Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1877-10-03
a Few Financial Eaiiao,a,.

The cry of the greenbacker is that
the bonds were bought at very low
prices and therefore the holders
ought not to be paid much for them.
Well, now, grant it to be true that
government bonds, during the war,
were bought cheaply, did not . man
take his chance as to whether he
would get his pay at all? The rebel
lion was a gigantic one and our ma
tional existence was uncertain and at
home or abroad those taking bonds
ran the risk of ever getting any
thing. 1t was like buying the note
ola man in failing circumstances, one
whose solvency is uncertain; the
buyer takes his risk of losing even
the thirty-five or fifty cents on the
dollar which he pays for it. No man
would say that the maker Of the note
has any legal or moral right to re-
fuse to pay the full face of his note.
Again, now there is only q differ
ence Of three cents on the dollar be.
tween paper and coin and certainly
it is very foolish to increase the diff
ference by preaching quasi repudia-
ton. All this noise now made Of
flooding the country in violation Of
law with greenbacks by taking up in
terest bearing obligations,is just what
is causing the capitalist chary about
using his money.
Capital is proverbially cautious.
1t has a way Of hiding itself in a
storm, and only ventures forth in
clear weather. The threats of o gen.
eral uprising and overturning Of f.
nancial affairs, have only the effect to
make men Of means hug their hoard
ed money all the closer till there is
promise of stability and profitable
Investment Of capital. Labor strikes
and combinations and agitations on
| ly serve to drive capitalists from Ia
Dor employing enterprises.
Further it should be borne in mind
that the bonds have changed hands
largely and that most of them arc
not now in the hands of the original
holders. The bonds are held mostly
by those who paid par value in coin
for them and bought them at premi-
UNI and it is simply silly nonsense
and worse then nonsense, to talk
about paying them off in any other
way than fairly and squarely.
A one dollar greenback Is simply q
note of hand of the United States
promising to pay the bearer a dol.
lar. Now what is q dollar? 1t is q
gold or silver coin of the United
States of the value of 100 cents. That
then is what the greenback dollar
note promises to pay the bearer q
some time. The greenbackers pro
pose to repudiate the promise to pa!
coin and take up The present issue o
promisory notes by giving the bearer
new notes that don't promise to pa,
anything at any time to anybody. :
And yet those who propose whole
sale governmental dishonesty woul'
be angry if any one should call then
dishonest. OF course they don't meal
it, but the upshot of their talk is poin
: blank reputation of a promise t
pay.
| Again, SO much is said about want
ing more money, let us say:
, It will be time enough to heed tn
demand for more currency when mel
can find profitable employment 70
5 what they have on hand. Their
have been millions lying idle, ant
it is idiocy to suppose that million
moro added to the bulk would set thu
whole mass in motion. Money il
, made to move upon business princi
, pies, and not by act of Congress-
r Those who have money in hand viii
} use it, and thus set the wheels of en-
I terprise in motion, when they cal
see the way clear TO make safe anC
profitable investment Of their capital
and not till then.