The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-11-09
A NlncuInr (luesllon ior Deba,e


Up ia Hancock county We notice that
one Of the IycOums proposes to open the
fall and winter literary campaign by a
discussion Of tho following question:
RtsolNd, That greenblcks are more
beneficial to the people Of the United
States than untaIed bonds.
We should like to be present and hear
this conundrum discussed. We have
seen the grcenback question stated in a
good many shapes, bu! never before in
such bewllderiug shape as this. Every
time we try to grasp the slippery pOin!
OF the proposition it somehow eludes us.
VIA, does it mean anyhow
Our national debt is separated into two
classes Of debt, funded and unfurded.
Gfeenbncks represent the pniunded and
bonds the funded debt. live had no debt
We could have no greenbacks, no more
than We could have bonds. The former
is a promise to pay on demand, and the
latter to pay sometime in the future. II
during the war We had not issued bonds
We should have been obliged to issue
greenblcks in their stead. AT the close
Of the war We owed ION the 3lst OF Au.
gust, 1861 the enormous sum Of S2,757,-
6s9,57l. OF this enormous debt only
s7lo,4S3,692 was in currency, viz: $751;
l6O,569 in greenbacks, $685., ,23O in .
per cent notes, S2l7, ,094 lGO in compound
interest notes, and s26, 6,S44,742 in frac.
tiOual currency.
The Hancock county question means,
il tsuch aridiculous question means any
thing, that rather than that the differ.
sncs between the sum total Of our i'm.
msnse debt and the portion of it repre-.
sented by currency, should have been
funded into "untsxed bonds" it would
have been better that we should have put
nearly three billions OF greenbacks aaoat
IN the country. This ia exactly what the
tOol idea expressed in the resolution
amounts to.
There is no way OF Issuing any bonds
save "uutaIed bonds" No faxed bonds
we're ever issuOd by the government.
The bonds Of the war Of 1872, Of the
Florida war, and Of the Mexican war
were oil "untu1cd bonds." No State can
tax a goverumen! bond no. ever could.
What the proposition for debate then
amounts to is tina. it would be better not
to Issue any bonds, but rather to have all
our debt Slou. in the country in the
shape Of greenb.cks.
What brilliant financial scheme this
would have bosn during The war
Three billions OF money loose in the land
Think OF thail What brilliant scheme
ItwOrl4 be to day Two billions OF money
a'ating knee deep over the country
TnIns also Of that! Even Laidley, Of Ka.
nlwhA; yes, even Albert Wells, of Wheel.
log, would be appalled, at such an idea.
Tie country would not have sur.
ViVed the oue.fith Of such an issue
Of paper money during the war.
The ouly thing in the world
thatssved it was the patriotic willingness
oil the people to fund currency with
FApidity into bonds. Even as i! was, the
currency almost lost its purchasing pow
srwhen gold went to 2s5. At least one.
half Of our debt is attributable to the
Issue ofpaper money beyond the limit Of
canverIibili,y, Could We have kept
within that limit we should have come
ou! Of the war with about billion and a |
bali OF debt instead Of twice that amount.
olspresent debt Is the penalty we paid
tO' no. laying taxes early aud deep, and.
like France, keeping within close range
ot the specie line.
The Hancock county discussion will be
useful If it serves to turn the attention Of
those who may hear it to the wild obsur.
dity OtIhe greenback maduen who would
like to tone up the shattered financial
nerves OF this country With fresh do.c
Of oElrFedeemable paper stlmulaut. They
would do this for the sake OF a few months
OtshSm prosperity, and thOn have US all
seeing snakes worse than ever immedi.
A,aIv ,Lo..,S,.