The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1870-02-04

tender acts, penal laws, and laws linn
iting prices, but oil to no purpose. As
early as 1888 "all hands agreed
that it should not be paid. Before the
close of the war Congress itself pro-
posed TO repudiate nincty-nine dollars
Of every hundred by funding" the
money ut the rate OF ono hundred
to ono. lSeo Benton's History of Con-
gress, vol. 2, pago 1866
But nothing Of the kind was ever ac-
comp1ishod. Tho depreciation went
on until it reached ono thousand for
ono, and then it dropped out Of circu-
lation altogether. II was still tho oc-
casional subject of consideration by
Congress up TO the close of the war.
But in a schedule of tho public debt Of
tho United States prepared by tho
"grand committee of Congress in
April, 1888, tho item of continental
money is not even mentioned, 80 Of
fectually had its rcpudiation become o
fact accomplished in tho estimation of
that committee. Yet tho issues of con-
tinental money were estimated by
Alexander Hamilton ut 1857 ,475 ,541,
(see Morton'g Money, page 49, while
the public debt recognized by the
grand committee amounted TO but
$50, 300, ,375. (Sec. Madison Papers,
vol. l, page 434) "Now, it cannot be
denied" " says the same writer, "that
the public faith was as sacredly and
solemnly pledged to the payment of
the continental money as it is to the
payment of our public debt" Nor
will any American affirm that in re-
spcct to moral obligation on tho part
of the people, individually, the holders
of the continental money had not q
claim quite as strong as the holders of
our public debt have now. But not
withstanding the proceeds Of the con-
tinental money bought our liberties
for us, that debt was effectually and
finally repudiated by the generation,
and, TO some extent, by the very pub
lie men who contracted it.
have in my possession one of those
old continental notes which 1 present
ed TO Gen. Spinner, the Treasurer of
the United States, and also to Mr..
McC Culloch, when Secretary of the
Treasury, for redemption; both of
these gentlemen informed mo in a
very pleasant manner that there was
an net Of Congress forbidding the re-
dcmption OF that kind Of paper. That
net was repudiation. But the repudi-
alton of the continental currency did
not retard the growth of this country;
nor did any Of the repudiationa men
toned do serious injury TO The pros
pcrity of the nations and countries so
repndiating. These repndiations af-
fccted few Of the citizens of those
countries; perhaps one in fifty thou
sand, just as repudiation hero would;
but they relieved the masses of the
people of the burdens of taxation,
which were in every instance crushing
tho life out of them; they knocked the
fcttcrs from their wrist and babe them
hope; for the eifectwas that they might
be frcemen, not slaves, and enjoy the
fruits and rewards OF their own toll
and energy. They gave new life ana
buoyancy TO the nations and countries.
There viii be some bondholders and
bankers, men who have not gained
their wealth by industry and honesty
in those cases, who will be cut of
somewhat IN their surplus wealth by
lrepudiation. Phlebotomy and cathnrt-
ic sometimes very beneficial to sur
charged systems; reputation would
have the same effect on the purses of
some individuals, and might even be
of personal benefit both here and here
after, for the Lord hates the naughty
spirit and they would doubtless be-
come more humble. The nations s.
pulse would beat ivelier, labor would
breathe more freely, and the national
health would be greatly improved If
the burden of 81 ,46, 900, 900 of gold
interest annually was taken off, and
then as much more which goes to the
officers who collect It; $780,, 900, 900 in
gold is heavy load.
But am in favor OF repudinting the
bonds issued for this debt because
they were IN nine cases In ten dishon-
estly obtained; got throught fraudu-
lent contracts, shoddy contracts, &c. !;
because they were mostly bought for
from thirty-fve to fifty cents .on the
dollar, and were bought by capitalists
at this reduced rate by q systcmized
and unpatrotic course of what / de-
nominate swindling. Tho capitalists
of the country did not advance q dol
lar to tho Government until it was at
its last extremity. Permit me to re-
peat words spoken by me ON this floor
in January last:
tGoycrnmcnt struggling for its life; Wall street
brokers looking calmly as Ii is getting weaker
| from loss Of blood and the enormous drain upon
its energies. Wall street bral1ers say to Uncle
Sam: Il will let you have 100000 on ono or two
trining conditions Uncle Sam wishes to ascer-
tain tho conditions, when he is cody Informed
that Mr.. Broker must have Government bonds TO
tho amount Of $i,00O,000 for his $40U,000; must
have six per cont. interest in gold, payable semi
annually, on the 81, ,000, 900, and must be exempt
from the payment Of all local and municipal taxes,
and then the notes may be payable in from fvc to
twenty years. Government must have money or
die and is forced to acoept the swindling PROPOSE
tion. JEFF. Davis d Co., looking on, say: "A
Government forced to that condition, forced to
accept such tcrrns, cannot stand long. Lot rs
| hope. Her capitalists arc doing moro to break
| their Government down than the Confederate for
ces can do by hghting.'
They were thus encouraged, and l feel
safe in saying that If tho capitalists had
como manfully up and advanced their
funds to aid the Government to put down
the rebellion as freely as the soldiers in
the field and the sailors in the navy barred
their breasts to the red flame of battle,
the war would not have lasted half the
time it did. The capitalists had the
money to give, and as much as was nee
essary at first, but would not give it until
! thau rot two or threa hundred per cent.