The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1878-10-24

: Tie bonds are to be redeemed OF POI.
million ifionly the National currenc'
i to be called in. WE'LL, we will SCI
], about that when we reach it. Fo
before we consider that question i
occurs to us that none Of these bonds
are due; nor can any of these be pai6
except about $11,0O0,O0O OF 5-20's, ant
about 81 900, 200 OF 1O-40s. Ut the res
/ Sl82, 600, 900 are not due till 1881,
i 100000 /" " 1894,
100000 "saa 1891,
3O,OO0,OO0 1917.
* sorry figure we would cut trying
/ TO force creditor to take his money
before it was due. Unless, indeed, We
are going to repudiate our contracts
and override the law, here is reason
which makes the Greenbackers' scheme
impossible. Yrl9la 9HfEaHsw
But Of these $3i9,OoO,000 only
S5,5OO,OOO (being Pacific r. r. bonds)
are payable in currency. All the rest
are payable in coin. BY the terms OF
. the laws under which they were issued
1926, 100000 were made payable only
il coin OF the rest 1897, 100000 were
issued inlSGl before the Legal Tender
ACT, when coin was the only money,
ana $511, 100000 under the oct of March
3, 1865, which does not specify the
Kind Of money in which they are to be
paid. And 10y the Act Of March i8
1860, these also and all except the r
Il. bonds, are expressly made payable
IN c0ID.JHCE .Ht Tfrf &} t#t. rc.4 s., ~
III. But further the Supreme Court OF
1.-THE United States has held time and
time again THAT q dollar is a coin dol
lar, and thatgWhen the U. S. agreed tc
pay a dollar, it meant coin dollar
and could not discharge it's liability
with . promise to pay. And g
man does not have to possess much
common sense to appreciate this rul
ing. But don't take my word for 1t
In the case Of
Bank Us. Supervisors 7 Wall. 26 (3O.
the Supreme Court, speaking of green
backs, Says, these notes are not money
they are obligations OF the United
States. Their name imports obliga
''tiolls. Every one them expresses
con its face an obligation to pay the
clearer q certain sum. The dollar
mote is an engagement to pay a dollar
''and the dollar intended is the coi1aeC
'dolzar Of the United States; certain
''quantity in weight and tineness Of
'gold and silver" Now notice: The
Strengthening Act was passed il
March, 1859. This case was decided
i'll December, 1868. The Court declared
the law and Congress simply followed
1t did not make these bonds payable
in coin," but merely declared what the
law was before. In other words, il
Was not a substantive enactment, bu
was declardtory only of the intention
OF the Congress which passed the laws
referred to. Repeal the Strengthening
Act and the law remains as it was be
fore; you change nothing.
Now, this expressed desire of the
Greenbackers is simply that the gov
: eminent break faith with its creditors
Can any honest man wish that the Ma
tional government, in whose credi
and integrity We naturally pride our
:: se4yeS, should repudiate It's obligations
Yet it would be nothing less. Il
would, in fact. be the boldest kind Of
reputation to attempt to pay with
empty promises that which it has
agreed to pay in money. But it would
be idle to attempt it; for in America
individuals have rights as we'll as gov
ernments, and we have courts whicl
will protest them even as agains
Congress itself. Congress is not ON
: nipotent, and the Constitution express
ly prohibits it from taking private
property for public use without com
pensation. But even if it were possible
it would be vicious in the extreme. IL
) fact, words cannot be found to expires.
J the baseness and contemplate rascalit,
; OF a government which would borrow
the peoples money, when money mean
life, and then refuse to repay it; O.
what is the same thing, attempt to pa,
an obligation, bearing interest, and du
at a specified time, with a promise tx
pay bearing no interest and never due
But [ trust and believe that this cal
never happen. Thank God! Ameri
: can citizens are yet too honest and to,
noble to listen to a demagogue wh'
, would advise it.
But, say the Greenbackers, if you
cannot redeem these identical bonds
buy up an equal amount in the market
: But, as Mr.. Blaine we'll says, you coul(
buy none at par except the per cents
All others are at a premium of from
per cent. on the AVS upward. If yol
bought up $322,O00,OoO of the As yol
would save interest $13,OO0,OOO, But
as we have seen, the greenbacks can
not be taxed; consequently you woul,
lose IN revenue $17,OOO,OOO and tn
, saving to the country by these philan
: trophists would be minus $4,000, 00(
A pretty scheme truly, worthy it's in
Ventor, well adapted to the end designe,
! which is, not to conduce to the welfar
of the country, but to carry into offic
| a crowd Of corrupt and dishonest Office
l seekers, whose political raiment i
8 more ragged than the mantle of Dioge
[ mes; and whose morality is still NOR
!; battered.
5 But we have not greenbacks enoug
G fOy en- - IL