Wyoming democrat. [volume] (Tunkhannock, Wyoming Co., Pa.) 1867-1940, 1868-02-05
Judge Woodward on the Debt.


In the House of Representatives at
Washington, recently, Hon. George w.
Woodward of the Luzerne district made a
speech on the finances, debt, &c, of which
he.following is synopsis:
He scoffcd at the idea that national
debt was a national blessing. Debt was
no mole blessing to a nation than it was
to an individual. The great load of the
national debt was standing now like hid
eous spectre in the path of Congress. 1t
might be well enough for a monarchy like
England, but he trusted that the simple
Republican institutions of the country wo'd
not fall under the control of moneyed OIL
igarchy. Everything that tended to the
consolidation of power, was inimical to the
system of American liberty. Referring to
the question as how the principal of the
five-twenties was to be paid, he said that
the gentleman from Massachusetts Mr..
Butler7 was not faithful to the cause he
had espoused, when he admitted that the
Indebtedness of the government incident 10
the act of 1862 must be paid in coin be-
canse it was contracted on specie basis.
That reason would apply 10 the millions Of
private debts which had been paid in
greentacks Did not the gentlemen know
that the courts had decided that the act Of
1862, the legal-tender act, applied to all
antecedent debts, public and private?
If Congress had power to make such en-
actment, then certainly the holders Of the
fve-twenty bonds had no more right to
claim that they should be paid in gold than
all other creditors. So long as two species
of legal tender was kept up in the country,
differing so much in value, he should vote
for paying all debts not expressly except
cd in the cheapest Of those tenders. If the
most meritorious creditors of the govern
mcnt were paid in greenbacks, then, in his
judgment, grcenbacks were good enough
for the bondholders.
But he did not believe that Congress
had any constitutional power to make
gretnbacks lcgaltender. He knew that
the courts of last resort in various States
had declared the act of 1862 (the legal
tender act) to be constitutional. So it had
The Supreme Court Of the United States Stins
had not yet passed on the question. So
far however as the courts had decided, he
felt himself bound to consider the act as
constitutional.
lie would, therefore, for the present
vote for applying it to all debts. public
and private but believing it to be an evil
example, destructive Of that good faith
which should belong to all countries, vio-
lative Of the constitutional rights of citi-
zens, ar not within the delegated power
of Congress, he would vote to wipe all
such stains out of the statue book. The
effect of repeating that bad legislation
would be happy. 1t would take away the
ugly question started by Mr.. Pendleton :;
because, instead of leveling the bondhold-
ers down to other creditors, it would level
the other creditors up TO the bondholders
1t would bring the country back to gold
and silver, the constitutional currency. If
the law were repealed by easy stages it
would occasion the country no shock while
if the law happened to be Knocked on the
head by the Supreme Court, the effects
might be disastrous. He was in favor of
taking immediate steps for gradual re-
peal of law that had done the country
more dishonor and injury than any other
enactment. After showing the disastrous
effect on the financial and industrial inter
ests of the State, and by the legislation in
reference to them he called upon the bond
holders and the officers of the 1850 ma
tional banks to be prompt to learn the
facts lie had referred to. Those highly
respectable and powerful classes of mon
eyed men had heretofore for the most part
throw their votes and influence in favor
of the dcvoters of negro suffrage. Would
they consent to do so /? Would the tinsel
of epauletts, or the lighter metal of loyal
speeches, still attract them in the same
direction If so, they might write "Ich-
abod" upon their bonds and upon the
walls of their banks. In conclusion he
said that his constituents, who were loyal
to all the true interests and glories of the
country, were opposed to all schemes of
reputation, for reputation would be d
stain which they would feel worse than
wound. They demanded a restoration
Of the excluded States as white States, and
not partl-colored the demanded a repeal
of the cotton.tax. and of all the laws de.
priving them Of the immense profits form
erly derived from cotton.
They wanted no restoration of slavery
and had no thought Of assuming the
rebel debt, but they wanted to live in un-
ion with the white people of the South 5
to obliterate the bitter memories of fra
ternal strife, and to be co-workers with
them in redeeming the credit of the Gov
ernment by paying all its debts in gold and
silver coin, and in developing the great
resources OF the country. All legal tender
laws and reconstruction laws, so-called,
they would dismiss to the winds, with each
State fully restored, and with no miserable
test oaths. They wond leave negro suf
frage, and all other domestic questions, to
the unrestrained will of their respective
States. Thus be represented his constltu-
ents as he believed they would have him
represent them.