The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1868-09-08
The Financial QuestiOn.
speech or Senator Fessenden.
The War Debt and its Necessity
What Those Meant who Asked
for the Loan.

In what way did contract that
debt As said before, We borrowed money. We
were Obliged to borrow il, and now are told by
both parties that NO must ply il. Well, that il
my doctrine; We must pay il. Tho great CUES,
ton 10, how is it 10 be done | refer yea to the
Republican platform for the answer to that. 1t il.
to be paid not only according to the letter but
cording to the spirit OF thecontract. The Repub
iican party tells yon that there is TO be no shut
ding, no pettifogging, no creeping into q small
place to get rid of it. You are to meet il like
men, not only according to the letter, but accord
ing to the spirit of the promise you made Now,
then. what is that7 At FIRST We borrowed . small
-um comparatively, In these days hundreds Of
millions are Of very little consequence used to
bring In bills appropriatng i've d si1 hundred
millions of dollars, and it did not seem much be-
cause it was necessary, and the American people
always meet what is necessary. 1t did not look
large to them and they felt that they were able to
meet it. At first we borrowed one Or two hundred
millions large portion of which was in gold.
But very soon the supply Of gold stopped, ard We
found we could not carry on great war on gold
basis. No nation ever did-no nation ever can.
The consequence was, the government was obliged
to suspend specie payment and everybody else
suspended at the same time. Our supply of spe,
clio gave out, and what were we to do Some mode
mnst be provided to carry on the war. The Quas-
ton At that time was not whether there Ras money
enough to carry on tho war, but whether our pso-
use themselves to supply An army. That was the
question, and what they raised must be bought
The people could not afford to give their produce
10 the government The burden must be equal
The materials u war were % be provided also
and paid for There WAS no gold to pay for them
.aassnI gs' aisarp.srsa va !. :p.c.
vent abroad = Of Ithsent into stockings, o..
shereadntv-r The people could not get il, and.
Vas not enough Of it even II they Soa3d
Consequently we must live on credit. Congress-
decided to issue promises, and suppose the looks
Of those paper promises are familiar TO you all
If you will remember eaa OF them reads in this
way :" The government Of the United States
promise to pay ten Apllars" Whist is dollar Z
We hardly know what dollar 10 in these days, We
see the face Of gold or silver so seldom. The
Law says the dollar consists Of many grains Of
gold, or so many grains Of silver. A dollar IL .
unit 1t represents value; everything in our c4un-
try IL calculated from the dollar. Our coinage
goes from ono dollar up u twenty and down 10
half cent. The government promises to pay ten
dollArs-vhat does it mean Does il mean sims
ply thatit has put ont piece Of paper containing
promise which II never means to pay? Why. |
voted for that bill, and if had supposed that was
all It meant, piece Of paper to be succeeded ad
fnfnitam by another paper, hardly think that
would have voted for the bill at all although re-
ported it.
Now We passed . bill in February, 81, by which
we authorised the government to Issue ono hun
dred and fifty millions Of dollars Of promises
"greenbacks,p so-calied-and We deersed ct that
time that those paper promises should b legal
tender; take tho place Of money, and be lawful
money. Now, wish to make clean breast of it.
doubted very much the cxpedency of making
that money lawful tender. | made speech on
that oecasion and gAvs ny fsasoas for it. In my
Judgment At that time, it Wa : matter Of doubtful
propristy, hsoanse v.s not ceavinct ! Of the sb-
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