The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1868-09-24

t1On, WnaC ne can not reIute DE afSu-
ment pretty generally wherever he
goes. ---ys .'s
Senator Sherman Before and After his
Conversion to the True Faith-COnsist-
ency
The Cincinnati Gazette, of July l.,
1868, in commenting ON what it calls
John Sherman's change of front on
the greemback question, says: we
funded the currency payable debt in
to tive-twenty bonds. Senator Sher-
man, the Chairman of the Finance
Committee, said these were gold bonds
and that anybody who was for paying
them in greenbacks aoas repudiator.
In his campaign speech last fall, at
Carson's Grove, in this county, he
gave full financial exhibition, as was
fit for our leading legislative finan-
cier, and the principal point of it was
an argument showing that the public
faith was committed to the payment
of the 5-20s in gold. After reviewing
the laws under which the bonds and
greenbacks were issued, to show the
legal pledge, he cited Secretary Chase's
letter. of May Is, 1864, affirming the
payability of the 5-2Os in gold, and
then with a solemn oath, he declared
that he would sacredly keep his pledge.
He said: "That declaration was made
by the Secretary of the Treasury, with
the sanction of both Houses of Con-
gress. Upon the faith of that, money
was lent by all classes of people to
the United States. That policy has
prevailed from the foundation of the
Government to this time. thas never
been violated, and, so help me God! l
would never aid in its violation, what
ever might be the consequences, In
In another part of the same speech,
after urging against the proposition to
pay the bonds in greenbacks, because
he said it would be unjust to the bond
holder to do soto give them in ex-
change for an interest bearing securi-
ty, and take away from them the
property or money they loaned to the
Government ;he concluded that branch
of his argument against the greenback
scheme of payment, with this fine
burst of denunciation
"The whole proposition isa utopian
demagogical, mean, ,dirty,nasty scheme,
which no party but the Copperhead
party in the United States could in
vent"
These were John Sherman's views
last fail before the October election.
The tall, young Senator probably OBJ
served, in the result of that election,
that the people had determined not to
be taxed to death for the benefit of the
bondholders, and being desirous OF
being on the strong side, hastily
changed his base. as will be seen by
the following letter to New Yorl
bondholder: ......
UNITED STATES SENATE CHAMBER,l
o. WASHINGTON, March 20, 1868. :
DEAR SIR Il was pleased to receive
your letter. Ny personal interests art
the same as yours, but, like you, I dc
not intend to be influenced by them.
" My construction of the law is the
result of careful examination, and ]
feel quite sure an impartial court
would confirm it." if the case could
be tried before court. Your idea is
that we propose to repudiate or vio-
late promise when we offer to re-
deem the principal in legal tenders. l
think the bondholder violates his
promise, when he refuses to take the
same kind of money he paid for the
bond. If the case is to be tested by
the law am right. fit is to be tested
by Jay Cookies advertisements, 1 am
wrong. 1 hate reputation or anything
like it,but we ought not to be deferred
from doing what is right by fear of
undeserved epithets. If, under the
law as it stands, the holders of 5-20s
can only be paid in gold, then we are
repudiators if we propose to pay 9TH
erwise. If on the other hand the
bondholder CAN LEGALLY DEMAND only
the kind of money he paid, then he is
a repudiator, and an ertortioner to
demand money more valuable than he
gave.
Truly yours, .