The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1868-03-10

VooDsFIEID, MONROE coUNT NTY, OHIO. MARCH To- 1868 .

A-A4Usa Nl1AIbl1l lUs lSoS'
q From the Congressional Globe, Feb. s.
SIP EE g Fl O. r
slHON. SAMUEL +. CARY.
!, oFoHIo, m THE
8 HOUSE OF REPRESENTATIVES,
The GraenbacA Issue Discussd-.
The Gold Bond Robbery Plan
Z exposed. 81 !.
THE TAX PAYERS.
q Will the people, the payers. ths
linen Of bone and muscle, and enterprise
who mnst, By their toll, pay this greal
| National debt, consent to very large
lpractical increase of il to relieve the dis.
,iaPpoiatment of bonGhoiders or to make
who were not sushosizea, by " 55 5ls CUE
lstrue the acts of congressl The hum
blest citizen has the same right as the
bondhelder, or even the Secretary of tha
| Treasury, to put his construction on the
Ilaxs of Congress, and he is far better
lsitaated to pass patriotic judgement.
| am sorry that the opinicas generally
entertained ia 1862 about the speedy
Termination of the war and its compare
lively trifing cost proved SO erroneous,
lyet, as representatives of the people, we
must be just before We are generous
Able and distinguished lawyers in both
branches of Congress have elaborated
the law Of principal and agent and the
liability of the principal for the acts Of
his agent, "Facit per aiiunr, fact per Sc, :, !,
Che who acts for another acts for himselD
| JAY COOKE & co.
They come to the conclusion that the
Governments bound by the dicta Of the
Secretary Of the Treasury and Jay Cooke
& Co. AS understand the Law Of prin-.
cipal and agent, the latter can only bind
theformer while acting in the legitimate.
sphere of his authority. With all the.
dangerous power with which Congress
has Invested the Secretarysof the Treas.
| lury,. I deny that he has been clothed with.
Judicial power to pass upon the laws en-,
acted here; and we are no more bound by
his decisions out Of the scope of his au.i
thority than by those of Justice of the
Peace in Walrussia. 1t is very poor
plea, and one that will be overruIed by
the people, that capitalists, who of all.
men are least likely to be imposed sppon,5
were missed by agents and brokers in the
service of the Government, and especial
[iy by one who, by hisdiaerent statements,
proved him to be a mere Peter Funk wer.
king for his own selfish purposes.
BoNpHoLDERs VS.. SOLDIERS.
I had been lead to believe, Mr.. Chair
man, (aad hsve often expressed publicly
| my aeknowledgments) that the capitalists
who came forward in the hour Of extren3
/ ity and took the bonds Of the Govern
ment were influenced BY patriotic mo-
tives; that they were ready to offer their
accumulated treasures upon the altar of
their country with feeling akin to that
which moved the poor widows Of the
land to bring their sons, their jewels, to
ell up the decinated ranks Of the army.
But now we are told that capitalists
would not touch a Government bond un-
til they had assurance Of the Secretary
of the Treasury and Jay Cooke, his
agent, that if they would lend their
greenbacks, then worth ffty cents on the
dollar Gin gold) they should receive
bonds which would pay twelve per cent.
interest on their coin investment, and
twice their then gold value when redeem.
ed. This speaks well for their financial
shrewdness, but dissipates all our pre-
conceived notions Of their patriotism
While our poor soldiers were struggling
and suffering to save the nations life,
that freedom might be established and
extended, these money kings were empt-
ying their purses that they might re-
plenish them two folG. They recognized
the truth Of the Bible maxim, "there is
that giveth and yet increaseth." Let
me hasten to do justice to all those who
disclaim the demand for gold payment of
their bonds, for the credit of poor hu-
man nature be it remembered there. are
bondholders who agree with us as to the
upcightness of the claim. 80
LEGAL TENDERS.
But an honorable gentleman, who
pleads the bondholders' cause with zeal
and great ability maintains that only the
Sl50,O0O,00G of legal tenders can be ap-
piled, in any event, to the redemption of
/ the S5O0.OO0, 600 Of bonds provided for
in the same act; that it would certainly
be bad faith to the holders of these bonds
to require them to receive a greater
amount of treasury notes than was spe-
Gifted in the law, and that the remaining
$3.50, Geo, 600 must be paid in gold.
| The gentleman will admit that those
legal tenders were available for the pay
lment of all other forms of indebtedness,
whether State, municipal or individual, no
matter when incurred or in what made
payable by the terms of the contract. A
State, city. county or railroad bond, cre-
ated ten or twenty years ago, when coin
! was the only legal tender known, can now
be fully paid with grecnbacks. "A prom
iissory note, given before the passage Of
the legal tender act, although made pay
liable in gold by its terms, can be liquida-
ted with these notes however far below
1.-The price of gold. Our courts have thus
uniformly decided. c
/ I believe that most Of the States have
ayailed themselves of these legal tenders
to reduce or pay off their oldfunded debt.
An honorable Senatorfrom my own State
has characterized this proposition as aa
4 Utopian, demagegical, mean, dirty, nasty
scheme; an act Of. reputation which