The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1868-02-13
SPEECH
-OF-
HON. JOHN T. WILSON,
OF OHIO,
Delivered in the House of Repre-.
SentatiVeS, Jan. %, 1868.

Mr.. WILSON, of Ohio. Mr.. Chairman. It f.. I
believe, admitted that among all the great qucs.
tions which agitate the public mind none occupy
80 large place In the hearts and minds Of the
people as the question Of finance, so that II NAV
| well be said this question is paramount to all
others and in my judgment there is no one thing
the country 50 much needs and desires at the
| present time as a comprehensive, practical, and
Just financial policy, policy worthy in all its
parts of the respect and attachment Of Just and
magnanimous people From the Atlantic 10 the
Pacific, far aud wide, the people are anxiously
| looking and waiting 10 sec what the present ses-
sion OF Congress will do in this regard and il is
encouraging to know that very many Of the best
financial minds, possessed Of the very best finan-
clal skill and ability Of this or any other
country, are just now engaged on this intricate,
abstruse, and momentOus question, and have
no doubt will succeed In solving the problem as to
how upon what plan, and under what system can
we best succeed IN gradually diminishing, ana f.
naly and during the life of the present genera
| ton, in lquidatDg in full at least the interest
! bearing portion Of our Indebtedness. thereby
| preserving and maintaining our hitherto unfair
nshed integrity and honor, encouraging and
stimulating at the same time the Industry and
enterprise of our people by reiraining from such
legislation as will tend to burden and cripple in
| dustry by undue taxation. There are doubtless
many gentlemen here who, in the present financial
exigency, have settled and fixed views adequate
20 the occasion, with which they will in due time
! favor the House and the country.
As to the success of any financial scheme which
may be devised will depend very much upon
when, how, and i'll what kind Of money our
national securities are TO be paid, it would seem
eminently proper that the Judgment of Congress
by declaratorv joint resolution on this subject
should be expressed. Until this is done there will
be two opinions extant, one fayoring payment 10
gold, the other in lawful money. We have had
able arguments on this floor, both pro and con-
but no definite settlement Of the question. Why
should we leave this an open question why keep
| the people in suspense; why not declare 10 the
country and the world by pOsitiVe declaration in
what kind Of money the debt is to be paid Of
course there are no doubts as to the kind OfmOney
the ten-tOrtes the pension fund. and the gold
certificates are to be paid in but there are serious
doubts in regard TO other classes of securities
indeed there seem to be grave and well-fOunded
objections to paying them in any other than
lawful money.
True, itmay be asked why am SO anxious for
a settlement Of this question now, when we have
neither the gold nor the greVnbacks to pay the
debt. My answer Is, it would satisfy the demands
Of the country produce uniformity of action, and
tend to harmonize conflicting sentiments and,
moreover, it is my intention before get through
to submit plan for the gradual reduction and
hnal payment Of all the interest-bearing debt in
about nineteen years, without retarding the in
dustry and enterprise Of the people. Of course
do not claim that this will be superior or even
equal to other plans which may be submitted, but
l do claim that it will accomplish all | propose.
FIvE-TwENTY BONDS.
Certain gentleman on this aoor have argued
very fairly and successfully to prove that the
principal of the flve-twenty bonds under the act
of February %, 1862, is PAYABLE In grcenbacks,
but almost in the next breath have argued that
the six per cent. 1881 bonds are payable both
principal and interest, in coin, simply from the
fact, as they have alleged, that these bonds were
issued in 1861, when coin was the only lawful
money known in the land.
This position setms strangely at variance with
the express declaration of the law, which in rea-
tion to greenbacks says:
They shall be legal tender in payment Of all
debts, public and private, within the United
States, except duties on imports and interest on
the public debt"
If this be a correct theory then why was ii that
prOmissOry notes, bonds, and contracts Of every
description made and dated in the same year Of
1861, and not maturing until after the date Of
the legal-tender act, were invariably and univer-
sally held TO be payable in legal-tender notes; =;
even obligations given in exchange for gold and
subject 10 the same rule and now to undertake
to change 1t in favor of the bOndhOlder would be
a most unjust aud unfair, not to say inVldious,
discrimination.
While we remain in the condition of suspended
specie payment, the only legal and equitable view
Of the question seems to be that taken by those
who favor paving oil our debts in precise aecor-
dance with law and contract; when we have
stipulated to pay in gold so let the payment be
-l,,, Ia lfla Lat I'm lam
govern. The opposite view, in my Judgment,
stands not only in opposition TO law and usage,
but also in violation Of the rights Of the taxPay
ers of the country.
In consequence of the straitened and embar-
rassed condition of our national finances, brought
about by a rebellion Of gigantic proportions, of
severity and power unparalleled In history, the
law-making power Of the Government was COM
PEELED to authorize the suspension Of specie pay
ment, which was effected by the passage on the
25th of February, 1862 of the act commonly
known as 'ths legal-tender act' by which the
Government issues of paper money were made "a
legal tender for all debts, public and private,
within the United States, except duty on imports
and interest on the public debt In the pro-
visions of this law, superinduced by necessity,
there was q very general and willing acquiescence.
The result was we were compelled to inaugurate
the system of measuring values by the standard
quence was that everything, and especially such
articles of consumption as enter most largely and
more Immediately into the support of individuals
and families, went up to fabulous prices. Specie
was not and still is not known except as an arti-
Gle of commerce. The day-laborer the mechanic,
and the farmer received and gave proportional
prices.
The soldier in the field and the clerk in the
Office were compelled to receive their monthly
pay in o greatly deprecated currency. The mer-
chant and the banker, in like manner, were COM
PEELED to take in discharge of their bills receiya-
BILE, contracted on specie is, q deprecated
paper currency. The man who in 1860 or 1861
sold his farm at its gold value, taking notes
therefor payable In one, two and three wears with
interest, (Which is very common practice in some
localities. had the pleasure-if you will allow me
the ironical eXpression-of receiving in full for,
his farm greenbacks at par, for which he could
realize no more than fifty cents to the dollar
so of the man who loaned his money and so with
every man who sold or loaned on time. These
were but the material effects and consequences Of
war, against VIII iCh enter no complaint, know
ing that all nations are subject, sooner or later,
TO like calamities.
But. sir what do complain of is the unjust
discrimination sought TO be made between our
citizens by those who advocate the doctrine of
paying the fve-twcnties, principal and interest,
In gold. Adopt this policy and you VIII justify
the silly clap-trap which has been going the
rounds to the effect that the tendency of the
policy of the dominant party in Congress is to
make the rich richer and the poor poorer.
know there is sucha principle as honor, and that
the American people and Government always
have and doubt not always viii be, actuated
and controlled by 1t.
know, also, that there is such thing as false,
or, it may be interested notions as to what honor
is, but If any gentlemans notions lead him to
believe nation TO be honorable must first pay
its debts according TO law and contract and then
add on thirty to forty per cent. over and above
the stipulations, then with him take issue. My
own State under the law of 1862 has been paving