The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1870-02-18


made with currency, cost the people on
an average SIXTEEN per cent, above the
face OF the bonds. The Jan. (ls7O) state
mcnt Of the public debt claims IA decrease
in the debt since March ], 1863, Of S7l6,-
7lG,3O6 10. If $7b,Oo0,Uo Of that sum j.
the result Of purchases Of bonds with
currency TT HAS COST TIE PEOPLE Sl2,-
OOO,OIO, IN PKEMICM or BONUS 10 The
BoND-noLDERs.' Is that right! II re-
guircd by the law and the contract il is
right. But the bends purchased are not
of the "ten-torties," which are payable
expressly in gold, and might therefore
command a premium in currency. They
are the " fivc-twenties," which are not
expressly payable in gold, and in my
judgment are, upon fair and legal con-
struction of the law and the contract,
payable only in whatever at the time OF
payment is the common currency of the
country. That currency is not gold, for
Republican craftsmanship has deInone-
tized gold and made it u mere article of
commerce, and driven it from the sight
of the people. These bonds are due and
payable at any time at the option Of the
Government. There PURCHASE IL, there
fore, a great wrong, a pervcrsion, mis-
application, and waste of the peoples
money an unjust discrimination in fa-
vor OF the bond-holder, who will be
we'll paid when he receives the face of
his bond in the currency with which the
people conduct their business and with
which he originally purchased it. Such
business ought, therefore, to be instantly
stopped and forbidden by law. Indeed.
it has been done without authority OF
law, and merits instant rebuke, if not
punishment.
/ The bill lately introduced by the gen.
tlcman from Illinois Mr.. INeEEsoLL !
and referred 10 the Committee on Bank
ing and Currency is directly violative
of this priciple, and is therefore wrong.
and ought not TO become . law. The
bill provides as follows:
SECTION /. That this Secretary of the
Treasury, in addition 10 the United
States legal-tendcr notes heretofore is
sued under former acts of Congress. be,
and he is hereby, authorized and direc-
ted to issue like notes of the douomina-
tions heretofore issued. and in such pro-
portions rs he may deem best, TO the
amount OF $44,O00,U(O Ten millions of
said notes TO lie issued within thirty
aaSs ajisr lhe Ms,R Rassage s Of this net and
passage Of this act. and l0.OeO,o0O with
lin ninety days after the passage OF this
|act, and The remaining $1i.O0U.UC0 with
lin one hundred and twenty days after
the passage of this act.
SECTION 2. That with tho said notes
1.-The secretary of tie Treasury is hereby
further directed 10 purchase any OF the
gold interest bearing bonds. at the low
lest rate at " hich they can be procured
ito the amount Of S44.uUv. .UCU. or 80 much
jihcreoias lie can purchase with the notes
authorized to be Issued by this act.
If il become a law lis execution at tho
lavcragc rate paid for bonds by the sec.
rotary prior 10 December 80. 1863, vii
cost the people over seven million dol
lars in premiums TO the bond-holder
making the debt they will sooner or la
Ter have TO pay over fiity-one million
dollars instead of $i4.OOo.U0o, and vii
rTRcmAsE only little over thirty-si,
million dollars in bonds, and all this IL
lor.cr 10 get into circulation in the cit.
lof New York the 4i,0u0,OU in green
backs. II such bill, distinctly and hon
les,ly proposed to put such an amount o
Igrcenbacks into circulation by the RE
|pEMpTloN with them Of an equal amoun
lof the bonds now payable in the cur
lrcncy of Tie coun;ry,it would receive IA.
support as a member OF this House.
4 But there is an excess Of revenue
lover expenditures. and il should he usc'
Ito the hest advantage consistent wit
lpublic faith 10 reduce the peoples bur
dens. In my judgment. it should be ex
'lpcndcd. therefore, in the REDEMPTION
not i'm the PURCHASE Of the bonds, an
'lthcy should be redeemed nj par only an
with the common currency of the couil
'Itry. except the tcn-fOrties, which are cx
prcssly payable in gold and none q
} which arc vet due. The bonds as the
Iwerc issued and sold by the Government
were all registered od the books of tn
'|Treasury and designated by their re
spectivc dates, numbers, and series. 1t
easily practicable, therefore, 10 call thel
} in for redemption In the precise order. !
} | which they were issued. This should b
} done as fast as there is any surplus an
y ut brief intervals; and II after reasonabl
notice from the Treasurer for the SUI
render Of any specified amount Of III
D bonds Of certain dates, numbers. an
} series for redemption, they are not n
D turned the interest thereon should ceas
D This process is simple and PRACTICABLE
land would he distinctly just and equi
y liable.
Dl ~ ,,oI,o,,, @ba c,,t cto N Iiur uracu1o I