The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-03-08

suthorized an issue of s5OO,COO, 900 OF
bonds, bearing 8 per cent; interest, prin-
united states notes. The act provided that
such note should be received the same as
coin in payment for any loans that should
of the treasury" The finance committee OF the
Senate amended the House bill prohibiting
United States notes from being received for
custom house duties as the eastern bankers
had SO cunntngly and desfgnedly dictated.
The interest on the 6onds was a y, mace aSt
for any purpose but interest on bonds and
notes bearing interest. Mr.. Fessenden, when
Feb Is 1882 as amended by the committee,
in his remarks very clearly tnsinuate that the
ind btedness and nav the interest in coin.
The bill was opposed in the Senate because
the treasury notes were made convertible ana
to this objection Senator Howe said: All pa
per currencies have been and ever viii be tr-
fss@ y Is fancy to
think them SO. Iwould not dispel that fancy
- would not oppose that nction-only That
the great emergency that Is upon us seems TO
me to render il more than usually proper that
the nation should begin to speak truth 10 it
realities. On February 10, the House pro-
ceeded to q consideration OF the bill as
Globe of that date it will be seen that Mr. ste
vens, of Pennsylvania, and Mr.. Spaulding, de-
nounced the Senate amendments as
DICTATED BY THE EASTERN BANKERS
and money-lenders in severe terms. Mr.. Ste
vens said: L have a melancholy foreboding
that We are about to consummate a cunningly
devised scheme which will carry great in
jury and great loss to all classes of the people
throughout this Union except one. No one
knew better than the author OF the act to place.
q premium on gold coin, that IL was gross act
Of injustice TO The people and that what MI.
Stevens feared they designed to accomplish by
their Hcunningly devised scheme" The House
bill, as amended by the Senate, was referred to
fro% tneir hands and Was adopted by com cone
gress, il authorized an Issue OF
Of United States notes payable at the treasury,
without saying how or when, and convertible
into a $40 bond at the pleasure of the holder,
/ this note should have printed on 1t the follow
ing: This note Is a legal tender In payment OF
i n1 and P Interest On the pubic debt ana
| is exchangeable for United States per cent.
bonds redeemable, at the pleasure Of the
| fully examined the acts OF congress which au-
| thorized issues of United States notes, COM
without the fear Of successful con,
tradiction, that no such note by
any of those those acts t; was vas, made made
| money, but we're made convertible into bonds
| at the pleasure of the holder, until the passage
of the national bank act in March, 1858, when
| that provision of the legal tender act was re-
pudiated by DERIVING the heb holder OF those
after July 1, 1863. Perhaps the following re-
marks OF Mr.. Spaulding on that subject
may throw some light on it. The bond had to
into operation. On Monday, January II, 1858,
| Mr. Spaulding said: The secretary has paid
being all that he WAS Authorized to issue: and,
Notwithstanding ne has had authority for the
last ten months TO sell 500, 100000 Of so per
cent. bonds al the market price, he has
only disposed OF about s15.OOOOOO, and
he has still authority to sell $475,000,009
at the market price, and take his pay for
| m One
why more Of these bonds have not been dis
posed of is that there mas been no redundancy
mo surplus) of the currency, and 1t has been
difficult for the secretary to get legal tender
notes on q sale Of the bonds and $50 notes that
he has already negotiated. Gold coin, being
the only full legal tender, makes greater de-
mand for 1t, causing IL to command prem
ium. The moment greenbacks and silver coin
they will be equal to each other-as money
or par. This would close the gold gambling
would also give to real estate and al pToduc.
tons of labor and industry real values, which
would decrease the cost OF living and OF doing
comparative depreciation on silver coin and
"greenbacks," thus increasing the net profits
ducing capitalists without doing any injustice
to the speculative capitalists and bondholders,
as aee1p par money %Enia
scheme of making the interest ON bonds paya-
BILE in gold coin at six per cent. interest per
taxation, equal to from two to eight per cent.
more, and by making gold coin the only full
he use duties, has desienediy and unj1stiy
cost the peopla incalculsble millions OF dollars.
II there are representatives in this House who
doubt that s sreeDbscSs ' and gold coin can be
par, we propose that gold and
ms yss e SSas es snd tenaeEs; and
they do not circulate side by side OF par or
equal value, as money, readily exchangeable
with each other. obviating any and all neces-
sity for "bills OF credit, or mere currency re-
quiring redemption in money, and conse-
quently obviatfng the necessity of locking up
coin or greenbacks as a basis Of credit for
redeemable currency, we VIII cheerfulIy
present evils without a murmur, and absolve
those who made premium on coin OF any
and all design to plumber the laborer, the
business men, to advance the interest," OF
speculative or non-weaith producing capital
lists. We ask fair trial for our propositions,
and not afraid of the result. Dare those
who oppose and denounce us risk the test pro-
posed? II so, let 1t be done promptly. that the
Industrial interests OF our country may be
RELIEVED AND RESCUED FROM TOTAL RUIN.
Early in the session of 1868 congress incor-
porated the useless, costly and dangerous ma
tioDal bank system OF currency. Mr.. Spauld-
J ing, then in congress and now president of a
: national bank at Buffalo, N. Y, on page 167 Of
, OF the Observation-Disclosures act consid-
!, cred in committee of the whole House on
reported did not contain some provisions
: which Secretary Chase was very anxious to
: have passed; one was to repeal the provision
market value, another was to abrogate
[repudiatel that most equitable
nnd the Original sssi tender ass Sf
February Is 1867, allowing the holders OF legal
/, tender notes to convert them at any time into
:. annually in coin. The committee did not
: deem itjust to abrogale this provision, while
Secretary Chase believed its repeal would en-
: able him to make better terms In selling
q bonds. We are told that the secretary of the
d treasury desired to obtain better terms for
: bonds; but we have never been informed that
9 he did obtain better terms for them; while
= we do know that by this cunnIngly devised
s legislation they We're obtained at less than