North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1868-08-12
Senator Morton on the Bond
Question.-.-"Repudiation."

xUcStS00s xNepu0lat4o0s"
One of the ablest and one of the most
looked.up.to Senators of the q. s., is
OLIVER P. MoRroN Of Wayne County,
Indiana. He has been prominently be.
fore the country for many years and was
SO industrious in alleviating the distresses of
the soldiers during the war as to receive
the honored title of "The Soldiers Gov
ernor." We knew him years ago at
indianapolis; we do not hesitate to COM
mend him as an early, consistent abolition
list, and square man. His radical views
we never approved and probably never
will, but he has statesman-like qualities
which enttle him to regard not due the
Sumner and Wilson's of Congress. In
the recent debate on the Funding ques-
in the Senate, Mr.. Morton rebukes his par
ty most strongly for charging "repudia.
ton" upon democrats because they propose
to pay the 5-2O's in legal tender notes.
Flippant Street orators, hired editors and
parties interested in bonds may prate of
"repudiation" but they must begin the re-
formation in their ovn church before they
ventilate their want Of judgment to the
thinking portion Of community. Mr..
Morton is in favor of ''funding" the debt
at lower rate of interest, on longer
time and paying both principal and inter-
est in gold. We do not agree with all his
reasoning; but to amuse that portion OF
our readers who clatter '.repudiation"
with the intelligence of horse fiddle and
in the harmonious accents of chinese
gong, we give extracts from Senator Nor
toms speech.
Mr.. President, l believe that the law
and it is to the law that we must look in
regard to this question after all-is with
the senator from Ohio on this question
When it is asserted that the government is
| bound to redeem the 5-2O's in coin, say
it is not only without the law, but is in
| express violation of at least four statutes
| The law authorizing the lO:4O's declares
| that principal and interest shall be paid in
| coin. The several laws creating the EOS
declare that the interest shall be paid in
| coin, but are silent as to the princi pal of
| the debt, and do not say in what kind of
money the principal shall be paid. This
| silence is weary significant.
But it is said by the senator from Mas
sachusets and the senator from Vermont
that the government is as much bound to
pay the principal of the 5-2O's in coin as
bn
authorizing and creating those bonds, and
that there is no difference between the
| legal obi aation Of the government in
regard to the 5-2O's and in regard to the
| lU:4O's. Let me say to the senator from
Vermont and the senator from Massachu-
setts that if they desire to ascertain the
qualities and capacities of the legal tender
nutes. what debts they will pay, and what
debts they will not pay, they must look to
the laws creating the legal tender notes
and not to the statutes authorizing the
go bonds.
The act of Feb. &c, 1868, by its second
section authorized the issue of $40 bonds,
and by its first section the first issue Of
legal tender notes; and in said first Sec
tion declares such notes herein authorized
shall be received in payment of al taxes,
internal duties, excise, debts and de-
mands of every kind due the United
States, except duties on imports, and all
claims and demands against the United
States of whatsoever, except for interest
upon bonds and notes, which shall be paid
in coin. and shall also be lawful money
and a legal tender in payment of all debts,
public and private, within the United
States, except duties on imports and inter.
est rs aforesaid.
The declaration is that such notes shall
be received in payment ''of all claims and
demands against the UnitedStates of every
kind whatsoever except for interest upon
bonds aud notes, which shall be paid in
coin" More comprehensive language
could not be employed, and you can not
Conceive of any debt against the United
States left out of this phrase save that
which is specially excepted. 1t compre-
hends all claims and demands of whatso-
ever kind. A bond is claim bond is
a demand. The very exception proves
that bonds are comprehended in the
phrase, for il they We're not there was no
necessity OR excepting the interest upon
them. But the statute does not stop here.
1t goes on to say tautologically that such
notes ''shall also be lawful money and Ic-
gal tender in payment Of all debts, public
and private, within the United States,
except duties ON imports and interest as
aforesaid" Every debt which the United
States owes is a public debt; it has no
private debts, and $50 bond is public
debt in the fullest sense of those words
for which the law declares such notes
shall be lawful money and legal tender.
Was ever a statute more comprehensive,
unequivocal or plainly written? If the
effec, Of this language can be varied or
destroyed by argument, then no statute
can be drawn which can withstand the
lawyers ingenuity. But there are three
other statutes to the same effect with the
one have Just considered.
The act of the lth of July following
provided for the issue Of another $780,
600 900 of legal tender notes, and declared
like the former, that they should he le-
gal tender in payment of all claims and
demands of whatsoever kind against the
United States, except interest on notes and
bonds, and further declared that these
notes
shall also be lawful money and Il legal
tender in payment of all debts, public and
private. in the United States; except du.
ties on imports and interest is aforesaid"
There are hut two exceptions stated in
the law, hut it is sought by argument to
establish third, compared with which
tho two stated in the law are mere trifes.
This statute is unconnected with any
provisions for the issue of bonds and
was passed before any bonds were sold.
authorized by the preceding act of Feb
ruary.
Again in January, 1868, congress PASS
snosr su,fGssns on aa ear hs noe
in which it was again declared that they
navment of all claims and demands