The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1874-09-11
FREMONT SANDUSKY COUNTY OHIO FRIDAY SEPTEMBER H. 1874

|. the law, and the general understand
ing of the community, were PAYABLE
in legal tender notes. and the act OF
March, 1869, which pledged the
faith of the nation to their payment
in coin, was an unnecessary and wick
ed sacrifice of the interests of the
ltax paying laborers for the benefit
OF the nOn-tax paying bondhold-
ers."
PROPOSED NATIONAL DISgONoR.
The Indiana Democrats assert as
follows:
"Tbat we are in favor of the re-
demption Of five-twenty bonds in
greenbacks, according to the law
under which they were issued"
The Ohio Democrats do not say
they will pay the bonds in green
backs, but they stop short and de-
nounce the act Of March, 1869.
They say that the bonds qCere paya-
Bile in greenbacks, and do not say
whether they may nol0 be paid in
greenbacks. 1t is a most lame, pit
iful and impotent conclusion. If
this policy of re-opening the ques-
tions settled by the act of March,
1868, is not sheer demagogueism it
is by far the most important issue
of this canvass. Prior to 1859 there
were some honest differences of
opinion as to the construction of
our loan laws. Mr.. Pendleton claim
ed that the public debt in the form
of bonds might be paid off by an
unlimited issue of greenbacks, and
TINS practically repudiate the whole
debt. Governor Morton claimed
that bonds might be paid in green
backs kept within the limit of four
hundred millions authorized by the
loan acts, but the great body of both
the Republican and Democratic par
ties held that bonds could only be
paid in gold coin. This dangerous
controversy greatly affected the pub
lie credit and entered into the can
vass of 1868. The act of March,
1869, was universally regarded as
forever settling this question. 1t de-
clared that the public faith was
pledged to the payment of both
funds and notes in coin. 1t was pass
ed by a Congress fresh from the
people, by a vote of SO yeas to Al
nays in the House, and in the Sen
ate by AZ yeas to 1S nays. It was
the first act approved by President
Grant. It was universally acquies-
ced in. The effect of the act was
Immediately to advance the public
credit. 1t led to confidence and
and prosperity and the rapid pay
ment of the public debt. Under the
policy thus inaugurated, three hun
dred and eighty-two millions of the
debt has been paid, the rate Of in
terest has been reduced on five hun
dred millions more of the debt still
due, and an annual saving of inter
est has been made of over twenty
five millions. A period of unexam-
pied prosperity set in, which has on
ly been checked by too rapid de-
velopment of distant and unpro-
ductive railroads.
Gentlemen, the reopening of this
controversy is a real calamity. The
failure of confidence in raiIrod in
vestments was the cause of the re-
cent panic. This swept away for
tunes like hurricane. Its receding
waves still paralyze business, and es-
pecially in the production of iron
and the manufacture of iron. What
then will be the effect of DESTROYING
confidence in public securities and
the public faith? What would be the
effect of hurrying home our dis
credited debt? What would be the
result if the United States should |
now, in violation of the public faith, |
begin to pay out its newly printed |
notes IN payment of bonds? 1t is
this danger to the public credit that |
ought now to be grappled with and
throttled by the people of Ohio with
the fierce energy they grappled and |
throttled Vallandigham in 1868.
Untarnished honor, honor so pure
that it is not only free from open
fault, but from even the shadow of
it, this is the pride of a State-men |
may not attain it but organized
States can. Fellow citizens, this
movement, whether under the open
flag of reputation raised by the In
diana Democrats or the covert, eva
sive threat of reputation in the Ohio
Democratic platform, is dishonor,
shameless, palpable and fragrant,
with which we Republicans have this
day made issue.
AN IMPENDING DANGER.
Again l call your attention to the
second clause OF the section of the
Fourteenth amendment read by me.
1t provides that neither the Unit
ed States or any State shall assume
to pay any debt or obligation in aid
of therebellion or any claim for the
loss of any slave. This provision is
also in constant danger of violation
Claims have been assumed by States
under the control of the Democratic
party which grew out of aid to the
rebellion.
One of the dangers that now
threatens our future is the assump-
tion by the general government
through the agency of the Demo
cratic party of an Overwhelming
mass of claims growing out of the
war. Heretofore, by the careful
watchfulness of the Republican par
ty in Congress, the payment of
claims in the Confederate States has
been confined by supplies furnished
to our army-and to such claims as
by the well defined laws of wars
belligerent ought to pay for supplies
in an enemy's country. Even these
are enormous. read you a state
ment recently made by Judge Law
renee of Ohio:
"Some idea of the magnitude of
these claims may be had by the fact
that the claims presented to the
Commissioner of Claims reach $50
033,764. Those now pending before
Congress reach about $20,O0O,O0O,
many of which are test claims,
which if successful, will be followed
by many millions more. The judg-
ments of the Court of claims for the
year 1873 amounted to $4S9,O34.
The claims paid under relief acts
by Congress for the same year were