The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1868-01-09

I'm 0UT Orp@a0T COnUILIOu-
receive the confidence and support OF tne
people unless committed to nXed poIlcy
of Tetrenchment and economy. our an
hundred million dollars. But when this
shall have been accomplished, tnere WIN
remain one hundred ana fiIty milllob s,e
ordinary expenditure of the GOvernHenb,
TO be provided for; How are the Peoptto
to meet so large demands from year 70
Inc currency must Be sufficient for the
business of the country and the eXtfaoF-
binary demand made by the Government
and also for the increased production rem
dered necessary 10 meet such demand.
If the taxes OF the United sta es amount
to $3.50 OOO 100 or $500. 600 600. the productions
for the labor of the country fRuSt oe III
greater than when the taxes were but 500
0O0O00-and therefore enterprise ana pro-
duction must be stimulated by tall vol
ume OF Gu rrency. AS was said OF the oohus
during the war, the taxes must o. noate1-
That cannot be upon a specie currency.
However unfortunate it may be. such Is
our condition that va must have the > I'M
ulant of a currency far beyound our snecie
Soon after the close of the war the party
in nirOl of the Government decided To
contract The currency and return at an
early day to specie payment. II was tnen
recomm ended by the Secretary of the
Treasury. and on the sth day Of zee n Der;
1865, the House of REPRESENTATIVES adopted
the following resolution:
''ReSO1U q, That this HOuse cordially con-
ours IN the views of the Secretary OF the
Treasury in relation to the necessity OF
contraction of the currency. with q view
to early resumption of specie pay
try will permit; and we hereby pfedge &C.
operative action tOthis end as speedily as
practicable"
/StilI further to express the legislative
sSfv1Il. Congress on the l2th Of April, 1861 by
I law fixed the rate Of contraction at not 10
y exceed ten millions during the next SIX
months, and four millions per month
thereafter The co traction thus far has
been pursuant to this law.
In his report this secretary says that his
action has confoTned TO this law. Ihe
contraction cramps business, and the de.
sir nj he Nnrft a ryaEf "a
there shall be issue of legal tender
notes, but not as a loan and addition 20
our deb , but in discharge of a portion OF
the debt, and that raises the question
whether &c can legally redeem any of the
DEBT with legal tender notes Upon this
subject felt 1t my duty 10 offer the follow
ing resolution in the senate:
WHEREAS, The public debt of the United
States, except where otherwise provided
the faith and credit of the United states
that the same would be paid or redeemed
in the Lawful money OF the United states.
which was declared by Congress TO be a
legal tender for all debts. public and
private. except daties on imports and
the interest on the public debt; and
WHEREAS, 1t is not good policy nor just
to the people that Congress shall pledge
the faIth of the United states to a mode of
payment more burdensOme than the laws
require; therefore, i.i
BE 10 Res0lUed, etc. That the public debt
of the Uuited States, except where the
law provides Tor the payment of coin, shall
be paid and redeemed in the lawful mon
ey of the United states, and the faith of the
United states stands pledged aceopdingIy.
This resolution does not Amply to any
bond or oT her sec<ities isSIasi n co.,
erDment prior to the act making treasury
notes a lee al tender. Such debt betng con-
only "lawful money! and legal tender. II
my with great force be urged that it
stands a the contract with the Govern:
in i'm coin. The debt of this class Ass
is 50 small as compared with the
residue, thai it is not important to
point / have hAGn a hla
to see, as "A question of law or morals why
Congress could not make treasury notes
legal ender fOT It's discharge as well as for
the dischai ge of ,deots between citizens
contracted prior to the legal tender act. L
know Is said that &c would not be Sust to
require that class of public creditors TO re-
celve payment in a depreclated currency
and agree TO that, and therefore do not
urge il upon them. nor could I see the in =
tice IT com polling a citizen to receive depre
ciated paper from another C. tizen upon Il
-deOt contracted when coin was the only
legal tender
In another class of the public securities,
it was provided In the law aud uD0n the
face of the bonds them selves. that they
shall be paid ia co n In that case, it IN ~
with force be SAID that lac treasury notes
are not legal tender for their discharge,
the law so providing
But there IS a class Of bonds known as
e the i've twenrieS, SO called because they
are payable IN twenty years and redeem
able ~ tue pleasure OF the United sta IS
in five years from their issue. The law
thorlzing the 7 issue does not provide that
they shall b paid or redeemed in
eoin,---sut-i does provide shat
the interest suaII be paid in coin,
and the same law provides that
tue treasury notes, known as legal
tender noses, "shali be reeetvableln pay
ment Of an taxes Int rnal duties. excuses,
de9ts and demands of every kind due to
the United States. except duties on inn
ports. and Of all claims and demands
against the United States of every kind
whatsoevers except for interest upon bonds
and notes which snail be paid in coin, and
shall also be lawful money and a legal
tender IN payment OF all debts, Eu5tsc and
pirate. within the United States. except
duties OF tatf erts and IN 'erests aforesaid -
Treasury notes having these qualities were
Issued 10 the amount OF four hundred
I million before the tive-twenty bonds were
nes9;tated. The argument drawn from
the fac that bonds heretofore issued did
, not provide for their pavmentin coin, and
q vet they were 50 aid, has o force, for The
reason that when such bonds were ISSUED
and paid, gold and silver We're the on y
=. lawful money and legal tender" and
I therefore a contract 90 pay in mO1ey, but
4 silent as to the kiad Of money, as d co..
tract 10 pay in coin.
Those who gree with Governor Nor, on
in the denuu citation recently made IN his
( Columbus, Ohio, speech, tnat It is Demo-
cra tic Republication TO pay these bonds in
v legal tender Treasury no es, repudiate the
letter of the act ofCOngress declaring them
q " lawful money" and they repudiate the
Z spirit OF the ae1, also, # Congress had the
, right to Ass 1t. By the act Congress de-
Glazed the e Treasury notes = lawful
4 money" and clothed them with all the
II qualities Of gold and silver fer the pur-
q pose OF dischsrging legal o. 'li1ations eX-
2 cept ia the pay IN Mt o. duties on i'm
Fl debt Ii after Luatt, Congress su-
q Crlz tue issue OF bonds payable in
4 money, but silent as to the kind OF money,
4 may they not legally be discharged IN
t Whatav n is the "lawful money of the
NJ cOuutry2 BY what right, then, does Gov.
Morton and the Radical press OF the Stale
y denOuuc e Us as repudiatOrs, when we pro
= pose TO stand by the letter and spirit of
i the contract? He who bought the bonds
In