Year: 1868

when he will. notwithstanding his i'm


mense wealth and his entire ability to
pay, his notes would inevitably depreci-
ate, and could only be sold at large
discount. which would be increased it it
was admitted that there was no legal
remedy by which he could be compelled
to paw them One Of the wealthiest


men in the Northwest, now dead, who


left some Eve millions Of dollars to be


divided among his heirs, had an unfor-


tnnate habit Of refusing to pay his small


debts Instead of paying he would


give his note for them, refuse to pay the


notes at maturity, suffer himself to be


sued, then hire . lawyer to fight the


cases The result was that his paper


was hawked about the streets at sixty or


seventy cents on the dollar, while. per-


haps, that OF his near ueighbor, who


kept small store and Was only worth


Gle, 900, but who was rrompt in the


payment OF his debts, couI01bessold at q


very small discount


In overcoming the depreciation of the


currency we have to overcome the dit


ference in value between the greenback
currency and the like amount of gold,


and not the difference between $500 600,


900 of the bonded debt, and 5000, ,OOO,-


900 in gold Even if the credit Of the


Government was so greatly impaired as


that her bonds were not worth twenty


five cents on the dollar, still it would


not be impossible to make the currency


good and keep it at par. If the Gov


ernment did not owe single bond, the


value OF our currency could not be i'm
proved, except by making arrangements


to redeem it, the existence of the bond


ed debt will not prevent the improve
ment in its value. If we should take
the surplus gold in the treasury and that


which is to accrue and use it in the pur-
chase of bonds in the market to be can
celed as purchased, we should inevita-


bly, further depreciate the value of the
greenbacks. The explanation of this
effect is simple BY taking the gold.
which is the only means by which the
greenbacks can be redeemed, and ap-
plying it to the purchase of bonds. it
puts the redemption of the greenbacks
out of the power of the Government,
and proclaims to the world that it does
not intend TO return to specie payments.


The proposal to improve our currency
by taking our surplus gold and invest
ing it in bonds would be regarded by
capitalists as absurd. The gold thus
paid out would not enter into the circu
lation, but would sink into an article of
to be gambled for, as it
now is, In Wall street What would the
world think of the morality of such an
operations? We have $3.50, 100000 of
the puoiic debt overdue and drawing no
and we take the only means of
paving this debt and apply it to the pur-
chase, at discount, OF our bonds,
which will not be due under fourteen
years What would be said of the in
tegrity of q man who should refuse to
pay his debts which are due, leaving his
money to buy up, at heavy shave, his
debts that will not be due under ten or
fifteen years? Plain people would call
such man rascal and swindler, and
would speak Of the Government in the
same terms under the same circumstan-
ces. The pretence that it was done to
improve the value of the currency would
deceive nobody. Such q plan of re-
turning to specie payments is worthy of
the circumlocusion office, and should be
labelled How not to do il"


The greenback currency is part of
the public debt, for the redemption of
this pledge is not only demanded by
every principle of national honor, but
is imperativeiy demanded by the inter
ests OF the people collectively and indi-
The currency o. country
les at the foundation of its daily bust
less, and vitality affect the interest of
every class and condition Of people;
md If the Government. overlooking its
honor and its duty, should take the only
means by which it can be improved, and
.pply it to the purchase of bonds which
will not be due for many years, it would
merit and receive the Indignation and
of honest men everywhere.


1t is said that if the Government re-
'erves and holds the surplus gold in the
Ii easury, to be applied to the redemp-
ion of the greenb Ok currency at some
utGre time, to be fixed by law, it will
ut1er great loss In the interest on the
,old thus held in reserve In one point
II view this objection is well taken.
But what else can we do? Is it not a
liificuity to be encountered by every
lebtor who collects and holds the money
Vhsrs with to finally pay his debts ? If


man owes one thousand dollars can he
'ay 1T any other way than by collecting
he money for that purpose, and holding
until he gets enough to meet his debt?
The Government owes a debt which can
My be paid in gold, and l. must, il it
Intends to pay it, collect the necessary
mount in gold If the debt was of |
hat nature that the gold could be paid
ut on it as soon as collected, of course /
should be done; but the debt is not of
hat nature. Ii the Government should |
ay out the gold as fast as it is received |
4 the redemption Of the greenback cur |!
ency, it would fail to bring the remain
er of the currency up 10 par, and the |
old thus paid out would not enter into |
ne circulation, but would sink back into
n article of merchandise such as it now
). The redemption of the greenback
urrercy should not begin until the
government is prepared to redeem all
nat may be presented. for this would at
L. |, Il