the
paid in bounties to our wounded
soldiers and pensions to their widows and
orphans, ought not to be free: and it is
ust as much impossible for them to be
and remain freemen, as for water to run
up hill.
He must be a stupid observer of events,
md poor student Of history, who can't !
see that we are fast drifting to central
zed moneyed aristocracy, and a military
yet everybody seems to covet |
The inevitable fate that is in store for him
With apparent Indifference and unconcern
It men would only think and act as men,
md not as the tools and dupcs of subtle,
Sire-working politicians, the country /
night yet be saved but, judging from
he pastt it is hoping against hope to sup
pose that such will be the case. When ,
he military power and wealth is all CON-
,ined to crush and enslave the masses, it
s useless to talk abont the spirit of liber>
y that will spring up and burst asunder
he chains Of slavery already rivted upon
is. This is but the twaddle of tyrants
md oppressors to lull the people into re.
pose until their ambitious and selfish ends
ire consumated.
This is no fancy picture or pencil sketch,
'ut stern reality that is beginning to be
called by the thinking men of all par
les.
Virginia is the "Rubicon" that sepa-
'ates Caesar from Rome. This crossed.
Ind we are in the same condition that the
Romans were when Caesar announced to
lis troops that "the die is cast, and all is
Union Union.
-.~.~
ppI.sSJScfS NyNEc.p As tho r;oL lin ,r