The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1870-02-25

~ j ASSa
But Mr.. Voorhees, ideas ia regard
to the currency have suffered great
contraction since he made his speech
In this place IN January, to the Demo
cratic Convention. In that speech
he advocated a new issue of 81, 500,-
900 900 of greenbacks to pay 81. 800,
000,000 of FIVE twenty bonds, which,
added to the 500, 100000 Of currency
now ahoat. would bring it up to ST.
200,000,000 [ quote from his speech
as reported In the Sentinel:
= [ am sometimes charged with be-
ing good at tearing down the plans of
others. Bear with me few moments
longer. We have now outstanding
81 500, 900, 600 of fge-tweniy bonds,
payable at the end of FIVE or twenty
years from the time when issued. The
five years have about expired. They
are to he paid at any time within the
next fifteen years. MY plan is to
draw in 100000, 600 this year, $780,
100000 next year, and, as it were,
sprinkle it all over the next fifteen
years, issuing currency to redeem it,
thus paying the bonded debt IN better
money than itswas bought with"
The difficulties of MIR. Voorhees,
position can not be exaggerated. but
are those of his party, which has no
status upon the financial question
whatever, but catches at every falla-
cy and paradox that seems to present
the prospect Of getting a few votes
The absurdity Of proposing to pay of
the national debt, not by taxation,
not by collecting money in the usual
and honest way, but by issuing new
currency, which is never to be re
deemed, but to be left to perish in
the hands of the people, would be
ridiculous were it not gravely put
forth by distinguished politicians il
the desperate pursuit of power. Il
is quite as ridiculous as if you should
propose to pay all your debts draw.
ing interest by giving your due bill;
without interest, with the under
standing that they are never to bs
paid.
DIr. Hendricks. ia his speech be
fore the Democratic Convention or
9Th Of January. 1868, declared him
self in favor of the payment Of tht
National Debt by the issue of new
greenbacks for that purpose. quote
his language:
Then we may at once commence
the payment of our debt by the issue
| of Treasury notes, and thus stop thu
payment of gold interest and also In
crease our currency, and thus stimu
| late commerce, enterprise and labor
and, In connection with a wise policy
toward the Southern States, and the
development of their resources, re
store prosperity to the whole country.
1t is but justice, however. to STATE
that he afterwards threw out an an,
Choir to windward, by declaring tina
the volume of currency should not hC
| increased beyond the demands O
business. The two positions were, 0.
caurse, irreeoncuable; but so are al
the professions Of the Democratic
party on this subject.
In New York aud the Eastern States
they are in favor of paying the bonds
IN gold, returning to specie payment
advocate the National Banks, and op
pose the expansion of the currency
while IN the Northwest they profess
medly of contradictions and have NJ
position on the financial question tina
any white or colored citizen il
bound to respect. But Democratic
politician have been slaughtered
in the house of their friends
That Supreme Court, which they
so much revere, has cut up fheil
financial theories by the roots, strip.
ped them of all their poor pretenses
and left them without a peg on which
to hang an argument. In the decision
rendered at Washington, week before
last, the majority of the Court decided
that the law making the United States
notes legal tender, was unconstitu
tional and void as to all contracts made
| before its passage; that all bonds anC
| debts of whatsoever kind. made before
the 18th Of February, 1862, could bt
paid only in gold, if gold was demand
ed by the creditor. The effect of thi!
decision is that, if Congress were tt
authorize the issue of new legal tender
notes. they could not be made ap
plioable to the payment Of an!
debt created before their issue
issue. Thus legal tender notes ISSUED
In 1870 could not be made applicable
to debts created In 1869, and coulC
not be used in the payment of the ma
/ tional debt, as recommended by tht
/ LGAnONA6h1O pOALAASAduS III
So that the theory of paying the ma
tional debt by the issue of new cur
rency, which is never to be redeemed
however lovely in itself, must b,
abandoned.
The argument of Chief Justice
Chase went to show that the lega
tender act was unconstitutional In al
respects, but the majority of the Cour
confined the decision to contract
made before the passage of the law
While | do not approve of this deci
| sion, as l had never doubted that tht
/ legal tender act was constitutional Al
to past contracts, still it has had tn,
effect to greatly simplify the fnancia
situation, and to remove the vast pile
of rubbish with which the Demo
cratic party were endeavorIng t
Obstruct the vision of the people
and as it was made by the Demo
cratic members of that tribuna
which the Democracy hold In sucl
supreme regard, they can not com,
plain that this is a Republican out
rage, committed for the benefit of TIT
bloated bondholders.
The decision of the Supreme Court
it not hereafter overruled, has sub
stantially settled the question of thu
emission Of any more legal tendel
notes, and the financial question il
the future will probably be between
the national banking system and tht
possible revival of the system of State
banks. The latter seems to be popu
lar with the Democracy as a reminis
eence of the doctrine of States Right,
and their aversion to everything tina
grew out of the war.
The Senate recently passed a bill
! authorizing q distrihution "a A. W.