The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1872-10-12

Purchasc of United States Bonds,
In connection with the enormous
reduction of the public debt which
has taken place under President
Grants administration and Score
tary neutrality-suspicious. the
finances, there has been effected a
very large saving of public money,
which deserves moro than a pass
ing notice. The face value Of the
total amount Of bonds purchased
up to the end of June, 1879, was
S265,755,450.- These bonds were
bought in open market at their
currency value, the means Of pu:
chasing them being obtained for
the most part by the sale of gold
out of the Treasury. The bonds
as measured in currency command
ed premium in the market, AMI so
cost tho Government in currency
more than their face value, but the
gold sold by tie Treasury com
manded still higher premium than
that on the bonds; SO that the net
results up to the date above men
toned was an average Of 5 no
per cent. On oil the bonds purchas-
ed, and the total amount saved no
less than Sl5,147, 1903 "a in gold.
This result has been attained
without compromising in any way
tho credit of the Government. The
bords purchased had yet mary
years to run before their payment
could be legally demanded by the
holders Of them, and if they sold
them to the Government at an
earlier date for less than their IA.
value it was purely voluntary
transaction on their part, involving
no breach of contract either in let
ter or in spirit.
1t has been urged by Democrat
ic politicians that as the Govern
ment had the ight to redeem these
bonds at the end of five gears from
their respective dates of issue
(those purchased Icing Five Iwen
ties) they ought to have been call
ed in and redeemed in greenbacks.
Thie, however, would not ia any
proper sense have been a redemp-
ton Of the bonds OF all. It would
merely have been the substitution
Of one form of obligation for an,
other--the issue OF a note called 6
"green5ack," promising to pay
| 800 TO take the place of another
piece Of paper called ..bond,
promising to pay like amount
Besides the issue Of so large al
amount Of currency as would have
been required for the purpos,
would have rendered o further de
probation in the medium of pay
rnent, and this depreciation would
probably have been so graat as t,
make the transaction little bet,e1
than downright rcpudiation, de
stroying the credit of the Govern
ment for all time.
To say nothing of the nationa
dishonor involved in it. such
course would have rendered tn
negotiation of any future loan, in,
possible, except at ruinous sacri
flee, and thus in the end, woul'
have cost the country many time
tho amount saved by the paltry
trick, besides completely derangin
the circulating medium, PRODUCING
. terrible financial crisis, and there
by prostrating the whole trade an,
industry of the country. This
what the Democratic critics of til
Administrator would have don
could they haye had their way, i
We may believe their words. Ye
il is worthy of note that their can
didate Tor the Presidency has heel
an earnest advocate Of the polio
of paying the debt in hard casl
and if elected may put in prsctic
the views he has advocated. Hi
nomination, however. in this re
specs. is but another tribute to til
virtues of the Republican party
and proves that even the Democrat
=: last perceive how completely it
principles and policy commen
Themselves to the good sense an
honest impulses of the masses Q
the American people. It is anott
or striking argument to that peopl
: in support Of what is ccrtain-th
election, by majority OF the
votes, Of Grant and Wilson.
/
For myself, if Mr. Greeley b.
l:eved in woman Surface as el
tirely as l do; if the Cincinnati an
Baltimore Conventions had inco
porated an out-and-out woe a
suffrage plank in their platforms
1 ~. =.