The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-02-07

Government is bound by the dicta of the
! Secretary of the Treasury and Jay Cooke
& Co. As / understand the law of
principal and agent, the latter can only
bind the ferrner wbile acting in the
! legitimate sphere of his authority.
With all the dangerous power with
which Congress has invested the Sec
retary of the Treasury, / deny that he
has been clothed with Judicial power to
pass upon the laws enacted here: and
We are no more bound by his decisions
out of the scope of his authority than
by those of Justice of the Peace in
Walrusss. 1t is very poor plea. and
one that will be Overruled b. the peO-
pie, that capitalists, who of all men are
least likely to be imposed upon, were
missed by agents and brokers in the
service of the Government, and espe-
cially by one who, by his ditferest
statements, proved him to be a mere
Peter Funk working for his own selfish
purposes.
TIE PATRIOTIC CAPITALISTS.
had been led to believe, Mr. Chair
man, (and have often expressed public
| IL my acknowledgements that the cap
/ lldiIHlo WIZ lOl W w IN lhN hOAA
of extremity and took the bonds of the
Government were influenced by patriot
ic motives; that they were ready to Otier
/ their accumulated treasures upon the
altar of their country with feeling
akin TO that which moved the poor wild
Ows of the land TO bring their sons, their
jewels, to fill up the decimated ranks OF
/ the army.
/ But now we are told that capitalists
wsuld not touch Government bond
until they had assurance of the SecTe-
tary of the Treasury and Jay Cooke,
his agent, that if they would lend their
greenbacks, then worth fifty cents on
the dollar lin 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, but dis
/ pates all our precoIceived notions OF
! their patriotism. While our poor sol.
diers were struggling and suffering to
save the nations life, that freedom
might be established and extended, these
money kings were emptyiug their pur-
ses that they might replenish them 'wo
fold. They recognized the truth of the
Bible maxim, "there is that giveth aud
yet increaseth." Let me hasten TO do
! Justice to all those who dlsclaim the de-
mand for gold pay of their bonds,
for to the credit of poor human nature
| be il remembered there are bOndhOid-
ers who agree with us as TO the upright
/ ness of the claim.
THE "BAD FAITH OBJECTION.
Bat an honorable gentleman, who
pleads the bondholdeTs' canse With Zeal
and great ability, maintains that only
the Sl5O,O00 900 Of legal tenders can he
applied, in any event, to the Tedemp-
tion of the S50O,COO,UO0 Of bonds prOvi
ded for IN the same act; that it would
certainly be bad faith To the holders of
these bonds to require them to receive
greater amount of treasury notes than
was specified in the law, and that the
remaining $3.50, 600, 000 must be paid in
gold.
The gentleman will admit that those
legal tenders were available for the
payment of ali other forms Of iudcbt-
ed ness, whether State, municipal or IN
dividual, no matter when incu:rsd az III
W hat made payable by the terms OF the
contract. \ State, city, county, or rail-
road bond, created ten OT twenty years
ago, when coin WAS the only
legal tender known, can now be
fully paid with green5acks. 4 pTorni>-
sorry note, given before the passage of
the legal tender act, although mad,
payable in gold by its terms, can be-
iiquidated with these notes, however
far below the price Of gold. Our courts
have thus uniformly decided.
believe that most of the Sta es have
availed themselves Of these legal ten
dcrs TO reduce or pay of their old fund
ed debt. An honorable Senator from
ms own State has characterised this
proposition as "a Utopiau, dcnagogicai,
mean, dirty, nasty scheme: an act of re-
pudiatlon which would Gishunor the
Americ an nation more than the success
of the rebellion ITSELF l. me call the
attention of the committee TO u fact or
two in cur financial history which
ought to mitigate the severity of the
Censure upon us, or at least iniiueEce
distinguished Senators and Representa-
| tives TO Tebnk0 Us with great. humility.
/ In l9Gl, when the Government needed
money, patriotic citizens came forward
with their gold and loaned 1t to the
! Government, taking its obligations,
which were made receivable for custom
duties, and made payable two years af-
ter date, with six per cent interest. Be
| fore the maturity of these obligations
! the legal tender act was passed, and al
though they were bought at par with
gold, the holders were compelled to
/ -, I,
ouly forty cents on the dollar, and these
obligations were refused in payment OF
! custom duties.
A PRACTICAL ILLUSTRATION.
/ 4 patriotic neighbor of mine "a Drm-
ocrat, toO,) had 10y his honest industry
accumulated 5000 in gold, which be
/ thus loaned 10 the Government. At
the maturity of his Government paper,
/ if he had received payment in gold. he
could have purchased $4,000 Of these
/ five twenties for his 5000. But he
! was required TO receive greenbacSs,
his whole payment amounting to
only $500 in currency. This is
a specimen of the financial morality
which was justified 10y those who char
I acterize us as repudiatsrs for proposing
TO pay bonds, purchased with legal
tenders, in the same coin. If this is bad
faith, in what language shall We de-
scribe their actionf With such exam
Piles before us, what marvel is it that
men less exalted should have their
sense OF honor b!uuted They paid
gold obligations in deprecated curren-
cy, while we only propose to pay cur
rency obligations in greatly appreciated
currency.