The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-08-11

| bonds was PAYABLE Afterward, when the pub
lie necessities requirsd more green1,acRs ana
tended the principles OF this first leglslauon on
the subject, and auth .rized the secretary OF the
| treasury 10 act accordingly. In the acj OF con-
gress OF July III, 1861, authorizing the next one
| hundred and fifty millions OF greenbacks, the
following plain and explicit ianguaee - asain
And sucn notes shall be receivable in pay,
ment of all loans made to the United states. ana
OF all taxes, internal duties excises, deDts ana
demands of every kind due to the United states
except duties on imports and interest aud OF all
claims and demands against the United states
except for interest upon bonds, notesano cerlin-
And proceeds further to say that such notes
"shau also be lawful money and legal tenuer
in payment Of all debts, puDilc ana private, sr,e
/ ports and interest. as Aforesaid.
Ano again, March 3. 1862 Congress, in author
izing third issue of greenbacks, relterateS Jne
above provisions in regard to their character as
| legal tenders. Indeed, there never was green
atcd attached to l., and there never was a five
/ twenty bond printed and engraved by the gov
eminent, which was not convertible at the
pleasure OF the government, after five years, into
greenbacks. II IL is in the power of language 10
make any disputed point clear, the laws OF Con-
gress have placed this proposition beyond the
Possibility Of doubt. Yet Senator Morton does
not hesitate, in the face of these most expiiclt
provisions TO declare the first resolution OF the
democratic platform a double repudiationi Is
| there a man in the hearing OF my voice. Whetner
| republican or democrat who agrees with hlmY
THE GOLD BILL OF MARCH Is, 1859.
March Is 1869, in which, AMER everyone of the
five twenty bonds had been issued and sold
subject to the provisions of law just cited Con-
| gress declared q new meaning TO the contrac&,
and thereby almost doubled the value of these
bonds the hands of their holders, and cor
| respondingly increased the taxation OF the
! people. With the incoming of Grants adminis-
/ Iration, bonds to the amount of fifteen hundred
| millions, which were confessedly payable in
currency by existing laws, were changed into
/ gold bonds.
against the people can be successful; thus
\ fraudulently adding to the national debt from
| 80 to 40 per cent. on every dollar we nghuully
owe greater infquity than this has hardly
H. ts an ie6orins ed
repudiates It's own laws in order to still further
gorge the rich, needs a change of officials at its
Morton, In speaking OF this wicked piece of
legislation, says
alt may be safe, therefore, to predict the
settlement of this question by theact of 1859 viii
rot be disturbed; and that ii will not be in our
power TO reopen it.. If this settlement is right it
ought not to be disturbed but If it is wrong, a
robbery, and a felony against the people, then
there should be no cessation in the popular war
fare against il until it is torn open and scattered
to the winds. And 1 now propose TO show that
at the time this settlement, as Senator Morton
calls it, was made, he himself denounced IL as
an attempt to change the meaning OF existing
laws, and declared and proved conclusively that
the 5-20 bonds were payable i'm greenbacxs, and
finally voted on the ayes and nays against the
passage of the act declaring that they should be
paid IN gold; If do this, may not reasonably
platform in favor of the redemption of the 90
bonds in greenbaclKs, and the second resolution,
demanding repeal of the act of March lS 1863,
are established and justified by the record of the
senator before he was coerced into his preseGt
unpleasant situation?
SENATOR MoRToN's VIEWS IN REGARD TO
THE GOLD BILL AT THE TIME OF ITS PASS
AGE
Under date of March IL, 1863, on pages 50, 81
and 80 of the Congressional Globe, for the first
session of the 4Ist Congress will be found the
strong and determined utterances of Senator
Mort ON against the passage OF the act I'm .aues-
ment. He opposed 1t sq1arely on the ground
/ that the five-twenty bonds were payable by the
| backs and could not legally be made payable in
| geld except by a return TO specie payment. In
/ the discussion IN the senate In speaking OF the
| fve-twenty bonds and the legal tender notes he
"Are these bonds public debt9 Undoubtedly
/ they are. Every debt that is owed by the gen.
| ersl government IS public debt; and in this
| third act of congress-there is another one still
lit is declared that these notes shall be applica-
BILE to the payment of all public debts, except
that part of the public debt which consists of in
teresJ on notes and bonds"
| Again, in speaking of this, and other similar
provisions In the various acts upon the subject
he said: -
| explicit declarations of the law-making
1 power L have never read; and when the
these notes si7am be lawful money and LEGAL sst
/ tender in payment of all claims and demands
/ C.
| is anything left out there except the exemption
which follows in the language of the statute,
this Language is repeated three times afterward
in different acts of congress, so that though the
| acts creating tIese bonds are silent to how
the principal of the bonds shall be paid, yet the
acts creating the notes declare that they shall
/ be applicable to the payment of every debt
against the United States, except the interest on
This is conclusive that little more than five
years ago Senator Morton supported the first
Il dpmOCr9 40
now denounces- He believed the fiye-twenty
bonds were made payable by law in greenbacks,
and hence opposed the passage of the act MAX
/ ing them payable in gold. He went further.
He strongly stated that the measure which he
Ijobbing operation. He said: $50 that all the
legislation of this kind is superfluous, except
| value of the bonds"
| And again he said:
"Sir, il is understood, believe, that the pas
sage of a bill of this kind would have the effect
in Europe where our financial questions are
and that will enable the great operators TO sell
the bonds they have ON hand at a profit. 1t il
i'm the nature of a brokers operation. 1t is a
of bonds for the interest of the parties dealing
in them. This great interest is laundering at
months, and by every means sttemptine % ~
drive us into legislation for the purpose of max
ing money for the great operators. That is
what ii means and nothing else"
No doubt the senator was then right, and that
this measure did operate to the swelling of many
an Overgrown fortune obtained from the sorrows,
miseries, privations and labors of the American
people. 50 far, indeed, did Senator Morton carry
his views on this subject that Senator Morril, of
| Vermont. reblked him in the open Senate in
the following languages:
| II am somewhat surprised at the position OF
the distinguished senator from Indiana, Tor
believe he goes further than our ancient friend
/ Pendleton ON this subject. Hisameudment goes
| so far as 10 pay in paper money debts that were
contracted in lS4S.'
| But nothing siIenced Senator Morton in bis
i violent opposition to the measure he now SO
| much approves In another part OF the debate
he exclaimed
sAnd now l PROFOUND the question. 1t Is
either intended by this bill to make q new con
tract, or Ii is not. III it is intended To make a
new contract protest against IL. We should do
| foul injustice 10 the government and the people
of the United States after we have sold these
bonds Oh an average for not more than sixty
cents on the dollar now to make new contract
for the benent OF the holders. If it does