Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1868-12-18
The Presidents Message.

he ITcSiucnt NACosuSCs
1t appears that it was not the views of
the President on reconstruction alone that
created so much indignation in Congress,
on receipt of his message, but also the
proposition to repudiate the national
debt. This part of his message is also re-
pudiated by many democrats except the
Brick Pomeroy and extreme copperhead
wing of that party. Here is the repudi-
alton proposition in the Presidents mes
sage:
"Our national credit should be sacred
ly observed, but in making provision for
our creditors we should not forget what is
due the the masses of the people. Itmay
be assumed that the holders of our secu-
rites have already received upon their
bonds a larger amount than their origi-
nal investment, measured by gold stand
ard. Upon this statement of facts it
would seem but just and equitable that the
six per cent interest now paid by the Gov
ernment should be applied to the reduc-
ton of the principal in semi-annual in
stallments which in sixteen years and
eight months would liquidate the entire
national debt. Six per cent in gold
would at present rates be equal to 8 per
cent in currency, and equal to the pay
ment of the debt one and half times in
fraction less than II years. This, in con-
nection with the other advantages deriv-
ed from their investment, would afford to
the public creditors a fair and liberal
compensation for the use of their capital,
and with this they should be satisfied.
The lessons of the past admonish the lend
er that it is not we'll to be over anxious
in exacting from the borrower rigid COM
pliance with the letter of the bond"
The above amounts to just this i; if one
person lends his money to another and
takes note with interest, the debtor
may repudiate his contract after having
paid few years interest On Monday
last the House of Representatives passed
a resolution fully sustaining the national
faith and credit, and protesting against
the reputation scheme of the President,
and declaring that. under no circum-
stances will their representatives consent
tooffer the public creditors less amountof
money than that which the government
contracted to pay" The first question
was on suspending the rules to allow this
resolution to be introduced, and was a
strict party vote, 1874 to 80, the democrats
voting no. The indignation against re-
pudiation is SO strong that even the Pres
ident has tried since his message was sent
to congress. to explain that he did not
mean as much as the paragraph above
quoted would convey. The following is
the preamble and resolution as adopted
by the House:
Whereas, the president of the United
States, ia his annual message to the 10th
Congress at its third session; says, (here
follows an extract from the message in
reference to the liquidation of the per
cent bonds by the payment of INTEREST,"
and whereas, such a sentiment, if pre-
mitted to 60 to the world without immed-
late protest; might be understood to be
the sentiment of the people of the Uni
ted States and of their representatives in
Congress, therefore,
Resolved, That all forms and degrees
of Reputation of the national indebted
ness are odious to the American people.
and that under no circumstances will
their representatives consent to offer the
public creditor as full compensation a
less amount of money than that which
the government contracted to pay.
A division of the question being de-
manded, the House first voted on the
preamble and the following part of the
resolution Resolved, that all forms
and degrees of reputation of the nation
al Indebtedness are odious to the Amer
lean people" and part of the democrats
voted for this, and others lodged the vote
standing yeas 154 to 6. The other part
of the resolution was adopted without
division.