By the operation of our present system of finance,
however, the metallic currency, when collected, is reserved only for one
class of Government creditors, who, holding its bonds, semiannually
receive their interest in coin from the National Treasury. They are thus
made to occupy an invidious position, which may be used to strengthen
the arguments of those who would bring into disrepute the obligations
of the nation. In the payment of all its debts the plighted faith of
the Government should be inviolably maintained. But while it acts with
fidelity toward the bondholder who loaned his money that the integrity
of the Union might be preserved, it should at the same time observe good
faith with the great masses of the people, who, having rescued the Union
from the perils of rebellion, now bear the burdens of taxation, that the
Government may be able to fulfill its engagements. There is no reason
which will be accepted as satisfactory by the people why those who
defend us on the land and protect us on the sea; the pensioner upon the
gratitude of the nation, bearing the scars and wounds received while
in its service; the public servants in the various Departments of the
Government; the farmer who supplies the soldiers of the Army and the
sailors of the Navy; the artisan who toils in the nation's workshops,
or the mechanics and laborers who build its edifices and construct
its forts and vessels of war, should, in payment of their just and
hard-earned dues, receive depreciated paper, while another class of
their countrymen, no more deserving, are paid in coin of gold and
silver.
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