The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1870-04-14
APRIL IL. 1870.
might lawfully be done under con-

0 On the chancery side of the court
7 there is always relief to be found
against an extortionate transaction
+ This is 3 well-known principle be,
Z tween private individuals. 1t will
| hold good in behalf of a whole peo.
: pie They have been imposed upon
} and defrauded in the creation of the
t debt, and they may justly and with
out breach of the contract appeal to
the great equity of the. case. BY tile
adoption. of this principle the debt
diminishes and shrivels away at once
to comparatively narrow proportions.
, My calculations already made demon
strate how much of it is fiction, exist
ing on paper alone and destitute OF
consideration. The day may now
draw near when the usurer will glad
J, ly accept this proposition-take what
alone is due in the sight of God and
man, and ask leave to withdraw from
} the great high court of public opin-
J; ion, where i lodge this arraignment,
and where I plead for justice to all.
But i now take my stand on the
fourth and last plan, which shall dis
cuss. 1t embraces the payment of
| the debt, the relief of the people, the
fulffllment of the contract, and the
preservation of our national honor
| It is contained in the following up
1 right and noble resolution adopted by
| the democracy of Indiana, assembled
in State Convention on the Sth day of
this month, go p
"That we are willing to pay our ma
tional debt in strict compliance with
our contracts, whether it was made
payable in gold or greenbacks, but
we are unwilling to do more than
that; and we declare that the FIVE
twenty bonds are payable in green
backs, or their equivalent; and we
condemn the policy of the admins
tration, which is squandering millions
of money by buying such bonds at
high rate of premium when the gov
eminent had the clear right to redeem
them at par" i-s
q On this doctrine 1 plant myself,
with an absolute faith in its legality
and justice. The law which author
ICES the issue of the national currency
here mentioned says in very plain
and simple words that it is illegal
tender for all debts, public and pri-
yate, except duties on imports and in
terest on the public debit If the.
people, therefore, owe anything else
besides duties on imports and inter-
est on the public debt, the currency
named in this resolution is a legal
tender for its payment. This is in
evitabie and conclusive logic and calls
for no elaboration. It is unanswer-
able. It rises at once by bare state
ment to the full force of demonstra-
ton. The bonds themselves contain
no stipulation on their face for gold.
They appear as any other contract to
be satisfied by the payment of lawful
money. slf7e il- ..
/ This view of the law was not con-
fined until recently to the party whose
standard follow. It was very com.
mon among the leaders and in the
ranks of the majority on this floor
until the incoming of the present ad-
ministration proclaimed new depart
ure in the interest of untaxed capital.
The Senator froIA Indiana himself
(Mr. Morton) was its advocate, and
the party of which he is so distin-
guished a member laid it down as
their creed in their State Convention
two years ago at Indianapolis. The
same position was assumed by the
same party in Ohio under the sanction
of one of its Senators. (Mr. Sher-
man) so long the chairman of finance
in the Senate. But who will ever for
get the support which this construc-
ton of the law received here in this
body Do you not still hear the hot
and bitter eloquence of your greatest
leader? Do youlnot freshly remem-
Der when the trenchant tongue of the
celebrated member from Pennsylva-
MIA (Mr. Stevens) pronounced here in
his presence that any other construc-
ton was a swindle and robbery. The |
distinguished gentleman from Massa-
chusetts (Mr. Butler) is here and can
answer If his views have changed in
TO harmony with the administration. |
Sir am l not supported by ample tes-
timony and by many competent wit
nesses? Though they now fall off and |
abandon the cause of the people and |
follow the banner of extortion at the |
command of the executive, and vet |
the record still survives to show what |
was their free, unbiased construction |
of the contract. Though this house
in March last enacted the Wretched |
farce of attempting to inject new
meaning into law then seven years
old, by declaring, under the guidance
of the chairman OF the committee OH
ways and means (Mr. Schenek) that
the whole debt as itappears on paper
was payable dollar for dollar in gold,
yet there stands the law, and there
stands its Interpretation as given by
him, who, as then chairman of the
committee on ways and means, draft
ed and defended it. Mr.. Stevens.
Mr. WOODWARD. If my friend
from Indiana will excuse the inter-
ruption, would suggest he does not
do exact justice to the gold bill. 1t
excerpts from its operation all debts
where the law of their creation pro-
vided for payment in currency. 1t
did not change the question as to the
five tWenties an ieta,
Mr.. VOORHEES,. Its attempt then
failed. The law stands as it did be-
FORE The distinguished gentleman,
from Pennsylvania, whose opinion as
q iurist is SO valuable, am glad to
know intends to add the great weight
Of hfs opinion to the position which l
maintain. / thank him for doing SO. |,
The law, then, being plan and be-
yond doubt, what are the results which
would flow from its enforcement p
The five-twenty bonds, amounting to
over sixteen hundred million dollars,
are falling due now and will continue
to do SO during the next fifteen years.
An issue of currency for their paw
ment, according to the demands of
trade aud business from year to year.
would brighten the face of the whole I
country with joy and relief, and at s
the end of that period the debt would 1
be reduced to less than FIVE hundred ;
d0llaIe. An annual interest !,
of over q hundred million dollars in t
gold will cease to drain and impov- S
erish the people. Three-fourths of q
the debt would be paid, and the bal !
4nee can be encountered with hope
and without systematic oppression.
Am 1 met by the cry of imitation |