Year: 1867

sAI lOE tue hepuDAlCduS 10 ShOuACA hHAS
question; that it is an inseparable ad-
juct of the reconstruction policy, and
that when thoroughly canvassed and
understood, firm stand against green
back redemption or repudiation, will
become an element of strength to the
party. If the vote on repudiation Were
taken to-day, it would be overwhelm
ingly defeated in every loyal State Inn
mediate greenback redemption is. only
another name for the same thing, and
its being sprung year in advance OF
the important election it is intended to
influence, betrays the. bad management
into which the party has fallen, 1t is
fair to take it for granted that the ma
jority of the American people are hon
est, and endowed with reasoning faeul
ties. If such is the case. then the Re
publican leaders need have no fears in
going before the country on an expressed
determination TO stand by the honor and
integrity of the nation. and to fulfill the
letter and spirit of the bonds. The very
same men who now advocate greenback
redemption, prophecied when they were
issued that the time weuld come when
" bushel of greenbacks would not buy
breakfast" and they are now urging
the very measures by which that state of
affairs will be attained. The motive
professed is to relieve the people of an
excessive taxation. The means TO effect
it are to be the redemption of all bonds
extant in non-interest bearing green
backs, and thus to save the interest now
semi-annually paid on bonds. 1t will
be conceded that Salmon p Chase is one
of the most sagacious fnanciers in the
country. He was Secretary of the Treas-
ury when the first bonds were issued


Ifit is possible TO redeem them in green
backs now without injury TO the coun-
try, why was it not best at the first to
issue greenbacks rather than bonds ? 1t
is an established fact that the issue
of a paper currency in excess of
an amount equivalent to the amount of
coin actually necessary as circulating
medium, depreciates its value. This is
plain when it is considered that upon
tue ability to redeem its paper currency
in the coin dollar of the country, depends
the credit in which the paper is held
When Treasury notes were issued to
an amount equal to the coin actually in


and required for, the business of the
countrx- ~ would bov., I,aao -,;n;o,,, -,
have kept on issuing them, as the in
ability of the country to redeem them
on demand, was apparent, and would
have made them worthless. In this
juncture it became necessary to raise
more money The difficulty was met by
the United States issuing interest bear
ing bonds. having several years to run,
and pledging the faith of the nation for
their redemption. This avoided the un-
due expansion of the circulating medium
and induced those having faith in the
ultimate suppression of the rebel
lion to loan their money to the govern
ment. Rebellion could never otherwise
have been conqurcd. The quantity of
greenbacks in circulation is about $780,
O00,0C0. This requires, at premium
of AZ per cent, less than $500, 100000 of
specie as an equivalent, an amount un-
doubtedly in the country. Redeem the
! 50, 200 100000 bonds in greenbacks and
throw it upon the country, with the
! faith OF the nation violated, and it will
become as worthless as Confederate
money. Who would lose by it ? Not
more necessarily rich bond holders than
any other. They could contract debts


beforehand and pay in greenbacks. They
could make the poor man accept the


worthless stuff in compensation for his


labor, Reputation would be inevitable


The poor would be victims with the rich


and a universal bankruptcy would sweeI


over the entire land. A large amount


ofour bonds is held in Europe. Let the
country repudiate her bonds and a for
\ eign war would be forced upon us in a
twelvemonth Two hundred million
dollars of the public debt have already


been paid. The currency is being con
tracted as rapidly as isjudicious no one
feels excessively the weight of the bur


den, and ct the earliest moment speci


fed in the bonds, the government viii


be enabled to redeem them, and a de


cade will see the,country as England did


honorably redeem every obligation mad,


in good faith, without the distress, dis


honor, or ruin, inevitable under the


accomplishment of the mad schemes pro


posed by repudiators