Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-05-01


: n l,.iss' !. al
eonmittee 10 the Senate, and. indeed. Is
known to be the leader In financial aiialrs
Of bis party, on the 10Th of March, 1868,
saisis
s'I think the bondholder violates his promise
when be refuses to take the same kind Of
money he peid for the bond. IN the holder can
legally demand only the kind 81 money be paid,
tsen he Il q repuoiator and ectoftoner % oeSnAHd
money more valuable than he gave"
Gen. Butler, the successor Of Thaddens
Stevens in the leadership Of his party on
this floor, said in one Of bis speeches onthis
subject that:
''To the assertion thasby this course the pub
Tic creditor is injured, reply that propose to
paw him when his obligation falls due In precise
~ the same money or currency which the SfoV-
eminent has provided for every other creoitOr,
public or private, to be paid In and that which
It is declared upon the back of every legal-te4-
der note he may be paid In. i do not propose 70
do injustice to the public creditor, but 70 pay MN
according 70 the letter and spir OF MS obuga-
ton and to secure him from the danger Of re-
pudatiOn, which will surely follow an u snpt at
enforcement upon the people BY their own votes
of an unjust and uncomfortable transaction m
der the guise Of a contract"
And Thaddeus Stevens, who, more
than all other men, made the
present Radical party, and who,
when living, ruleds Il with almost
the an hority of a parent, said in one Of
his speeches in reference to this question:
"After they fan due they are payable in money,
Just as the gentleman understands money; just as
understand It; inst as We all understood Il when
we passed the law authorizing that loan; just as
Il was dozen times explained upon the floor
BIZ the chairman of the Committee Of Ways and
Means when called on by gentlemen 70 explain
81 ~ na ffln sI-nr
derstood it meant. II knew there was such
platform and such a determination on the part
OF any party, / would vote for the other side,
Frank Blair and ALL I would vote for no such
swindle on the taxpayers OF this country. 1
would vote for no such speculation In favor OF
the large bondholders, the millionaires who took
advantage of our folly in granting them coin
payments of interest"
might add other names, the views Of
other recognized leaders Of this party, and
add further their opinions as promulgated
in party conventions in several Of the States.
But the authority of names Is nothing COM
pared to the weight of the law itself as
judicially ascertained and determined by
the highest tribunal in the land. The SUI
preme Court of the United States has de-
cided that the legal-tender note means what
1t says. And if it is money 30 your sold er,
money to your sailor, money to your PEN
sioner, money to your laborer and employe,
money between citizens, why shall 1t not be,
when the law is so declared, but for your &C
ton, money TO the bondholder? Why should
he be favored? Why should the taxi payer
toll and sweat, and deny his wife and
children comforts, for bis benefit? Why
should millions be levied and collected
from the laboring classes OF the people to
supply gold for the bondholder and paper
for the tax payer, and large part of that
paper the mere promise TO pay Of the stock
holder?
Mr.. Speaker, it seems to me that since
the recent decision of the Supreme Court
of the United States 1t is the imperative
duty Of the Government to retrace It's flnan-
cial pulley and at once to set about the pay
ment Of its large debt in the legal mode
pointed out by The decision referred to. A
failure TO do so makes you pdrticeps Grim
inis in great fraud upon the taxpayers Of
the country.
As have already said, do not at pres
ent contemplate any increase in the volume
of paper currency, but it will readily be seen
that it may be done if demanded by the
great Interests of he country, and unless
the third proposition, to which have asked
the attention of the House, shall, when
tried, bring into active circulation the i'm
mense amount Of gold and silver now
boarded, it may become prudent to increase
the volume of paper currency in the shape
Of legal tender notes.
l estimate that if the fractional and small
note currency in paper is retired, In its
place will flow gold and silver currency
from one hundred and fifty 70 two hundred
million dollars, which will be in the hands
of the people for daily use. With this
amount in the hands of the people,
and with the collections of customs
at fifty per cent. less than now due in
gold, you will be restored, as far as it Is
practicable with your immense debt, specie
basis to the trade of your country. OF the
advantages to the individual directly, and to
the trade and commerce Of the whole
country, together with its bearings upon
private and public credit in having the daily
circulating medium in gold and silver, it is
idle now TO speak. l take 1t for granted
that there will be no dissent to to the pro-
position that il will alike tend to support
public and private credit, and to build up
trade and commerce upon q secure and
healthy basis. Is there any better method
of reaching so desirable an end than the
D1C su2ECELEA Al ny ANsOlUtAOla Al DIS " -eAS
is IL? If so convinced, am ready to adopt 1t.
Pursuing The thought that is in my mind,
| beg leave to direct attention now to the
proposition made to receive in legal tender
notes q part Of the duties derived from
customs, now payable in gold. Except for
limited amount TO pay certain officers of
the Government, the Treasury Of the United
Sat does not require gold beyond the in
terest on the public debt SO payable.
The public debt, upon which interest
is payable in coin and currency, amounts
to $1,000, 100000, q speak in round num-
bers.) The interest payable in coinis about
| one hundred millions Per annum. The
receipts from customs for the year ending
June 80, 1871, was S2O6, 270, 4O8.05. Now,
if you provide that fifty per cent. Of these
| dues may be payable in legal-tender notes,
the Government will collect enough gold to
pay all demands against the Treasury and
! leave sufficient surplus Especially If we
! calculate upon an increase of custom dues
as we have right to do) to meet our gold
obligations as they may be payable. Any
! balance that may be in the Treasury In
! legal tender notes, derived from any source
whatever, would have applied to the pay
ment Of the fve-twenty bonds.
The adoption of this proposition, it is be.
ieyed, would tend TO break down the differ.
ence now existing between the legal-tendeI
note and gold; it would tend to break up
| gold gambling, since more than anything
else, it is reasonably argued, the demand
of the Government for gold in the collection
of custom dues serves TO keep alive gold
! market. If this demand is diminished, and
The policy of paying the debt according &c
She bond is adopte-, spectators and gamb
| iers viii not, cannot enslave the trade and
commerce of the country to their schemes
and plots. But even if it does not accord
with the policy Of the Government to pay
the fve-twenties, as have argued, yet
submit it is just in every other view of the
question that no more gold shall be exactet
| from the tax payer than the actual, moi
/ speculative, wants Of the Government may
! demand.
observe with pleasure that my able
and distinguished friend from Kentucky
! IMr. Beckl has introduced q reso
luton embracing this last PROPOSE
/ l., -