The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1827-01-18


efficiently declare, that these creditors
shall receive 300 dollars each in full dis
charge Of the $500. SIS =.
The thing is too absurd to be named.
Besides, the resolution had this express
precedent condition in it, "that this con-
sent should, by the commander-in chief,
be signified TO Congress, in two months,
for the Northern, and by the Commander
of it in six for the Southern army. Now,
the commmandcrjn-c never signfed
to Congress any one fact concerning this
consent. Concerning tho Southern army,
no such consent was ever, by any one, sig.
niied to Congress nor concerning the
Northern army, till October 81, 1888, more
than six months after the time had elapsed
for giving such notice. Nor did Congress
then, or ever after, resolve that they would
so pay these officers, nor that the United
States were liable SO to pay them nor that
they would provide funds for paying them;
nor that they would give them security for
this payment ;nor did hey ever give them
such security, or authorize any person
whatever to give il to them. Mr.. John
Pearce, Commissioner oil the Paymaster
General, thought himself authorized to
send, and did send TO each Of them, Ger.
tificate that so much was payable to him,
or bearer but for what Consideration, or
when payable. or in what currency, was
left utterly blank. These certificates were
merely new emission of paper money,
and differed in nothing from the old con-
tinental bills, only, that these last wanted
on the face Of them that glltterng feature
of the first, which indicated that they were
payable in " Spanish milled dollars"
All these things, however, pass over,
without comment; because there are argu-
mcnts, if possible, more conclusive and
lying in u narrower compass.
Let it, sir, be granted, that each of these
oGicors did, ,iUa poce, on the floor OF Con-
arcss, say tothat body, | will receive five
yoars' full pay, in full discharge ofmy half
nav for life, provided the same be paid to
me in gold DR. silver ;or 80 secured to me
that can receive six per cent, interest,
upon il, annually. This proposition IMPLIES
that this pasinent should be made, or this
security given, in some reasonable time
This, however,. give up and If IL can be
proved that the United States ever paid
ibc money or gave such security, | will a.
gree that the contract has been, on their
part performed.
twill not be pretended that the money
was ever paid. Let all questions there
fore, concerning that, be laid out OF the
case.-Was the security ever given lfso
when +? BY whom ? What was il? Was
The commutation certificate of John Pearce
That security? Did that produce to each Of
these officers six per cent, per annum /?
Why, sir, never was a single cent Of inter
est paid on those certificates. 1t was new
cr pretended. Had interest been regular
" paid upon them, would they, as they did,
hnve fallcnin the market almost Immediate
ly to 80, soon to ~, and shortly after to
S74 per cent, below par?
Why, Sir, these much injured men were,
from the pressure Of their affairs, many OF
them, Obliged to sell these certificates for
the most they would bring. II is probable !
that the whole amount of them, the whole !
5.953.OoO dollars never realized to those |
officers more than twenty-five cents on q |
dollar: or that the whole amount which |
they all received, exceeded the sum of j.
IS3.250 dollars thereby making to these |
officers loss of !, I,iG9750 dollars. Was
this Sir. giving in The spirit ofthc contract
Was this giving security
The funding system did them complete
Justice. Hero were they amply remuncr
a,ed. This was demonstrated. as was
vorsnl Ioy spread over the country al the
nJopuSn of this measure. Indeed, sir.
Justice. ike charity, may, sometimes, como
a day too late aud truly sir, unless we do
whatever we may do on this question,
quickly, our Justice will, fear, come too
late: and we shall be clllcd to settle this
account with these men, before another
tribunal whittier, feel, that they and we
arc all rapidly fastening.
What did the funding system do for
these men For these Of them who had
been enabled to live without means to
bold their commutatlon certificates, and
hold their breath for seven years Take
the answer, sir, from the Treasury Depart
ment, sent, at our request, to this House,
ny the President during the last session OF
Congress- as heretofore, the av-
crage value Of those certificates TO be 2l0O
dollars u certificate was, on the first Of
January l19l, issued to the holder for
two thirds, that s, for 1900 On this the
interest, up TO Dec. 3lst, 1925, amounts to
$500 dollars. For one third, or 500 dol
lars. a certificate was issued, without in
terest, for tonyears and the interest for
The remaining time amounts Dec, 81, 1876,
to 1900 dollars. The interest on the orig
inal certificate, from Nov. 4, lIS3, to Jan.
/, 1891, was 1000 dollars eighty cents
and for this certificate was signed, bear
ing interest at 3 per cent: only. This
three per cent. interest amounted, Dec. III,
1925, to ST. ,0s2 81. These sums together,
amount To S5,GtS ~ 10 this amount. {
add the original certificate, $4,000, and
the present value Of the 3 per cent. stock
ss2l Ga and the whole amount received
by each officer, by force of the funding I
l..