The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-01-11


Way then tins objection Why consider
it "A burden @ lay a luw rate Of interest
inr brt space On bonds issued III lieu Of
the notes So long d.sluuored In ac-
clrdancc with section two of the Legal
Tender Act. passed by the House " Req
rtsrntatNes February -. 1862. and the
senate tAe following day, and a. one ap-
proved hy President Lincoln, legal tender
notes We're tundabic &c the option of the
holder, IN Sums OF fifty dollars, and -
multiply into 90 bonds at par.
We ought 10 say here that in the original
draft ~ tins bill, AS it passed the House,
legal tender notes were made a full legal /
tender. The two exception payment |
NJ .uf-l.,f un Government bonds anu uu- 1
tins on imports came, with other amend |
meuts, from the senate, and were bitterly I
opposed III the House. hut these two were /
finally accepted a. a compromise
GA the 10Th ID February, 1862, when |
This h.ll Was under discussion in the House, !
through thc courtesy Of Hon Thaddeus |
stevens. nh. vas entitled tu the floor ior |
a. hour IN closing the debate. Mr. Hooper |
ot Massachusetts, was permitted To make =
itN tr.-f remarks IN which he said II
a-n opposed " j. amendment ui tho Ser
I ate which requires the Hterest on Govern
/ urut bonds tu be absolutely paid in con-,
I ...'.. .., LII NJ rN bs N d,prrcidtr ths,,
Y au... ", ritlpa,,.i irth coin, bg i,rIuHI
/ '.... ... uj1.,.- 2, D, So ttlpJtcidt,i.
Mr.. Stevens. ia his remarks on the bill,
AZ amended, SAID M
II ] approach tae subject with more ie-
! preston oi spirits thW / ever before ap
preached Hnv question have melan-
-huiv trrD"ur,g THAI we are about 70 con
7 ,umllJe ctuniu-y devised scheme.
Winch Wlit carry great M dry and great loss
ta IL. classes a tLc people throughout this
F. iIuuu except ule. With NV colleague.
7 b.lrvr that 10 alt ii legislation 81 this
I Government was ever hailed with as much
delight throughout the whole length and
. breadth ~ this [ mon. ~ every class Of
people, without ANY exception. as the bill
winch We passed. uad s,,,t 20 the S,,pGe.
Congratulations from All classes mer-
chants, traders. manufacturers, mechanics
and iaborers poured IN upon as from all
quarters. The Boards oi Trade from Dos
tuu. New York, Philadelphia. Cincinnati
Louisville, st. Louis. Chicago and MilWau-
kce. approved the provisions and urged
10, passage rs 1t was
~ have 4 dispatch from tile Chamber
Secretary IT the Treasury and by him to
ms, urging the speedy passage OF the bill
AZ il passed the House 1t is Jrue a }1l. rid
,otasi ,a,ae ap jrn, tie eactrls Of b,,lii.4.
b.- .t5> ard f0la ~, >iioyls Of the aSs0ci,tte
L,ai> Their cashiers and agents we're
soon III tile ground ana persuaded the
Senate, with but little delIberation, to
nangie and destroy what 1t had cost tire
! " t- -, and
They fell upon the bill ia hot haste, and 50
dishgured and deformrd It, that its very
iltAcr would not know Il. Instead If be-
luE 4 henyliceut ana irvIGoratinI measure,
il IS nov positively mischievous 1t has
aA Tie bad qualities which its enemies
charged an the original bill. and none Of
ft~ Atat-. It Rotr tf.atss money. o,Yi by
u, r,4y trnas declares Il deJrec,ate,i cur
.oc. T. H,,tes tgo t'asse, Of money -ons
l.g 'L. 1aDk.l. ana dpoH>r mn ths People
lt dlscrImlnates etw cen the rights IF dlf-
irrvut classes ot (. -ditors, allowing the
rich capitalists 10 demand gold, and com
uelnn4 the ordinary lender IF money On
individual security 10 receive notes which
the Government had purPOseiy discredited.
IL have proposed an amendment 10 The
.1i tidtA h!ffll AA4N VI
legitimate parliamentary rules, that You
may MAKE as Palatable as you can An
amendment which you DO not ike, before
tie vote Is taken upon 1t. My amend
ment is offered for the purpose of curing a
little the evils and hardships Of the oriIi-
ual amendment az the Senate. And
though il may be adopted. l shall vote
against the whole as amended. My
amt udmeut j. u except from the opera
non ii the legal tender clause hsc otTc.r
I.i ~iiiiers IF the amy and "''l, anil
tiuse trbo supply l,ea .rih provisions, aud
thus put them upon the same footing with
the Government creditors who hold their
bonds 1 hope they viii not be thought
less meritorious than the money-changers.
trust u viii be adopted as an amendment
To the Senate amendment, 80 that if this
! pernicious system IS to be adopted, If the
beauty Of the original bill is to BE- entirely
impaired, hose vi no are lighting our bat
ties. and the widows and children Of those
who are lying III their graves IN every part
NJ the country, Killed III defence Of the
| Government, may be placed upon no worse
footing than those who hold the bonds Of
the Government and the coin Of the coun-
try.
So We see that Just at the moment when
Congress had got the thread Of finance into
4 We'll prepared skein, easy to manage, the
pretended friends uf the Government the
gold worshippers Of Boston, New York
and PhIadelphla--came upon the scene in
great alright, crying, hold The Senate
heard the call, ard allowed the bulhonists
% so taugle the skein by the jerking OF a
single thread that to this day the comph-
cations tO which " lrd have not been over
come, and their effects Will not be obliter-
lted for several generations By this ua-
| fortunate turn Of affairs more than a thous-
! Lnd million dollars were added to the
national debt. and beside this, the encour-
/ t-,ment it gave to the South probably
rralonged the war lnany months Under
Ills provision to which We have referred
allowing the funding Of legal tender notes
Into g. 20 bonds at the option Of the hold
| everything was working fairly. when
/ i the request Of the bankers. endorsed bv
| Secretary Chase, hill WAS passed and ap-
proved. March 1868, taking away the
privilege Of exchanging legal tender notes
Tor j. 20 bonds at par after Judy J., 1853.
Immediately upon the heels Of this, at the
request IF these philanthropic CD money
| changers, the National Bank act was
I'assed Does any one doubt that all this
was done solely for the beneftof the noble
\ Boys III Blue and their suffering fami-
lies Why, would You believe Il these
| kind-hearted bankers who always work
with a single eye for the public good paid
from January LIST, 1854, to January |,
| 1872, by way of taxes-5O COMPTROLLER |
Knox has recently informed us-more