leaves their cash-till comparatively empty, so that when they need money
quick, for there is much competition among this gentry, as in the case
of a big jewel or a princeling, they have no option but to be up and
away, and our securities being pie to them over there they grab a lot,
and then the rush begins.

Nevertheless there must not be the semblance of injustice done to these
foreign investors in our securities when they arrive here to make terms.
We have the right to stop the interest, but the securities themselves we
must redeem. But redeeming them all at once in gold being out of the
question, and as that is the only kind of coin that is now acceptable to
the foreigners, they must either wait until we get enough of gold, or
until they think better of silver, and are willing to take that metal in
part payment, and in the meantime while they are making up their mind,
about it they must accept the best we are able to give them, namely
non-interest bearing bonds.

It is against the grain to bring the unsavory Bond on to the boards
again. But looking at him closely, as he now appears, You will notice
that he is well broken and as we have no better we must use him to bring
in the rest of the untamed band to which he once belonged. Neither
should our visitors complain about this form of payment. If all of our
obligations from abroad were paid in coin, assuming that we had enough,
it would fill Europe with idle money, and as we have always been a good
customer, and always prompt in our payments, they should be reasonable,
and admit that it is no worse to have idle bonds than it is to have idle
money, so long as final payment is assured. Neither should they expect,
par value for what did not, in many cases, cost them fifty cents on the
dollar. We will pay them market value no more. And do not imagine that
these people have been kept waiting very long to find out these terms.