The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1874-09-23

the act Of June, 1854. That act Increased ia.
limit Of the green5aeks 70 siooe ~ pieds q.
or to be issued should not exceed that volume Tbs
pse ePn wfe a 2sa s s prb5 a 81
government being able TO take them mp and pat
this on R s bae o
hundred millions, and the faith of the county is
web not be roags bsroad the
limit of four hundred millions. Xery. well
the country. Nov hold that the DemeeTatIs
theory cannot be carried into effect With good
a permanent covenant of Congress with the peo-
pie that. come what might the 500 eco 900 limit
should never be exceeded This Law - very
short one and i beg. in this connection, to read
i to yo9. Section 2 June =. ioo4; or shal
greenbacks} issued or to be issued, ever exceed
500. go $50, and such additional sum. not ex-
eeedi1g 1900. may % ten poraTily re;
pause right here t., to say that here s5or is
cannot be carried out. IL is forbidden by this
law. Ii the $40 bonds can be redeemed in green
backs at al, it can only be done in such as We're
limit is insx9rably, fixed, and can
have another reason which think is stiIl more
foreible- now call your attention to the act
is6e which reads as follows:
Be il enacted, ete;-I cali your attention TO this
law because the Democratic party propose, ii
i they succeed. to repeal and trampie under 10 II
other act Of Gonsrsss and they Intend to repel i
whenever they come into power.
/ BE II. enacted, etc. That in orler to remove
discharge III its obligations to public creditors and
! Of Law by virtue of which such obligations have
eiared that the ath of the United st ites Is sol
temnly pledged TO the payment in coin. or its
equivalent. of all the obi cations of the United
| States--tha comprehends the greenbscks-and of
except In eases where the law a9thofizns the
issue Of any such cblieations has especially pro-
yIded that the same may be paid in lawful money
or in ether currency than gold and silver. But
none of such ntcrest-bear.ng ol,iigations NOT
already due, shall be redeemed or paid before ma
turty. unless such time the United states notes
shall be Converted into coin. at the option OF the
holder or pnissss n at such 9.s,o. time
a lower, rate, OF interest, and .thoss.. to be
redeemed can be sold a. Pc ar n n eoin Then fol-
soiemniy pledges its faith to make provision at
the earliest Practicable period for the redemption
United States notes TO be redeemed in coin are the
greenbacks with which you are familiar
by the congress OF the United States as to the in
tent Of that law. As to the meaning of these Oh
authorized the issue OF these bonds they meant
that they should be payable in coin. and the
cable moment the United States, will cause these
pFee c Court ur 81 the ned aes hroGeh c6e
Justice Chase. long since pronounced its opinion
United States issued s. note wherein it prom
ses to pay s. To the bearer at the Urea sury in
aShington at the oilce OF the ASslStInt Treas
urer in New York, it meant. s. in cola of
tain weight and degree of fneness according TO
the stand ri established by law. Thus We have
now the declaration of two departments of gov
ernment that the greenhacks are payable in coin.
of the of 1852, declaring that the so bonds are
Payab,e in coin, principal as well as interest
Dem ratio friends. what do you gain in competing
the holders OF tao 90 bonds to surrender them
not dollar What do you gain? Why. # It may
be considered gain at all. You call in the ohlica-
years yet. and exchange these obligations that
are due when issued. 1t is difficult to gain
gain in stopping the interest upon the bonds that
are thus surrendered. L can understand that very
holders Of the 80 bonds to surrender them and
take greenbacks in exchange, for the time being
What follows? Here You will have transgressed
the si00, 600 600 limit You have one. or several
upon the country. all calling for coin. and due
upon presentation and you have done this as Il
the odious bondhoders. But the government
must not, after dishonoring itself by compelling
compel them then to hold their ereenbacks indef-
niteiy- Ii would be dishonest in the highest de-
gree. If debtor owes you sir. a hundred dollars
end is not able to pay. and wants time, You give
him SIX months or year upon condition that he
keeping you out of your dues Then the govern |
ment is driven sooner or later to take up these
gTeenbacks and to give Its interest bearing t
obligations because these greenbae ks are due on
and f ths ho % 81 sae Is entitled a.
paid, Government must. sooner or later. give I
oaex nS 9ta an atsr AL ts
in 1oq will have gained nothing 1ou will have
violated the pledged faith of the, govern iaent
twice given: You will have compelled men who .
act Of March. 1852 trasfns e the good faith i 81
this government; trusting TO that act as a perma-
bonds not at their Tee only, but paving prem
lum, paying i've, six and eight per cent.
such TO sure nuer these hOUIS less
the prem um getting Just the face Of the bonds in
friends across the water. They were kinder to Us
than any OF the old country people during
at home and pe' abr9ad 6a
invested largely in our, securities as the best
years since the war our national credit has risen
to such hight that our, public securities stand
on par with those Of the oldest and best esta3
l<hed governments in the world. But as | said.
since the settlement of the question by this act
every capitalist has been investing in our securi-
ties and paying premium. Look at the quota
tons of our government securities in the morn
government drawing but Ave per cent. IN
tsrest that does not command premium;
frst year or ISL. the eighty-ones. command
0S and 90, thatis to say premium Of eight per
1881 ana drawing six per cent interest. is worth
aaighs per cent: ro premium IN geld at
sratie theory com peis:the holders Of these bonds
TO surrender them whether they live here or +:
yreenbacks which might De used here. but cannot
Be in Europe. to take them at their faca and
give up the premium. Do You think that is hon
est? 1t is of great importa nee to nation to have
good credit abroad. We had bad credit at the (:
Hose of Mr.. B0ehanan's administration, very Il
bad, indeed. Even our six per cent. bonds. were
now eight per cent. in gold. were hawked about
oy Mr.. Cobb, in New York, and sold at sacrifice Il
Of six per cent That the last instance of Dem
,oratic iaanciering in the government. They went
out of power a few days afterwards Laughter
md applause If this country gets into trouble
sgan It may have occasion To appeal to capitalists
or loans of money its securities. It is rot cur
policy TO keep much money IN the Treasury. And
( by this single act Of the Democratic party VIC
freak faith with the holders OF cur bonds the
World over. who viii trust as if wa should ever {
ret into trouble with some foreign nation. or
ire threatened with another Instruction, and
ind il nseesssry TO horroM noneYI II hara Is nnr