The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1874-08-12
CONTRADICTORY REsOL UTIONs.

CONTRADICTORY REsOL UTIONs. y.
But, according to this resolution, \
the government should issue $751;
100000 Of additional greenbacks for
circulation instead of the bank notes.
These additional greenbacks will be .
not drawing interest, and the very
next resolution declares that the gov
ernment shall return to specie pay
ments as soon as the business interests
of the country will permit. Itrequires
little reflection to see that these two
resolutions are exactly contradictory,
and that the first puts it out of the
power Of the government to comply
with the second. IF the government
can not procure the gold wherewith
to redeem 1882, ,000,000 of ereenbacks,
the present amount in circulation, how
| will it be able to redeem the green
backs when the volume shall have
been increased by adding 1854, 900 GOO
mere IN place of the national bank
currency, ma king@736 ,OO0, 900 Of green
backs? The difficulty of returning to
specie payments will be Increased
nearly 100 per cent, and, according to
the generally received theories, this
will largely add to the depreciation of
the greenbacks. ~ s-' /
THE PL EDGE OF 1864.
In the act of 1864 distinct pledge
was given to the creditors of the gov
I ernnlent that the whole volume of
greenbacks should never exceed $780,
OO0, ,000-the amounts authorized by
the acts of 1862 and 1868. The recent
bill which passed Congress and was
vetoed by the President, assumed this
pledge ito be binding, and fixed the
maximum amount. of Fgreenhacks at
! 800. 900, 900.
The proposition now made by the
Democracy to increase the issue OF
grcenbacks 1854 600, 900, is beset with
difficulties and contradictions on every
hand. When. the greenback acts were
passed in 1862 and 1863, they weresde
nounced by the leaders of the Demo-
cratic party, embracing the Oldest and
most distinguished members OF this
convention, as unconstitutional upon
the ground that Congress had no pow
er to make anything but gold and sill
yer legal tender in payment OF debts.
When Chief Justice Chase delivered
the opinion of the majority of the Su-
!. preme Court TO the effect that these
acts were unconstitutional, ne was
sustained by the leaders of the Demo-
cratic party throughout the United
= States: and when afterwards Presi-
, dent Grant had appointed two more
Judges upon that bench andSthis de-
cision was reyersed and the constitu-
tonality of those acts affir med, he was
acharged by the politicians and press
|. of the Democratic party everywhere
: : with having packed the Supreme
.. Court for the purpose of obtaining a
. decision in gross violation of the Con-
! stitution of the United States. Now,
!; in a time Of peace, long after the war
is over. We find portion of the same
politicians urging that the number OF
greenbacks should be doubled and
: that these new greenbacks should be
: used in payment of the five-twenty
c bonds issued and sold by the govern.
Q .ment years before. The position Of
: these Democratic leaders is subject tc
Ascriticism th:it during the rebel
lion when the issue OF grecnbucks wa:
= asnacessity to the sprosecutlen of the
y war, they denied the power; and nov
in time of peace, to gain political ad
. vantage, they assertthe power, though
II it would involve broken pledge, anC
e is stripped of all plea of necessity.
ADoUBLE REpUDIATIoN.
= And this brings melto the consider
J alton Of the first resolution of th'
II platform: 81
II II That we are in favor of the re
= delnption Of the five twenty bonds Ii
z ! greenb acks, according to the law un
~ der which they were issued.
Il The existing greenbacks were au
: thorized and issued before the sale b
:" the government of the fve-twent
:, bonds The law creating them de
le clares, and upon the back of ever
= note is printed This note is lega
% tender at its face value for all debt
: public and private, except duties o
y imports and interest on the publ
7 debt" 1t was with these notes tha
i the five-twenty bondsSwere purchase
- !. at par from the government by TN
- - people, and it was contended wit
- great force that the government, b
!. !. the express terms of the law, had
~ right to use these notes in. the pay
nfent Of those bonds In fact, it wa
u u difficult to see how, upon principles {
y. ~ equity and the reading o! the law, thi
aae conclusion could be avoided. Never
y. thaless. it was strenuously argued tn;
!. there was an understanding outside {
y the hw, and a manifest public polio
II ! which required those. bonds to be pal
|. in coin.s
oe Y I THE PENDLEToN8 THEORY.
he But in 1867 Mr. Pendleton, di
al tinguished Democratic leader, az
MS vanced the proposition that years att
he the bonds had been sold. Congress ha
&C. the right to make further issue I
Mt grecnbacks beyond the four hundre
of millions authorized by the origin
nd acts. and to make them legal tend
an in payment Of those pre-existil
bonds, and that these new greenbacl
en- should be issued in such quantities
at to enable the government to pay {
to the bonds at rapid rate, and stop Il
ch interest. To me this propositit
en- seemed to involve bad faith and r
mt pudiation. To require the holders
mt the FIVE twenty bonds to accept
ks their payment the original greenbacl
se- with which the bonds had been bong
mt from the government, expressly MAJ
he legal tender in payment OF all publ
ng debts. except interest and duties; W
,re equitable. and measure of viii,
be they had due notice; but to requi
dy. them to accept in payment q firth
II ssuelof greenbacks made long aft
est they had purchased their bonds wou
es, be not only in violation of the pied
an given in the act of 1864, but unsuppo
Mt. ted by the reasons, necessities al
,se equities of the original transaction al
it'll inconsistent with national faith III
cir proposition of Mr. Pendleton had 4
afe support Of many distinguished leade