Union and American. [volume] (Greeneville, Tenn.) 1875-1877, 1876-09-28
$500, 100000 STOLEN.

fONO,OVOtOOu civilian
THE sTUPENDoUs BOND swINDLE OF THE
HEPUcLICAN PARTY.
lIIon. john II. Crnzier's Speech in
K%noxvi!le.l
The Republicans had boastingly
deficd Democratic speakers to
make proof Of charges Of cor up>
ton against any official Of their
party except B~elknap. If reck.
~lessDess, extravaganza or cOrrup-
ton could not be proven against
many more, then, indeed, it would
be a bad showing for the Demo
cratic party, which had brought
these allegations ; but he intended
to prove that wherever there was
money, there the harpies of the
Republican party had gathered to
feast oG the spoils.
Beginning with the contraction
policy recommended by MIR. Me-
Cullough, in 1865, he showed that
the prophesy of that gentleman in
regard to the productive interests
not suffering thereby had proven
fallacious. Col. Crozier then
touched on the question of finances
at some length, showing that dur.
ing the war the bonds of the
Government had been sold for fifty
cents on the dollar in greenbacks,
aud that as late as 1868 the ma.
tional currency was good for its
face value for the payment of all
dues, public and private, except
interest on the national debt and
imports, which, of course, included
the pay ment of the bonds. But
the printed declaration on the
back of every greenbaek note Was
q lie, for the bonds promised to be
paid in currency we're changed to
be paid in coin. This was done
by Congressional enactment, and
no weuld like for s,ne Republican
to answer if that was not corrup.
ton, This was grand larceny,
and was done by a Radical Com
gress, and the bondholders thereby
pocketed $500, 600, 900. This was
d gaudy plume in the cap of Press
ident Grant, as his friends thought,
but to him it seemed but the SOM
bre feathers of the hearse, for by
the redemption Of the bonds in
gold the hopes Of the country
were buried as deep as though in
"a grave.
The gold of the country had
been sent to Europe, whereas, if
the letter of the law had been carr
ried cut, the bonds would have
been redeemed in greenbacks at
the rate Of 800, 900, 900 annually,
and thai amount kept in clrcula>
ton. Why this was done was
because Congress was subsidized
by the money power of the coun--
try, as had been admitted by a
Congressman. Our financial pol.
icy was the by,word of monarchial
Europe, and the Republic found
ed by Washington was a term of
reproach. Coin was not good
enough-but gold alone, and it was
substituted, thus virtually demon.
citing silver.
Col. Crozier then proceeded to
show now the bill was passed
making the bonds payable in gold.
The attempt was made just before
the close of President Johnson's
administration, the Republicans
surprising that in the pressure of
business it would be signed with.
out undergoing too close scrutiny,
but he VAS too watchiul of the
peoples interests, and frustrated
their designsby what was known
as the pocket veto, and it failed to
become a law. But soon after
President Grant was inaugurated,
Schenck, oil Emm. mine infamy,
introduced the same bill, and by
parliamentary ruling the
|" previous question was moved,
cutting of all debate in the House,
and it was passed despite the op.