t 



THE IMPENDING REVOLUTION. 



debts, public and private, except for duties on imports and 

 interest upon the public debt." 



No one doubted for a moment but that the principal 

 of the public debt could be paid in greenbacks. It was so 

 understood when the bill passed. No exception was made 

 in favor of the principal. As has already been seen, a vig- 

 orous fight was made against paying the interest 'in coin.' 

 With this understanding the people received them in 

 exchange for their products, and their labor, though they 

 were worth but forty to fifty cents 'in coin.' They were 

 representatives of the war debt that was being piled moun- 

 tain high. 



They were paid out directly to the people who labored 

 and to the soldiers and sailors who were fighting for the 

 government. Not a dollar of them was ever paid to the 

 bondholder or the bullion broker. The government had 

 provided that they should have their pay ' in coin. ' The 

 bullionists and brokers bought the greenbacks at a ruinous 

 rate of discount and exchanged them for interest bearing 

 bonds at their face value. These bonds cost them 'in 

 coin' but 40 to 60 cents on the dollar. Equity, justice, 

 humanity and a decent regard for the rights of the people 

 would forbid paying the bonds in money of greater value 

 than that which the bondholder gave for them. But the 

 avarice of this infamous, damnable and traitorous set of 

 thieves knew no bounds, and was only equaled by the 

 audacity with which they set about to carry into effect 

 their hellish schemes. In 1866 they had secured the pas- 

 sage of the Contraction Act. The success of the 

 Democratic party was, in 1868, the only thing that stood 

 in the way of having the bonds payable 'in coin.' It was 

 necessary to secure the defeat of Seymour and Blair. The 

 convention that had nominated them declared in favor of 

 paying the bonds in greenbacks. If a bill passed to pay 

 them 'in coin' Seymour might veto it. August Belrnont 



