The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-12-28
Facts From the Record.
No.. A.. t..s &c.

"
repudAtfonists. They are already
doing, as we prove below, better
than they promised to co. The lar
ger proportions Of the public debt
was not payable in coin at all. On
the contrary, the, law authorizing
greenbackD declared lthat they
should be q legal tender for all de-
mands against the government ex-
cept interest on the public debt.
Every greenback has printed upon
1t these words:
+ sEhis note Is legal tender at Is face
for all debts, public and private, except
duties on importaand interest on the pub
iae dsbtRo IC1 II 8
Greenbacks having deprecated,
and the public creditors complain-
ing, Congress paused the resolution
of 1869, declaring that all the pub
lie indebted less, should be paid in
COIN except When the law EXPRESS
Iy provided that the principal Waa
70 be paid In something other than
"gold or silver"
Temporarily the bondholders
were satisfied, but now, silver haV-
ing become deprecated through nm
wise Legislation, they agsIa come
forward and AJAX this hardened PEG.
pie to vote millions into their pock-
cts again, by promising to pay in
gold alone.
They Bought 500 bonds ct from
$40 to rs in gold or silver. The
government has paid them interest
IN gold at 6 per cent. for dozen
years it has relieved them from all
taxation on such investments and
now they haye the hArdihood, when
financial suffering lie weighing the
people down, when industry and
business Of all kinds ara paralyzed,
and gaunt hunger is stalking
through the land, to apply the term
repudistionists to those who refuse
to yield further to their graspinG
rapacity.
The people win not consent to
this demand. They are honest,
IgeneFous even, but they will not
rob Themselves to add to the secu.
mutations Of those already rolling
in wealth.
We have said that the original
debt of the government was not
payable in coin at all, but lawful
money. Let rs quote, in support Of
this allegation, from the speech OF
Mr.. Sherman, the present Secaetary
of the Treasury, delivered in the
Senate on the 9th day of February,
1868. It is interesting, though as
founding reading, when we cOnsid-
er that Mr.. Sherman now insists
upon paying those same bonds in
gold alone. Said he:
When we look at the law, which is the
contract, It was plain that the Identical
act which provides for the legal tende RS
also provides for the five-twenty bonds.
Every man who bought bond, bought IL
under An act which also provides for the
legal tenders. The notes were all out
standing before q single bond was issued.
This legaltender clause provides that
"Such notes, herein authorized, shall
| be receivable in payment Of all taxes, in
| ternal duties, excuses, and debts, and de-
| mands OF every kind due TO the United
States, except duties on imports and all
| claims and demands against the United
States, Of every kind whatever, except
/ for interest upon bonds and notes, which
| shall be paid in coin; and shall also be
lawful money and legal tender in pay
ment of all debts, public and private, IN
/ the United States, except duties on I'M
ports and interest as aforesaid
Does not this act, 10 so many words, de-
clare that while coin shall be paid for
the interest Of the public debt, the notes
provided by this act shall be q lawful
tender in payment Of all public debts.
tice are amply satisfied II we redeem
these bonds at the end Of the five years In
the same kind Of money or the same IN.
trInslc. value it bore at the time they
were issued.
Senators are sometimes in the habit Of
urging-iA order to defeat the arguments
of an antagonist-that this is Reputation
| Why, sir, every citizen OF the United
States has conformed his business TO the
legal tender clause. He has calculated
aud paid his debts accordingly. Pablo
as we'll as private debts, contracted since
the legal tender act did not rest upoT
opinion or upon express stipulation in the
law, and IL is equitable and right that thu
United States should avail itself Of thtl
part of the contract. JUS
consider it: seventy-six dollars Of golC
will buy hve-twenty bond bearing BIZ
per cent. interest in gold, and that bone
cannot be redeemed, according TO on
construction, until the United states ar,
, one hundred dollars for the use OF seven
/. ty-six dollars. / re
peat that If thus o6er is rejected 1.-THE oder
to refund the five-twenty bonds bearing
lower rate Of Interest,", / will not hesitate
to redeem maturing bonds in the curren
, and with which they were purchased
This conclusion have arrived at againe
the earnest arguments Of personal and Pc
litical friends, and against my own perso
nal and pecuniary interests.
: But, sir, 1 saw two years ago, and W
all see clearly now, that the existing re
lation between the public creditor AM
taxpayer Is one by which the former en-
, joys all the blessings Of the governmcn
without cost; receives without diminu
L a hiOhar rnt Of RI
would enforce between citizens, and ma,
demand payment Of the principal in goll
, for paper loaned, while your courts re
: fuse to enforce q special contract OF gclC
In a government not entirely despoCiC
! without creating discomfort that may en-
: eanger the fair and equitable Performance
OF the public engagements
: You csnuOt disguise your knowledge 0
+ this growing discomfort. The unaVoida
BILE erlect OF preaching specie payments
In reducing prices and shrinking values
D will increase this discomfort. In tina
, painful process the people will see tina
the untaxad productive annuItles Of tn
8 bondholders alone will be increased Il
value, while other forms Of property vii
be reduced in value 1t fs not the inteI
! est, nor do think It Will be the desire o
E tn public creditors, 70 invite this publ
discomfort. Senators have told US tha
Z we must not be influenced by public dis
3 content or clamor. agree with theT
, when the dIscontene is not founded upo
! substantial equity, but when IL Is found
I ed upon eqnity is will make itself tel
\ through you or over you.
: Are not these words prophetic
: In view OF them, and in view of IN
= plain provisions of tie laW,aBe asI
|, how our friends In the East ca
have the assurance TO resist so pal
pable an act Of justice as that nov
demanded 1t their hands.