Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1889-10-02
issue Of $50 million in legal

.aouS auS VI ioo Aniiiiou III 1egal State Iistoi
900 millions q per cent. bonds -s-ur, soId
at their market value for coin or treas
urY notes If they could be sold for
treasury notes the notes could be paid
out again and save depreciating their val
lie by over issue. That provided an in.
terchangeability with something of value
II bonds remained of value. That the
bonds might retain value, the same law
required that duties On imports (49 mil
llon) should be paid in coin and the pro-
ceeds pledged first to pay in coin the in
terest on United State bonds. Second to
q sinking fund of one per cent of the en-
tire debt for its ultimate payment.
Of the ~ million Indebtedness at the
end of Buchanan's term 10 was in bonds
December l. 1851, total debt had increas-
ed to 2671 million, viz: 243 million de-
mand notes, 2204 bonds. and POI interest
bearing notes, like bonds except the shor-
ter time they run. (See page A of said
report.) There was besides q vast mass
OF war expense not audited. We know
that during December, January and Feb
ruary Indebtedness had largely increased.
Would breach Of faith in regard to
bonds and demand notes already issued,
increase confidence in the new green
backs7 Had E. G. Spauld1ng. the author
OF the bill, Thaddeus Stevens, Bingham
Shellabarger and Hickman, of the house.
the senate and Chase and Lincoln of the
executive department thought so, there
would have been no reserve Of what gold
we could get from duties. 1t Is incredible
that they were all scoundrels and planned
for gold gamblers to make money, The
gentleman does not discuss the case of a
maritime War. where imports cease and
except would haye no practical conse
quence. The government created the
greenback, but did not continue to own
them after they were paid out for value.
to soldiers, for clothing. for subsistence.
for war material. II it could not then
borrow them, then farmer should not
pay for meal if he eats vegetables. meat
and flour, created by him and sold at the
hotel.
The sole question is, will an unlimited
issue depreciate faster than where you
issue as few as possible. pay them out.
borrow them back on bonds and paw them
out again. Chase thought the latter way
best. and borrowed on bonds all he could
before issuing more greenbacks. You
think the first way would have been best.
and provided their use for paving all
private debts, 210 million of internal
revenue for public lands soldl had been
I<enlaTged by receiving them for - million
import duties. and lessened to extent of
several 100 millions by refusing TO receive
them for bonds. they would have re
mained good as gold. The 14th plank
that the necessary quantity OF circulating
medium shall issue directly to the people
without the intervention of banks, throws
no light on the question We are dis
cusslng the issue OF quantity unneces-
| sary as a circulating medium, but COM
| mensurate to the demands OF great war
If there can be an unlimited issue without
depreciation, why tax in peace even?
# there is a limit. please fix it. and say If
| the depreciation when beyond the limit
| might not be greater tnan the interest ON
bonds borrowing back some of legal
| tender.
You refer to people beginning to read
| and think | am one of them. and your
| fear Of woe to yourself or any one else
| for false doctrine is groundless as we'll as
unmanly. We are determined on free
thought and tree speech. Speak right
out brother! IF your theories are false.
| they may provoke sound discussion from
others. If more bloody minded we should
remember that in France many who en-
forced uniformity Of political thought by
| the guillotine, were head shorter before
the nation reached despotism. First
| Monarchists, then Girondists. then more
anu more fierce Jacobins perished. We
| wish to persuade. to correct opinion, not
| 20 hang for want of it.