Year: 1867

/ 4 His note Il legal tender Tor al ceDtS.
public ana private, except duties on In
ports and the interes, on the public debt" !"


That's it. The very grecnbacks with
which they paid for these bonds taught
them-pot on their faces, but on their
backs that these same bonds, the public
debt, could be paid in the same kind Of
fodder laughter that wherewith they
fed Uncle Sam, Herewith might they al
forwards be fed themselves. say, then,
there is 10 illegaiity in it; and if there is
no illegality n it, there is no injustice IN
it. But, if we look at it in another lieht.
apart from law, where is the irjustice =
What claim have these men, who bought
the bonds when gold was between two and
three hundred per ccnt.-when it was
worth from. two to three times as much as
parcr-what right have they to say, now
that these bonds which they bought at
forty, or less, per cent. in gold-what Sht
have they to ask for payment of one hun
dred per cent. in gold.


Again, what right have they to say
that, while the government pays tie wound-
ed soldier his pension or his bounty, OF
pays to his widow or mother her pension
or bounty in grecnback currency, the man
who bought bond at thirty or forty cents
on the dollar shall be paid full dollar in
gold?


You see, then, there is no injustice Or IL
legaii'y III paying these bonls, the ten
iolteS excepted, in the legal currency Of
the country And then comes the ques-
tiOn whether or not it is policy to ray
them in that way The first general OIL
SeGyation to be made is that it is net poi-
icy in any country to have two currcncios
if you can avoid it, one of them much
worse currency than the other. Congress
has forced grccnbacks upon the people as
currency, and it can hardly be said to be
good policy to have onc currency for The
people and u better currency for the bond
hoder-rags for the peopc and gold for
the public creditor. That doesn't look
much ike good policy. [App!ausc.l |
say, then, you will look this subject fair
! Iy in the face. you will find it all resolves
into 4 question Of public policy can
this debt be paid in Sreenbacks without
too sudden or too great an initiation OF the
currency, that would unsettle al business
and all values in the country? That is
the problem. 1t would take re too long
to show how that might be done without
producing such imitation as would be de-
structive of the business interests Ct the
country Suffice it to say that those who
ere competent to Judge Of this matter, who
: have investigated it thoroughly. somc
among the best statesmen and enlightened
bankers in the couutry lave come t. the
conclusion that the debt can be paid Of
in greenbacks with ut any such sudden in
fation Of the currency as would injurious
~ unselt'e values or disturb prices. Ii
that can be done, ask, is there a mal
here not Interested in bonds. who wlli say
that re ought to pay gold when we only
promised TO pay larer. or to lay han
died AMI seventy million dollars every
year IN interest, for the lord only know:
how long Il time to come; or that we shoull
not take this otter way, bv which ever
he Oldest man in this audience may liz,
20 see the bonded debt paid of, without re
pudiat.on and without li,honor.


Now, from the first. have always look
ed with great caution upon this subject.
feared the idea OF such sudden imitation
Of currency as would unsettle values ant
disturb business Therefore it was no
until after | had given this subject ny
most patient consideration, and read al
that could gather upon it on both side
Of the question. that | bcclmc convince,
that without any great injury to values, o'
to the business interests Of the country
and with immense benefit to the country
and the people, this debt can be hOnorabl !,
anl justly paid of in this way.