126 Wisconsin State Agricultural Society. 
purposes. Every greenback in circulation represents debt incurred 
by the government, tor which that government has received a valu¬ 
able consideration. The holder of the greenback to-day is the finan¬ 
cial successor of the farmer who furnished cavalry horses, or the 
mechanic wdio furnished the harness, or those who furnished other 
munitions used by the nation in the defense of its life. A gentle¬ 
man told me that he went to the Secretary of the United States 
Treasury some years ago, and said, “ Sir, would’nt the government 
be willing to take these greenbacks into the treasury during the 
summer when there is little trade, and commerce, when there is 
little need for currency, and pay some interest upon them; pro¬ 
vided, that when the demands of commerce require them for circu¬ 
lation, that the obligation, bearing interest, wdiich is given in the 
place of them, would be returned, and these obligation will be 
taken out and set in circulation again.” 
“It would only be a part of the time that you would pay interest,” 
said the Secretary of the Treasury, Mr. Boutwell, “ I don’t know 
how w'e could use that money so-as to make it pay us three per 
cent.” Now, if we do not pay our debts, and if our creditor comes 
to us and says, “ I don’t ask you to pay the principal, but wouldn’t 
you pay me a little interest on that debt part of the time?” what 
would you think of me, being your debtor, if I should answer, u I 
don’t know where I could use that note of mine where I could 
make three per cent, out of it.” We must come to the conclusion 
that the gentleman did not know that that greenback was a 
bond; a bond depreciated, and why depreciated? Because repudi¬ 
ated. On that little one dollar bond, which was issued in payment 
of wages, the pittance of some soldier, there are eleven and one- 
half years interest due. Eleven years and a half’s interest due 
upon that note of the government given as an indication that it 
owed for the services of some soldier. It was not a payment. No 
man and no nation can pay a debt with its own promise. That is 
not a payment. It was a promise. It was saying to the soldier 
who received the greenback, that the government was not able to 
pay him then, but gave him a little one dollar bond and the law 
under which that bond was issued provided that if that bond was 
brought to the treasury of the United States, the Secretary of the 
Treasury would not say, if he was requested to pay interest upon 
it, that he did not know where he could use it to make the interest 
