The Republican journal. [volume] (Belfast, Me.) 1829-current, 1869-03-25
A Radical Poor Mans Plaster.


rates. Their orders will always receive prompt attention
A Radical Poor Mans Plaster.
Congress has just passed, and the Presi-
dent has approved, an act entitled AN
act to strengthen the Public credit" It de-
clares that the bonds not expressly made
payable in lawful money, shall be paid in
gold and that they shall not be paid until
they are paid in gold. The following is the
text of the bill
Be it enacted, &C.. That in order to remove
any doubt as to the purpose Of the government
to discharge all just obligations to the public
creditors and to settle conflicting questions and
interpretations of the law by virtue of which
such obligations have been contracted, it is
hereby provided and declared that the faith OF
the United States is solemnly pledged to the
payment in coin or its equivalent of all the OBJ
legations of the United States not bearing in
terest, known as United States notes, and of
all the Understanding obligations, except in
cases where the law authorizing the issue of
any such obligations has expressly provided
that the same may be paid in lawful money or
in other currency than gold and silver; but
none of the said interest bearing obligations
not already due shall be redeemed or paid be-
fore maturity, unless at such time as United
States notes shall be convertible into coin at
the option Of the holder, or unless at such
time as bonds of the United States bearing q
lower rate of interest than the bonds to be re-
deemed can be sold at par in coin; and the
United States also soemnly pledges It's faith to
make provision at the earliest practical period
for the redemption OF the United States notes
In coin.
A plain and simple statement of this
matter Of Indebtedness is this: The United
States at sundry times in the eight years
last past borrowed certain sums of money
on its issue of bonds. The law authoriz-
ing those bonds, passed at the time, and in
corporated into the face of the bonds, con-
stitutes the contract by which the borrower
and lender are bound. 1t is not competent
for any authority to alter its tenor now
either to provide for greater or less sum
in liquidation. If there is any question as
to the construction Of the law, it belongs to
the courts to decide, and not to one of the
parties to the contract. This act processes
to settle a conflicting question of lava
thing which it manitestly has no right to do,
and cannot do. 1t seeks to impair the OBJ
legation of contracts. 1t enacts an ex post
facto law, which, if it does anything, goes
back and changes the tenure of laws passed
years ago. The Constitution expressly for
bids the passage Of such laws.
The idea that is held out by this law that
specie and paper money are to be of like
value when these bonds are redeemed, is a
delusion that may deceive some credulous
people. The capitalists who hold the great
bulk of these securities will never suffer
that time to come. They are too fond of the
| privileges which bondholding gives them,
and are too secure in their advantage over
the people, to give it up willingly. The
bankers and capitalists have too often de-
feated the government in Wall street, to
fear to meet it again, even if the authorities
be sincere.
The immense gains made by capitalists
in buying these bonds, a bargain in which
they got three dollars for one. has been Of
ten explained and is sufficiently familiar.
This act seeks to confirm this advantage.
and make assurance doubly sure. But it
only overreaches itself. 1t recognizes the
existing doubts at the outset; and, so long
as its proposed healing act is Illegal it sue
j., T.
spicuous the doubts. This and the DISPOSE.
ton to faster. 9 new burden on the tax-pay-
ing public, for the benefit of class already
loaded with privileges, are the distinctive
features of the bill. A full exposure of the
farce will be reached when some future
Congress repeats the act.
A true Strengthening Of the public credit
would be measures to cut down the public
expenses, to lessen the swarms of leeche,
} that suck the life blood of the country, tt
faithfully collect the revenue, and appl,
} these savings to reduction of the debt
That would be better than all the paper
promises about Strengthening the credi
that could be passed from now till dooms
= day. Acts are superior to words in the
! eyes Of men of business intelligence.
1 But instead Of such measures, there is
an increase of the expenditures over re-
, cepts, and consequent increase of the
) debt. Notwithstanding the Boosting over &
s decrease from February to March, there il
1 an actual enlargement of the debt from
} Nav 1nct of Go I'M
e following are the figures
: May l, 1868 $4,000, 52S,S21
+, June l, 1888 2,510,245,8 1885,
= q August l, 1868 2,523,535, $50
. september l, 1868 1885, ,31s
e october l, 1868 1854 ,643,71s
e November l, 1868 1927, 129, 55:
q december l, 1868 1856, 031 81
: January l, 1869 2,540,7O7, 2Ol
:, February l, 1869 2,556,2O5,65S
8 March l, 1869 2,545, $3.50, 80,