Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-04-05

|
between the Government and the pu
chaser of every bond created subsequel
to Feb. %, 1862, made that bond psyab
in legal tender notes, except in the abOY
named limited exceptions.
| | ask no stronger reasoning-nO moi
binding authority TO convict the holder
of more than three-fourths of our entir
bonded debt of robbery when they dC
mand and receive gold, thaD the Senator
word who now maligns and calumniaie
the Democratic party Of Indiana for up
| holding the contract, as he did ON the ] Id
day of March, 1869 | would seek n
better testimony on which to impeach tn
| Administration for malfeasance, and tn
criminal abuse of IFS public trusts in pay
ing gold on contracts that call for paper
| than that which have here in my hand
furnished by that eminent leader of tn,
Republican party. By his own plain, de
liberate showing the plan which he nov
advocates-t payment of all the bond
in Colds wilful, barefaced violation
of law. Every dollar taken from thu
taxpayer by this plan, beyond what the
contract calls for, Is as much an illega
plumber as the proceeds of any Other
felony ever known in the annals of crime
SENATOR MoRRnL's OPINION OF MORTON
But in order to show that others, i'm
partial witnesses and partisan friends,
drew the same conclusions that I have
drawn from this speech of Gov. Morton'S
in the Senate, l call your attention to the
remarks of Senator Morrill,, who immedi
ately followed him in debate. Says this in.
tense Republican Senator from Vermont
81 am somewhat surprised at the posi-
ton taken by the distinguished Senator
from Indiana, fer believe he goes fur
ther than even our friend Pendleton on
this subject. His amendment goes SO fan
as to propose to pay in paper money debts
that were contracted in 1S4S.
Such was the light in which the posi-.
ton of the Senator from Indiana was re-
garded in the Senate. There is not a
more careful, thoughtful, clear minded
man in that body than the New England
Senator, who thus placed Governor
Morton in advance even of the
distinguished gentleman from Ohio on
This subject. Was he mistaken? Who
will say that he was after reading the ar
gument to which you have just listened
The Senator from Indiana, however, be-
came, somewhat alarmed for his party
standing by finding himself in advance of
Mr.. Pendleton, and attempted an expla-
nation by denying that the Government
had the right to issue new legal-tender
notes for the payment of bonds heretofore
created. But standing on the premises
he had already laid down, how is this last
position into which his fears hurried him
a all tenable? Headmits and strongly AYERS
that with the exception of the ten-fOrties
the principal of every bond issued since
Feb. %, 1862, is, by the law of the
land, payable in paper money, just as
every other debt amongst the people is
payable. Why, then, is it not the right
and the duty of the Government to make
all needful provisions for keeping this con-
tract! The purchaser took his bond and
agreed to receive payment in legal tender
notes. The Government sold its bonds at
an enormous discount, and contracted
that in its use of the peoples money it
would pay exactly what the bondholder
agreed to take, and no more. Why has
it not done so2 . Has the Government the
right to say that it viii not issue legal
tender notes with which to keep its posi-
tive contract The Government is a
trustee of the people, and holds their
money, their sorely earned taxes in trust
for lawful purposes. Has it the right to
pay two dollars of their money to the
bondholder, when one is due; to pay gold
at apremium, when Gov. Morton says the
law only calls for paper2 When gov
eminent makes a contract it has the
power, if the contract itself is constitu-
tional, to execute and comply with it.
Gov. Morton does not doubt the constitu-
tional power to make the contract for the
payment of bonds in legal tender notes,
which are expressly provided for by the
contract ITSELF The contract itself is
alive, in full force, and of binding eff
feet; but one of its specific terms, indeed,
the very essence of the whole transaction
is suddenly found to be dead, null and
void, and beyond the reach of the power
of the Government! The contract, the
solemn contract by which the Spectator
during the war, was bound to receive in
payment for his bond the same kind of
money which he paid for it thus falls to
the ground, and he gets gOld-frOm forty
to sixty per cent. over his investment
because the Government could not issue
the very legal tender notes which the con-
trtet called for II is true that it had
ex' rcised this power over and over again,
and the whole world was advertised of its
policy; but just at the right time to
make harvest of gold for the brokers,
shavers and owners of our national bonds,
such as the boundless hand of human
avarice, never before gathered IN, it was
discovered that this power no longer ex-
isted 4 contract for paper money al
once, like an enchautment of oriental
fable, turned into a contract for gold,
and the stupenduOus difference between
the two standards was instantly levied on
the long suffering, patient and outraged
labor of the country! These are the in
evitable and absolute conclusions which
spring from the incOngruOus positions OF
the SenatOr-colrect in the beginning and
faIlacious in the end. Who doubts that
the power which contracted to pay bonds
in currency can issue the currency to keep
its contract? Who doubts that the Gov
eminent can do and ought to do exactly
what it undertook Who fails to see and
to despise this poor pretense, this miser-
able subterfuge-that the Government is
unable to keep its word, and hence that
the bOndhOlder shall receive twice asmuch
as the law gives him? In the interest of
every laborer, who has no !amassed wealth
in bonds, who has nothing exempt from
taxation, in the name of honest industry,
which plOds its ceaseless rounds with none
of the privileges of idleness and ease,
demand the contract, as it was made, shall
be fulfilled, And the voices of the multi
tude will yet cry out like the voices of the
deep in its anger, against the unjust
stewards who have been given in charge
the precious treasures laid up by daily
toll, and who have failed to enforce The
law, who have allowed the many talent,
of the taxpayers to lie gnl&wfu!iy caFricC
away and consumed Ia sumptuous unL
riotous living.
MORTON DECLARES THAT THE LEGAL TEN
DER NOTES MAY BE REIssUBD.
But again. The Senator himself quOtet
t. law that legal tender notes already
issued, ''when returned to the Treasury
| may beBEISsUED from time to time, as the
exigencies of the public service may re
quirc." Has even this been done and th,
reissue applied to the payment of the
bonds according to the contracts 'Fron
time to time as the exigencies of the pub.
lie service may require" This is an un-
limited power to reissue as often as thu
public service may require it to be done
Nothing is left 10 be determined, excep
the wants of the public service. Why
have these legal tender notes, then, no
been reissued, bonds paid off, interes