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Accordingly, after declaring they were redeemable, on the night of the 4th of August, they were suppressed on the 11th, without providing any equivalent. The clergy opposed the measure at first, but afterwards had the good sense to consent.
Instead of availing themselves of peace, to discharge the debts contracted during war, they eagerly desired to satisfy every demand on the public treasury, by farther emissions of bills of credit, redeemable at future and distant periods.
Thirteen millions more of the loan of 1814 will become redeemable from and after the expiration of the present month, and nine other millions from and after the close of the ensuing year. They constitute a mass of $31,000,000, all bearing an interest of 6 per cent, more than twenty millions of which will be immediately redeemable, and the rest within little more than a year.
The last portion of the public debt will be redeemable on January 1st, 1835, and, while there is the best reason to believe that the resources of the Government will be continually adequate to such portions of it as may become due in the interval, it is recommended to Congress to seize every opportunity which may present itself to reduce the rate of interest on every part thereof.
Nevertheless since they desired that the money tied up in the old warrants and now not redeemable because of lack of funds should be paid them, the only way this could be done would be to have some broker who knew the subtleties of the stock market handle this new city loan on 'change in such a way that it would be made to seem worth one hundred and to be sold to outsiders at that figure.
At the last session of Congress the condition of the funds was still unpropitious to the measure; but the change so soon afterwards occurred that, had the authority existed to redeem the $9 millions now redeemable by an exchange of stocks or a loan at 5%, it is morally certain that it might have been effected, and with it a yearly saving of $90,000.
'I left it in the temporary care of a relative, Dick; but it is a redeemable mortgage, and don't fret about it. 'Ever the same! 'No, Dick, that means worse and worse! Now, I am in the process of reformation. The natural selection, however, where honesty is in the series, is a slow proceeding, and the organic changes are very complicated.
If it will not, those who go elsewhere will at least be in good company. Our salvation is here and now. It is certain and not contingent. We need not die before we realise it. Ours is a gospel, and the only gospel, for this side of the grave. The promises of theology cannot be made good till after death; ours are all redeemable in this life.
I shall therefore continue to direct that the surplus revenue be applied, so far as it can be judiciously and economically done, to the reduction of the public debt, the amount of which at the commencement of the last fiscal year was $67,340,628; of which there had been paid on the 20th day of November, 1854, the sum of $22,365,172, leaving a balance of outstanding public debt of only $44,975,456, redeemable at different periods within fourteen years.
For currency they had small French coins and strange German coins, and in some places futile-looking, little green-and-white slips, issued by the municipality in denominations of one franc and two francs and five francs, and redeemable in hard specie "three months after the declaration of peace."
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