The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1869-09-10
Republican County Ticket.
WHAT'S to be Done with the Bonds?

are alleging that Secretary Boutwell,
is buying up and cancelling $40
bonds, and paying fOr them in gold.
We admit it. He is using the sur
plus gold, coming into the treasury
by surplus we mean so much as is not
necessary to satisfy the interest on
the Public Debt, and pay the current
expenses of the Government-in pay
ing off the Bonded Debt of the ma
ton.
In so doing, perhaps, as is claimed,
he is paying about twenty per cent
more for each bond than it would be
necessary to pay should he first sell
his gold for greenbacks and with them
take up and pay off the bonds-pro-
vided, always, if ne could get the
bond dollar for dollar for greenbacks.
BE could not do that. The "bond-
holder" in view Of the market price
of the bonds and the greenbacks,
would not let him have a thousand
dollar bond for a thousand dollars in
greenbacks. He cannot get the thou
sand-dollar bond for less than twelve
hundred dollars in greenbacks.
The Democratic idea is that the
"bOnd-hOldcr' shall be compelled to
take one thousand dollars in green
backs for one thousand dollars in
bonds. This, of course, can be done
only by the q. s. Government COM
pelling the holder of the bond to take
greenbacks at or near par, or by stop
ping the interest on the bond until
he is willing to comply with such
terms-taking deprecated greenbacks
for appreciated bonds.
The Republican Congress nos
think this idea of Pendleton and his
Democracy good morals, common
honesty, or true craftsmanship. It
regarded it immoral for the Govern
ment to compel, by force, any credi-
tor to take in payment of a debt
against the Government anything not
covered by the contract. For the
same reason it did not regard the prop
osition honest-did not regard it as
wise and statesmanlike.
Hence, Congress has provided that
the public debt shall be paid in coin,
and Secretary Boutwell,, in accordance
Herewith, has been making payment
in coin of such bonds as he has taken
up. During the six months of his
administration he has paid of about
S50,000,0 900 of the debt. According
to the Democratic claim he has paid
unnecessarily $4,000, 900. If this
we're true-as it is not-let us look a
little further, and see whether his
course is not wise one.
We have large debt bearing in
terest, payable in coin, at greater
rate per cent. than this nation, or any
other of its standing or wealth, ought
to pay.
When the debt was incurred and
the bonds issued such was the doubt
of the maintenance of the Union, and
such the nations credit--and that too,
in great part, by reason of the
open, hearty sympathy of Mr.. Pen
dleton and his friends with the rebel
lion-that it was necessary to make
these bonds carry high rate of in
terest. With lower rate of interest
they could not have been negotiated
SO as to bring any thing near par
when issued.
Now that the Union is re-establish-
ed, reconstruction nearly accomplish
ed, and the country enjoying a high
degree of material prosperity, this
high rate of interest should be got rid
Of as soon as possible. That cannot
be done so long as the present bonds
are outstanding, and unpaid. We
cannot take them up without paying
them-to pay them We must have
money. We cannot raise that money
at once from the ordinary sources Of
oar revenue. What then is 1t honest
and our duty to do? We mast make
a new loan.
To the nation it will be Of no ad-
vantage to make a new loan unless it
is d1ne at lower rate of interest.
That lower rate of interest will be
satisfactory to those lending money to
she Government, when it shows such a
credit as will warrant the lenders that
it (the GOvernment) will pay that in
terest, and pay it at the time and in
the manner agreed upon.
1t is manifest that our credit
at present is not sufficient
to get loan at a much lower
rate of interest than we now paw
So long as we are cavilling and re.
solving against paying our present
bonds, both principal and interest
just so long viii our credit be impair
ed.
By Congress deciding to pay tn
debt in coin, and Secretary Boutwel
SO paying, as far as he pays at all, tn
national credit has been considerable
strengthened and improved.
Our bonds, at home and abroad
have advanced greatly in value-tha
advancement has been, in the aggre
gate, many times greater than the tel
millions the Democracy allege Secre
tary Boutwell, has unnecessarily paid
By the continuation of this cours