The Albany register. [volume] (Albany, Or.) 1868-18??, 1870-05-21


like the bankrupt trader, they would hare the ma
ton pay down oas-half, and call il square. Todo
that, must raise in cash, about thirteen hum
dred millions, aud to withdraw which immense
/ sum from tho circulating medium of the world,
| and concentrate it in place, would of itself
produce financial crash throughout Europe and
America. The Treasury has generally a out enc
hundred millions available, ana would therefore
have to borrow nearly the whole Of this vast
amount How would you borrow Give your
note--giye toHds bearing interest, because
the Government could not get it in any other way
/ without con6scation. Where would yeu borrow
/ Hero arc your hondholdors in response to your
call; frea the four quarters Of the globe and tue
vrrv ends of the ea:.h-widows and orphans. life
+ insurance, annuity and trust funds OF every de-
! seription answering u your Democratic ADJUST
/ nleat,' and ready to accept your nifty per cent.
I and 90 home and reflect the gratitude of Re-
! publts. Bat you have money, and then sirs
! when You ask for it, in exchange for bonds
or in any other way, you will be told amid the
gibes, gears, contempt aud exccreaton Of all man
kind, that you have repu1iatea your contract, yo,
have dishoaorei your own paper, and if you will
Go that once, yoa wiil again, and you have 70
money, except on a gambling speculation--tcn
cents on the dollar for your new bonds and TO
raise hity per cent. of the present, it would eost
the government ire or 'ea times what we ROW owe
And the same depreciation of the bonds and null
tiPlicnicn of the present would occur if the Gov
ernment offered to replace fifty per cent or auy
other amount less than par, Of TIE present bonds
Win new poaus, or any other form of pretended
payment. Docs any one doubt such result? If
so, let him repudiate fifty per cent of his own
note, aud see how mach credit he will Gain bv IT,
Ihat Is the inevitable result of tho Democratic
adjustment scheme, aud no man dispTore It.
ACTUAL REruDIAT1oS.
Now for the republication part OF it. Tho bonds
OF the United States sold by its fiscal agent
Jay Cooke, who disposed of them to banks, bank
ers, trustees corporators, and private individuals
OF every rank and station, and received for them
u mar in rrlpT
which paid into the Treasury. The tra.lsic-
tions between Mr.. Cooke and the purchasers OF
bonds was straight forward business transae-
ton, just ne is selling North Pacific Rail-
road bonds. in which fair price was paid for the
/ bonds, and no man can now dispute it. Since the
original transaction most of the bonds have
/ changed hands at from 81 to 9S in gold aud +
/ question if one-fourth of them are now held by
original purchasers and the fourth is made up of
] trust funds for charitable and benevolent socie-
ties, and widows and orphans, whom to despoil
/ of their incomes, honestly accrung would be no
less crime than to steal the bread of charity
from the hands of orphan children. To summon
all these boudholders to take fftv per cent
for their bonds, would be actual repudiotioa of
that much Of an honestly contracted debt, and go
amount ot theory can make any hing else of it.
That the Govern ment swindled out of vast
sans of money dariug the war. there can be no
doubt; and that the suppression of the rebellion
cost twice rs much as it ought, may be readily
admitted; but it neither the purchasers or
the holders of these bond who did the swindiing
or increased the cost of the war. The smiudliur
/ was done by parties who always gain by war,
and who received from TIE Treasury the nonay
honestly and pafriotically paid IN bv the people
who took the bonds for their cash, in order to
saye the nation from total destruction while the
increased cost of the if mistake not, resulted
I from the action OF Northern Democrats, who went
around howliu@, ''you can't whip en- thus en-
/ eouraging the rebels to pTolong a bloody ana
hopeless contest. And such IS tie case in all civil
wars They cost more than Of conquest
1t is impossible to reach the swinf.iiug con-
tractors anil punish them for their crimes but it
IS some satisfaction that the law requires secession
symputhizing Democrats to pay their share of Il
debt thsy helped to pile up.
PAYING BOMBS.
1 know it VIII be said that the bonds were pur-
chased with green backs worth only fifty cents on
toe dollar That may be true, and yet it does not
effect either the legal equitable obligation of
the nation to pay the bond as it stands. Tue eur
reney was deprecated by the enemies of the eoun-
Try, not by its friends. Depreciation was n rau-
milton OF the enemy, much rs powder and shot
and what was worse, it was used by the enemies
IN cur midst The purchasers of bon Is had every
incentive to appreciate the currency and hold it
up to gold standard. for just ~recu backs went
down, the government went down, and everything
else calculated to secure the Investment in bouds
The bonds were offered to the rGL!ic-to ever
body-nott TO the few 1t was n fair oEen contract
of sale. The government was beIes guerei by en-
enllsS OF land and sea, at home abroad, and
IN our own councils; and there was great risk in
advancing any money its bonds. Those who
did bny bonds ran the risk and showed their con-
fdenee and patriotism, and aided the government
to put down its en- c1nies. Fay, Grover i Co. Ger
tainiy did not aid in that way. They were of the
party ,:5o declared, you can whip : n, like
the bed rocker of Polk. aided the rebels by de-
ciaring ga ctrd of greenbacks not wprth whoop
IN hell and 1t not their province to dis !
ptte tee bonds sold to the nations friends in open
market, unless they will first go over seuareIy and
range themselves under the banner of Jefferson |
Davis. 1t was by reason of this very money ad- /
yanced by the bondholder, that the rebellion was
crushed peace restored, and the currency and /
ponds brought nearly to the gold sta lard
The bondhUllers thus honestly made money by |;
their risk, but because they made money you can't
tura round on them and rob the4ss
AN ARGUMENT FOR oREGosIAss.
Many years ago this same government passed |
law contracting to give every family six hun
dred and forty acres of land in Oregon If they |
would go there aud settle on it. Many thousands |
of hardy pioneers from the Western States ca,ns |
to Oregon, and closed the contract with the Gov
ernment. They took some risk Of Indians, etc, /
but now they all have fortunes in their lands
and beautiful homes. What think yeu, Oregon
farmers, OF a political party which would now
say, that because we, who came to Oregon at
later day, can only get one fourth as much land
as you dist, and that in the mountains and brush,
therefore We favor ''e4uitdGLe adjustment of
the land estates in Oregon, so that you old Dopa-
ton claimants must surrender to the rest of u.s.
or the public, three-fanrths of your land? There
Is a fairly parallel case in every respect. The
government wanted the country settled and it Of
fered an inducement which involved great risk to
those who accepted it. But like the purchaser of
the bond, reward was coupled with the risk it
was n fair contract, and those who ayailed them
selves of this offer, in both cases. have made
money by their risk and the government can
now no more interfere with the rights of its bond
noiderS than 1t can with the rights of the Oregon
Donation Land holders. There never was a more
infamous proposition to rob men, than is CON
tanned IN THIS equitable aajnstnlcnt'' reputation
scheme. Why, it is worse than the Democrats
say Of the present tariff woolens under which
the Democratic candidate for Governor made all
nls money. nave heard the Democrats in Con-
gress, day after day. denounce the operation of
that tariff, as 'swindling, "steaIng' '.robbery
| hese are the words; and now how would Mr.
2 'Toser fei hhe to have law passed to "eqHifa6ty
tejuss' him out of his profits, honestly made by 1
rIrtue of this tariff in the manufacture of wool at
salem. How does he like his own medicine? I
annot peiiere that the Democratic farmers of Or
gon, who have received their lands and homes
rom the government, and who would scorn to re- I
udiate their own obligations to place them in
UGH talsa md allt.tal L. L