Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1874-08-13

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PAYMENT or THE FIvE-TWESTIEs.
L The first resolution Of the Demo-
cfntfc platform declares for the pay
ment Of the five-twenty bonds In
greenbacks. Il was contended with
great force that the government had
the right to use the 9reenbacks in ex-
irtence when the dve-twenty bonds
were sold In their payment. But In
1857 Mr.. Pendleton advanced the
proposition that years alt0r the bonds
had been sold Congress had the right
% make further issne Of greenbacks
beyond the 500, ,O00,O 600 authorized,
and to make them 4 legal tender IN
payment Of the pro.existiur bonds.
This proposition Of Mr. Pendieton had
lhe support OF Mr.. Hendricks and
many other leading Democrats. Ana
resulted In q violent disoussion on the
whole ouostion. In 1a60. coon after
the inau0uration Of President Grant
Congress- passed an act deelaratorv ii
tho law. and intended - Be- 4 finai
settlement. Of tho whole ouestion. /
accented Il a I final aAttiement. and
believe It must Be 90 nov recaived.
Since that time these bonds have heen
bourht and soid upon The exnreae
declarafi0n Of The 9ovArnnenf th.f
they should be maid In coin. ana tha
vovern mont n aafonned frnm nov 49,
sertin9 the right "a nav them n anv
other wav fhe DAM ncrstic nlatfnrm
thereforc. involves Z donSle renndis.
Nor: First 10 nronosinv IA maze 4
man urean hsck vfsh vhSch tn nav sha .
ave.tyenties smd sacnndlv ~ nrc. @
r,os;n0 to rene.I shc nledre o;vep n
i96g nnon the f.ish 81 Shich thcse
bonds have been bought and aold for
more than five years. It is safe to
predict that the settlement Ct this
question by the act Of 1862 will not
be reopened; that the nsti0nal bank
system will not be destroyed, and that
the whole amount OF greenbacke In
circulation will never exceed $5U4OOO,-
W. the amount now IN use. The
problem remaining 70 % solved Y TO
redeem these greenbacks In coin, and
: his viii 20 done at tho "earliest prac-
iicacie day.. But NOT the present.
y will be after the effects Of the panic
nave passed away, goou umee nave
been restored. and the balance OF trade
has ceased to run against us. The
specie payment cry ought, therefore,
~ cease 70 vex tho pub ic ear, and
allow iull commence 20 return 10 Dusi-
ness: The mora! elects OF the cnrren.
cy Dill are visible every where, ana
WNh nne prospects ~ oonnusnI nsr
vests, strong hopes aIe cnterta,ne0 oi
= great revival ~ business ana pros
perry 10 tne Eau, ana tnat .ne WORK
~, =. pulIalng Iai'.oaus. anu o.ner PUG.
lac improvements; anu sne eNtenslon o1
manu1sc'uries anu trsac, wh nave :
v.go,ous anu yelsucn. renewM'
% WnIie .no au11.ions Dank currency
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us;. .Ss; "a - .har ~ - Semsr a. III, uI'AS, ~,
$780, .p~nar,.'a 1-' e.. S S.aa, ~ bsnL;nr ga ~
1onuwsu ~. O "n.,. s -nu 'no -
.Slys. ~ $500 - Dn; o ~ ssSs =.
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"a M .rS IA Hoc,ns M @ ting - = S mnsar evsrs
~ Sna. ~ Snnss = y; .ood $685., c,,..sr.. ss
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NATIONAL BANKS. Is
Tho Democratic platform demands
the repeal of the national bank system,
and, while the resolution does not say
% In terms, Il means . return 70 the
old system Of State banks. What that
may be I need not remind my older
hearers. The national banks a6ord Z
currency that 10 perfectly occurred, IN
which everybody has entire confldence
thatis OF equal value in all parts oi
the Union, that is not easily counter.