The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-01-09


INTEREST," matter what the lapse of time but IN
this case, the contract has been csmpist with. The
communication certificates have been oonslaht5
very few are remaning-and they have always been
paid with interest cannot, therefore, vote Tor TINS DILL
which will make the government not only pay the com
mutation. according TO the contract, but VIII compel Us
70 give graiuy; and no! only give gIaluy oat VIII
lead us to adopt the principle OF paying interest upon
graiuity for q period Of slxly.eight years
Mr.. WALKER. lhiak il the senator IRON Delaware
will give me his moment. can give hun SOUND
distinction between the pending before ihe SENATE
snd the case which he presumes OF continental money
Before doing so however let notice anoiher point 10
his arg ument He says he cannot consent 70 The pay
men OF these commulaton certificates. for the govern
inert has already onse paid them With interest ,,...
Mr.. BAYAkD No. sir, am msapprehended mere;
did not say that would not consent 10 the payment o.
the comnutation cehcates said that the government!
having paid the commutaon certificates with interest
that ihe Sas was less than bs face Of The paper. and
that difference OF value to allow lnerMtj any more
than it, ten years when your stock was ahdef par
you had issued stock and party had accepted It, and he
Obliged 10 sell in consequence OF war; as IN 1872
for eighty cents or at sixty or seyeniyhve per cent
of s nominal salues that subsequently we would redeem
with interest would moi agfee TO mare up the dher-
snce OF value and interest
MIR. WALKER. That is the statement The senator
would not now make up the loss TO The revolutionary
soldier upon his communication certificate when the com.
mutation certificate has, in point OF fact been paid by the
government with interest Now, sir, look al II mo-
ment, These fought through the revolution, and,
es every one knows who knows their history they were
unable TO live upon the Compensation which was given
to them and most OF them, in the mentioned by
the senator from Massachusetts Mr. DAvIsl the other
day. out of the ruined In fortune though they
anticipated that they would from time TO time, get this
hall pay Tor e aud upon that might struggle along But
their hopes in this regard were soon blasted They could
not have the half pay for life paid annually but
The first thing they knew that local agencies through
out the country were possessed oil commuiaon certh-
cateshat is certificates pledgng them at The treasury
OF the United States five years full pay which they felt
themselves compelled 10 take in lieu Of the half pay for
lie When they saw that they were to be reduced 10
had right to calculate. when they presented the cer
cate TO the treasury that they would be entitled to the
money! but when they presented them they found that
there money there for them and since that
the with all, the certihc ales almost worth
less. ~ s-- .... aass .a#..s. .ass ..... ...."
Now, look the operation OF the principle contended
for by the senator from Delaware If one OF the conmu-
taon certificates. which bore upon its face interest. hap
pened TO be issued to man OF wealth, all he had TO do
was 10 put Al IN his pocket keep until the present day,
and then come forward and they would have to audit
and pay II al the Treasury Department But when that
same commuation certificate issued 10 the SCARED
and penniless soldier, who had nothing le OF
his wagesnohing left OF his hall pay, nothing bat this
worthless ceT,ihcate-he had to sacrifice II for his sub
sstence fer the time beng1 and he lost ALL II is now
contended that his damages resulting from the situation
in which the government placed and left him, shall not
be rand by your country Is that just! You give all the
advantage to the athy for the forty hy years du
ring which he would have sold the ceItncaie at loss
But to the poor man, who obliged to his ceIuh-
cate 10 sustain his existence, turn cody and say that
he receive nolhing That. sir. does not strike the
heart that Is IN my bosom as being either Just or legal
cannot refuse to these men compliance with our
promise In s full letter and spirit UP 10 The last line that
can be marked out as the boundary Of justice
But now 10 advert TO the OF the continental
money II the senator hal looked particularly into it. he
would have found this vast distinction between that
money and the commutaion certificates: Those certif-
issued and paid 10 those men-in what way
If the certificate was Tor 81 900, he bad TO take il for
81 900; but let appeal 10 The older members oil The
Senate aod those who have examined the subject TO bear
testimony 10 what say regard TO the continental
From 10 orders made at what
rate the continental money should be paid ont; and do
not senators remember that the order was finally made
that should be paid at The rate OF hundred Tor
and that vast majority went into circulation at the rate
OF forty for one' What justice would there be IN ma
king up this day the full value o that money with IN
ieIesii Those who took them up specuated upon the
country, and took them up with the promise OF one hun
died. forty, fifty, or seventy or eighty Tor one
They specuaiors The country but the soldier
had TO receive his communication certificate al par. tie
could not get hundred IN the value OF the certificates
for dollar due him by he commutaon. Not at all
He had to take dollar Tor dollar; and when be took
his certificate, and rested upon his country 10 pay him
cash, he found that would not do II, and his certificate
deprecated his hand This, them being the discrim
ination between the two beg that the senator
from Delaware will insist upon the parallel hope
the true distinction between the case OF revolutionary
soldier receiving his Communication certificates, and those
receiving continental money al the rate OF hundred
dollars one, may be taken, and that the Senate will
/ act IN view OF that distinction.
| Mr. BAYARD. | do not the difference between
the OF the continental money and the communication
certificates. stated by the honorable from Wis
consln. IL may have been that the continental notes
issued at different values different times, but
/ length they became utterly worthless; and II would,
therefore, be simply question 10 remuneale TO the
tent OF the difference between their value when issued
and that to which they ultimately came, which moth
ing Therefore. You ought 10 repay the principle whhe
interest in that If you pass this bill do not here
object TO your making grauiIy TO The revolutionary
soldiers in lieu of the depreciation OF the Communication
certificates, but | object to your allowing interest upon
that sraluy, and shall adhere to that objection. II
seems to that II is dangerous prime pile, stated
before There a great deal said about the worn
and Scared soldiers, and all that but rather think out
side the Senate il is pretty well known that about
half OF the sums which received through private bills
go into the hands OF claim agents. and they the
thors OF wothrds OF the claims which come before
/ Mr. SEWARD. have listened with interest 10 this
debate, and think involves very important principles
in regard TO the conduct OF the government | confess
that the OF the learned and honorable senator
IRON Delaware ia very satisfactory and conclusive TO
my mind government is. after all that may be sad
person subject TO the circumstances, and bouad by the
same moral and social obligations, which affect and bind
individuals. There moral obligation upon every in
dlvdnal TO pay his debs-that To pay what be has
contacted to pay and there obligation upon any
one TO pay more. do not know any distinction between
government and individuals in this respect They are
alike subject TO accidents and disasters the result
cuDstances which providenIia and when the gov
ernment pays all that promises TO pay, pays the full
valse OF principle and interest, like an individual il is
discharged from all It's obligations Now, in this case,
the issued TO the officer named in this bill
obligation pay certain bearing interest, That
obligation, instead of presenting himself he assigned
others. and the assignees have presented il at the treas
ury and has been PAID PRINCIPAL and interest in full
What required The bill proceeds on the prn-
cipls that the government is not only bound pay