lothing. The sixteen hundred millions of greenbacks added to the
amount already issued would give us some twenty-three hundred millions
of paper money, and I suppose the theory of the new doctrine would leave
this mass permanently in circulation, for it would hardly be consistent
to advocate the redemption of the greenbacks in gold after having
repudiated and foresworn our obligation on the bonds.

"But if it be intended to redeem the legal tenders in gold, what will
have been the net gain to the Government in the whole transaction? If
any gentleman will tell me, I shall be glad to learn how it will be
easier to pay sixteen hundred millions in gold in the redemption of
greenbacks, than to pay the same amount in the redemption of Five-twenty
bonds? The policy advocated, it seems to me, has only two
alternatives--the one to ruinously inflate the currency and leave it so,
reckless of results; the other to ruinously inflate the currency at the
outset, only to render redemption in gold far more burdensome in the
end.

"I know it may be claimed, that the means necessary to redeem the
Five-twenties in greenbacks may be realized by a new issue of currency
bonds to be placed on the market. Of results in the future every
gentleman has the right to his own opinion, and all may alike indulge in
speculation. But it does seem to me that the Government would be placed
in awkward attitude when it should enter the market to negotiate the
loan, the avails of which were to be devoted to breaking faith with
those who already held its most sacred obligations! What possible
security would the new class of creditors have, that when their debts
were matured some new form of evasion would be resorted to by which they
in turn would be deprived of their just and honest dues?

"_Falsus in uno, falsus in omnibus_ would supply the ready form of
protest against trusting a Government with a new loan when it had just
ignored its plain obligation on an old one.

"Payment of the Five-twenty bonds in paper currency involves therefore a
limitless issue of greenbacks, with attendant evils of gigantic
magnitude and far-reaching consequence. And the worse evil of the whole
is the delusion which calls this a payment at all. It is no payment in
any proper sense, for it neither gives the creditor what he is entitled
to, nor does it release the debtor from subsequent responsibility. You
may get rid of the Five-twenty by issuing the greenback, but how will
you