The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1870-09-29


deus Stevens, who reported the bill
creating these bonds, and others who
voted for it, as well as the law and
the language OF these bonds, prove
most clearly that the principal was to
be paid in greenbacks-not in coin.-
But the avaricious greed of the capi-
talist and speculator now claim that
they must have one hundred dollars
in gold for each forty or fifty dollars
invested, besides the interest paid,
and Sherman, Schepck, Beatty, and
others are endeayoring to bind the
Government TO comply with this in
famous demand. What is repudia-
ton? 1t is the refusal to carry out in
good faith contract. The Democrat
ic party don't refuse to comply; on
the contrary, it says pay the last dol
lar in greenbacks, as the Government
agreed to do. But Sherman, Schenck,
and the Republicans are the repudia-
tors, because they refuse to carry out
the contract. They have gone so lar
in violation OF the original agreement
as to pass law, which was the first
to receive the signature of. President
Grant, entitled an act to strengthen
the public credit" pledging the Gov
ernment to pay the full face of these
bonds in gold. They thus repudiate
the original contract; we repudiate
their law and their attempted fraud,
and the people, believe, will repudi-
ate them. Applause aa5.I
SHERMAN AGAINST SHERMAN. u.,s
But among the voluminous testimo-
ny have one item that may be inter-
esting on this occasion. 1t is an au-
thentic letter from a gentleman of
high position. will read it. III '9
UNITED STATES SENATE CHAMBER,
WASHINGTON, March 90 1861
DEAR SIR: | WAS. pleased to receive your
letter. My personal Interests are the same as
yours, but like you do not intend to Je anRu-
enced 6ythent My construction of the law is
the result OF careful examination. and 1 feel
quite sure an impartial court would confirm it.
ii the case could be tried before court. L send
you my views as fully stated in u speech. Y0ur
idea is ttdt zee propose to sepuolidte or ciOEtte
promise .cAea ace fgef to redeem tie principal
Itiakthe 6ondAo1der eiolates Ills promise qrhe,e
he refnses to td6e tile same Kind Of money lie
paid for the bonds If the Case is I'd be tested
Dt the law, am right; if it is TO be tested by
Jay COOKIES advertisements, am wrong.
haze reputation or anything like it. but qrs
0Ught not to be deferred from doing chat is 70tt
6y fear Of undeserred epihlets. Ii under the law
1t Stands The holders of the fve-tUentieS can
only De palu IN SOltt, Then we are repudldtOrS II
we propose to pay otherwise. If tie JoadAoId-
er can Leydty demand only the kind OF money
re re Jasa yer ne Is repnd1sdtor Gnd eeto,fion'er
[signedl John SHERMAN
TO lion. A. Mann, Jr, Brooklyn Heights.t'
There you have it: Sherman against
Sherman-his confession of guilt
his acknowledgment that he is him
self g RepudIator and eXtortioner! !"
[ Applause.
THE FUNDING BUSINESS.
Mr.. Sherman, q mean the Senator,
not the shoemaker,) in his Delaware
speech arraigns General Morgan and
the Democratic party for voting
against the funding bill which he and
General Schenck got up last session.
They did right, and will receive the
applause of the whole party, and
thousands of honest Republicans, for
their opposition. What is this fund
ing system? Mr.. Sherman seems to
regard it as another strengthening
process. They see clearly, from the
signs of the times, that ere long the
people will drive the spectators and
swindlers out of power. The Demo-
cratic party are coming in. Ap-
plause. Hence the representatives
of the bondholders are in hot haste
to get the old bonds taken up through
new issue. They think that if the
5-20s can thus be retired and des-
troyed, they can say to the Democrats
i'll power, " true, the 5-20s were to be
paid i'll greenbacks, but then there are
none OF them out, and these new
bonds, under the funding process, are
to be paid in gold" This is the ma
ture OF the stupendous fraud that is
sought to be. perpetrated under the
strengthening process No. 2, of Sher-
man and Schenck, under the name of
funding. l know the Senator's
friends consider him great finan-
cier. Without intending disrespect
to him, l must say Z" L can't see it,
True, it is reported that through a
long service in Congress, he has ac-
quired great wealth. 1t is TO be pre-
sumedsihat his success is NO impeach-
ment Of his integrity, and I would
not cast the slightest imputation up
on it, All ! know about it is that /
grew poor instead of rich by going
to Congress. ! presume it was be-
cause | didn't know much about
finance. But what we have a right to
complain of is that he has not been as
successful in managing the nation 8
finances as he has been in his indivi6.
ual operations. Whilst he is growing
rich the nation is growing poor, and
he is working up plans by which the
people are to be made to pay twice as
much as they honestly owe. In re-.
gard to his funding bill, we give him
fair warning if he mikes up the hon.
est portion Of the national debt with
the dishonest, he will inVite repqdia-
tion Of the whole: lie knows, as all
lawyers do, that when transaction is
tainted with fraud, when the disAon-
est is inseparahly MIXED with the hon
est debt, the whole affair must be
treated as nullity. Therefore if his
funding process is carried out the De-
mocracy may be compelled to throw
the entire transaction overboard.-
Applause. -
:. THE EXTENT OF THE swINDLE.
There are outstanding sixteen hum
dred millions of these five-twenties,
which cost the holders probably less
lI, thqn eight hHnlatred MHillIaRg ~ gRld.
1Aese strengthening anu lHnqinS
schemes therefore propose to bind tue
people to pay eight hundred millions
in gold, which they never received,
and, according to Senator Sherman's
letter, which l have just read, they
Rsyep CONTRACTED to pay
THE SPECIE Wagon TRAIN.
Fellow citizens, you are plain men
and won't recollect these dry statis-.
tics. Allow Inc, therefore, to to re-
peat plan | sometimes adopt to i'm
press MY hesreps with the enarlnity of
This sWindle. In thus stigmRtising
this funding or strengthening scheme
of Sherman and Schenck, but bor-
row the language of old Thad. Stew
ems, the "Qld cQmmoner" and their
leader. / knew him we'll, lie had
an intense dislike Of the Democratic
party, yet when he was dying-when
he stood tottering over his grave
among his last words in the House of
Reprasenfatlves, July ", 1858, were