The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1868-01-25

through the agency o. 69sa
prgminul; II F1 tx
viii ne people, tho tAx-payse1s IL Amp /
II bone and muscle and enterprise who must
by their toll, pay this great nationai oeof,
c6Hsoit 10 q very largo pf9cfHal increase q
Il 10 relieve the diskppointmsnt OF bond. I
holders or 10 make coed the opinions qft
Gos ernrneuk agents VINO we're not aQ>1of&e4 /
bv law 10 conetrue the scts Of GoaersesR /
The humblest citizen has the same rights - |
Inc bond holder, or even the Secretary Of
the Treasury, to put his construction on the |
laws Of Congress, and he Ia far better sitnated
to pass q patriotic judgment, lam sorry
that the opinions generally entertained 10
in 1859 about the speedy termination Of the
war and It's comparatively triding cost proved
90 uronsous, yet, % the representatives OF
the people. we must be Just before We are
generous. Able and distinguished lawyers
10 both branches Of Congress have elaborated
the law Of principal and Agentiand the LIABLE
ity OF the principal for the acts Of his agent.
g Fact per alism facit per ss," che who acts
through another acts for himseiLl They
come to the legal conclusion that The dow
eminent is bOuqi By the diets of the Score
tarv Of the Treasury and Jay Cooke d Co.
As understand the law Of principal. And
agent TIE lsstef can only biz 4 cha former
while acting In the LEGITIMATE sphere Of bis
authority. With all the dan ser01s powers
with which Congress has invested the Sec
rotary Of the Treasury | deny that he has
been clothed with Judicial power to pass up
on the laws enacted here; and We are no
more bound by bic decisions out Of tne
scope of his authoritg than by those Of jus
tice Of the peace IN Walrussia- 1t 10 very
poor plea, and one that will be overrulsd BY
the people, that capitalists, who Of all men
are least likely TO be imposed upon, were
inhaled by agents and brokers In the service
of the Government, and especially by one
who, by his different statements, proved him
to be mere Peter Funk working for his own
selfish purposes .
had been led to believe, Mr.. Chairman,
land have often expressed publicly my ack-
nowledgments), that the capitalists who came
forward in the hour Of our extremity and
took the bonds of the government were
Influenced by patriotic motives that they
were ready to offer their Accumulated trea-
sures upon the altar Of their country with q
feeling akin to that which moved the poor
widows Of the land to bring their sons, their
jewels, to fill up the decimated ranks Of the
army.
But we are now told that capitalists would
not touch government bond until they had
the assurance Of the Secretary a the Trea-
and jay Cooke, that il they would lend their
their greenbaeks, then worth fifty cents on
dollar, in gold, they should receive bonds
which would pay twelve per cent. interest
on their coin investment and twice their
then gold value when redeemed. This speaks
well for their financial shrewdness, bat dis
sipates all our preconceived 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 emptying
their purses that they might repienish them
twofold. They recognized the truth of the
Bible maxim ''there 10 that gveth and vel
lncreaseth." Let me hasten to do justice tc
all those who disclaim the demand for gold
payment of their bonds, for 10 the credit Of
poor human nature be il remembered there
are bond-holders who agree with us as to ths
unrighteousness of the clam.
But an honorable gentlemen, who plead:
the bond-holders' cause with zeal and grea
ability, maintains that only the $50, 000, 00(
Of legal tenders can be applied in any event
to the redemption Of the $500, 0O0, 900 e
bonds provided for in the same sct that il
would certainly be bad faith to- the holder
of these bonds 10 require them to receive
greater amount Ct treasury notes than va,
specified i'm the law, and that the remaining
4 $3.50 ,O00, 900 must be paid in gold.
4 The gentleman will admit that those lega
tenders were available for the payment of a
other forms Of Indebtedness, whether stats
municipal, or individual, no matter when ia
CURED or in what made payable by the term
of the contract. A state, city, county, o
railroad boad created ten or twenty year
ago, when coin was the only legal tende
known, can now be fully paid with green
backs. A Promisscry note given before th
passage Of the legal tender act, although
made payable in gold by its terms, can b
hquidated with these notes however far be
low the price Of god. Our courts have thu
uniformly decided. +F-
believe that most OF the states have avail
ed themselves OF these legal tenders 70 re
duce or pay of their old funded debt Al
honor able senator from my own state Ia,
\ characterized this propositions a "a Utopi
an, demagogical, mean, dirty, nasty sclfem'
An act Of Reputation which would disho
nor the American nation more than the sue
cess Of the rebellion itself" Let me call III
attention Of the committee to a fact 5r tw,
IN our financial history which ought 10 miti
gate the severity of the censure cpon rs, Of
at least influence distinguished senators snt
represeI.at to rebuke us with great no
NIFTY. 10 1854, when the governments need
ed money, patriotic citizens came forwarl
with their gold and loaned it to the govern
ment, taking its obligations, which Wer,
made receivable for customs duties and Gnn0'
payable in two years after date with six pe
cent. interest Before the maturity Of thes
obligations the legal-tender act was passes
and although theS we're bought NJ par witl
gold the bolders were compelled to receirs
greenbacks 10 payment, worth only forty
cents on the dollar in gold, and these obliga-
tions were refused in Payment OF custom du-
ties. tN 1N
A patriotic nelghbor Of mlne, democrat
too, had by bis houesf Industry accumulated
So, 900 in gold which le thus loaned to. tbs
government Attbe maturity OF bis govern.
meat paper il be had received payment in
gold e could have purchased 80. 600 81
these ive-twenties for his $1,000. But he
was required to receive greenbacks his whole
payment amounting only 70 Is, 200 in coin.
This is specimen Of the 6nancial mornlify
Which <as justified BY those MIRO Character
ize US as rePuaiasors for proposing to pay
bonds Pescbased with legal tenders iu the
samecein. Hthis is bad faith in what Ian
guage shall we describe thsr action wHh
such examples before rs what marvel il il
That men less exalted should have thesr sense
Of honor bluntedf They paid gold obIiga-
lions in deprecated currency. while We only
propose to pay currency Obligations in great
" appreciated currency. appeal for justi-
fication Of my course to my constituents.
II the present congress shall authorize
and bope il wili--the issue of $5l5, 600 600
Of treasury certificates, receivable az par for
taxes and government dues, and made law
fui tender, and issue theia For the express
purpose Of redeeming that smeGat of bonds.
now redeemable, or sny others in the future.
not payable IN gold, il viii certaisly be no.
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