The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1869-03-09
from the National Intelligcncer, March g.
A Bill to strengthen the Public
Credit and That Of the Bond
holders.

From the National lntelliEcncer, March :.
A Bill to strengthen the Public
Credit and That Of the Bond
holders. .
Mr.. Schenck's bill for the pretended
purpose of STRENGTHENING the public
credit was passed by the Senate on Sat
uiday last, after a long and animated
debate. Mr.. Hendricks described this
bill as one proposing to increase the
bonded debt six hundred millions of
dollars, and he resented very properly
an arrogant attempt to curtail the free
dom of debate upon the measure. Mr..
Doolittle opposed the bill, and he argu-
ed that the bonds according to the con-
tract were not payable i'll gold. Mr.
Cole, of California, who rarely speaks,
also opposed the bill with very solid az
cuments: "Either the debt was paya-
,hle in coin. or it was not. If it was
payable, this declaration was only a
vain and useless repetition of existing
claw; but if not so payable, then to de
"clare these fve-twenties payable in coin
''was injustice to the taxpayer Mr..
Morton opposed the bill with admirable
logic and the most caustic severity
"This BILL" said he, "was either design
"ed to make q new contract, or it was
mot. If it was so intended, he protest
scd against it; but if not, it was unncc-
essary and super0uous." He showed,
further, that the bill was mere job-a
scheme to raise the value of the bonds
for speculative purposes A sharp de-
bate grew up here between Mcssrs. Sher-
man and Morton--thc latter affirming
that the bill proposed to make a new
contract. Here Mr.. Hendricks hit the
bill telling blow by the suggestion,
that ''the bill uould not make ne,c con-
"tract, because it proposed no ne'' con
'sidcration. 1t was an attempt to put
"a legislative construction upon Che
''terms Of the original contract; and if
this Congress had the right to say that
THAT contract meant one thing g,of course
"a future Congress would hare an equal
''right to constl'ue 1t differently.
The friends of this bill, We are quite
sure, did net expect to pass it at this
late hour Of the session. Had there
been sincerity in the movement it would
seem natural that it should have been
pressed early in the session, so as to
cover up the ambiguous language of the
Chicago platform. 1t has been left to- the
last ten days of the session, put through
the House Of Representatives under the
gag, and attempted to be rushed through
the Senate in such way, that for this
reason alonc-the want Of due consid-
Grafton both by Congress and himself
the President could not fairly he expect
ed to give it his sanction. The bill,
therefore, has speculation in its eye, >
and Mr.. Morton was quite right about
it. 1t has had some effect on the mar
ket, and many of those encouraging and
abetting its passage, We imagine, will
derive other rewards than those merely
of virtuous conscience.
There were number of Republicans
who voted against this measure, and it
did not receives y two thirds vote. The
vote was 80 to 16. What would be the
fate of such q bill in the new Congress
we are not able to say but we presume
il will be much weaker. At all events,
it makes square issue for the taXpay-
ers, and if legislative bodies elected up
on other issues than this shall attempt
to repudiate the national obligation by
making new contract, or rather at
tempting to give false construction to
an old contract, so as to tax the people
for the benefit of the bondholders, then
the tocsin of repeal will be promptly
sounded, anG the next election of mem,
bers for the House of Representatives
will turn on that issue. The present
moribund Congress may do as it likes
many of its members are about to go to
the shades, and may vote as they like
without responsibility. The Congress
about to meet, however, will at least
desire a political hereafter. The men,
5ers Of the House will want to be re
elected. We will see whether they will
venture on such an issue as this
In every respect touching the finances
and public burthens this wretched Con
gross has deceived and betrayed the
people The latter have asked for bread
and have received stone. No bill tO
equalize the national currency; the East
must have it all; the fat SOW must be
fed. Let the South and the West get
on as best they can, is the cry. No re.
duction of the tariff or excise duties
but copper tariff bill and tenure-of
Office law to protect robbing and rob
bers, and thus create necessity foi
heavier taxes. No public burthen is
lightened A war policy is kept up:
the South kept down and blighted by vim
dictive legislation. In all this the tax.
payer, the laborer sees no relief, no nit
igation from the cruelty of these men,
none of whom, We fancy, are poor. Day
by day the poor man grows poorer, his
condition npre depressed and hopeless
The day is coming-and it cannot come
too soon-when all these wrongs will
ha ,,iobta1