State Convention—Finance. 
127 
back again, but the law provided that these little bonds, called 
greenbacks, should be convertible into six per cent, gold interest- 
bearing bonds of the United States, that are worth $1.20 to-day. 
There are eleven and a half years’ interest due on that greenback. 
If the Government of the United States discharged with fidelity 
the obligation, which it assumed when it issued it, it should pay 
the sixty-nine cents interest which has accrued on that note. 
Why? Because eleven and a half years ago went into effect, on 
only sixty days notice, a repeal of the act by which that greenback 
was convertible into six per cent, bonds. Under what circumstan¬ 
ces was that act of repeal? Were there national banks that could 
issue notes to take the place of the greenback? There were no na¬ 
tional banks at that day. The people were commanded to bring 
in the only circulating medium that they had with which to carry 
on the trade of the country in order to avail themselves of that 
privilege of conversion into six per cent, bonds, and then the door 
was shut, and we now purpose to open that door. We purpose to 
make that greenback honest by making it convertible, at the pleas¬ 
ure of the holder, into gold interest-bearing obligations of the 
United States, and that is the size of the rag-baby. [Applause.] 
That is the inter-convertible “ humbug.” 
In a state of war the government offered to pay interest at six 
per cent, upon these little bonds, the crisis is past, circumstances 
are changed. We say now we do not ask the government to pay 
six per cent, interest on that class of debt. Six per cent, interest 
is too high for the government to pay under the present circum¬ 
stances. We say to any holder of these obligations, } T ou may pre¬ 
sent them at either of the sub-treasuries, and receive in return 
another form of obligation, not increasing the national debt, but 
simply when one form of obligation is taken into the sub-treasury, 
it shall be locked up in a box, and kept there; that another form 
of paper obligation, representing the same debt shall be issued, bear¬ 
ing interest at about the rate of three per cent, gold, and as at some 
seasons of the year the public can use more of these non-interest 
bearing obligations than they can at others, whereas it is a conven¬ 
ience to the public to have issued the obligations of the govern- 
ment, instead of those of any individual or any corporation, to al¬ 
low them to come to the government and say, u you are paying me 
three per cent, interest upon the debt, represented by this certifi- 
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