The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-06-27
THE ORIGINAL CONTRACT.

At the present time when the old cry of
reputation is revived by the gold gamb-
lers and their allies, and used against every
resolution which advocates the literal full
tillment Of the original contract for the
payment of the principal Of the $40
bonds, it is well to refresh our memory by
referring "a the statements Of the late
Hon. Thadeus Stevens, a man who at the
passage Of the bill Was Chairman of the
Committee on Ways and Means. and whose
opinion is entitled to every consi ieration.
The following debate occurred in the winter
Of 1868, when the funding bill was under
consideration
The consideration of the funding bill was
resumed in committee The first amend
ment was agreed to with modification that
bonds shall be III denominations Of $50, or
some multiple thereof.
Mr.. Ross moved to amend the second
amendment by reducing the rate OF interest
to per cent. Rejected.
Mr. Hubbard moved to amend the portion
proposed u he struck out BY providing a
class II 10 year bonds at 3 65 per cent, thus
making four classes At bonds This was
agreed to.
Mr.. Pike moved e. amend by making
interest on ali bonds per cent instead OF
300
during the discussion, Mr.. stevens, who
advocated I per cent as the lowest rate Of
interest. said he had understood the gentle
man from Illinois Boss t. say that the bonds
should be pald according IL the New York
r.Iatf,rr. Whaf hat r.ia
Mr. Ross-To pay the 5-20s in lawful
money.
Mr. Stevens What do you call lawful
money,
Mr. -tireenbacks; that is your doc
trine and mine. you know Laughter
Mr. stevens hold to the Chicago plat
form, and as | understand it on that point,
TO the New York platform that these bonds
shall he paid Just according to the original
contract
A member law
Mr. Stevens According to the law.
Mr. Pike The spirit and letter OF the con
tract
Mr. Stevens What was that law u; That
the interest should be paid up To a certain
time at per cent IN com after the bonds
fell due We uld be pay able In money Just as
the gentleman from Illinois Just as he MIR.
Stevens) understood II Just As we all under
stood 1t when the Law was enacted Just as 1t
was explained on the floor dozen times by
the Chairman Of the Committee ON Ways and
Means. If he knew that any party in the
country would 20 for paying in com that
which was payable III money, thus enhancing
the debt one-half If he knew there was such
platform and such a determination on the
part Of his own party, he would. with Blair
and all, vote for the other party. He would
vote for no such swindle on the ax-payers Of
the country. He would vote for no such
speculation in favor Of the large bondholders
the millionaires. He repeated, though it
was hard to say it, even If Frank Blair stood
on the platform Of paying according to the
contract, and if the Republican candidate
stood on the platform Of paying bloated spec
ulatoTs twice the amount agreed to be paid
them, and Of taxing his constituents to death,
he would vote for Frank BLAIR even if q worse
man than Seymour was on the ticket. Much
excitement and sensation.
Mr.. Ross-The Democratic doors are still
open, and the gentleman can be taken in.
Mr. 0'Nelll moved to fix the interest at
Al per ceut Rejected.
Mr. Pixies amendment was also rejected.