Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1877-12-26


with gold and silver as the only legal
tender coin Of the country, as believe
and always have believed, the sover.
eign, possessed Of undoubted sovereign
, ty IN this regard, undertakes TO change
its measures Of value. Assume that
the law was proper, that there was no
wrong or improperly in its passage,
the standard Of value was changed by
that law
Il Now, how does that affect these gen.
tlemen who held their bonds prior
thereto or subsequently, turn again
10 the statute Of 1870, and l find that
the first of these bonds, the FIVE per-
cents, mature in ten years after their
date; the next, the four.and-a- half per-
cents, in fifteen years, and the next,
the four percents, in thirty years, and
yet the gentlemen who hold these
bonds, who have this contract by the
law and the bond payable ten, fifteen,
or thirty years after date, say that we
shall cross the bridge before we get TO
the river. They say they have the
right TO say to us that IL is a want OF
public morality to say you will not pay
your bonds due in 1907 in the coin
named therein. How absurd is such
o proposition. What standing has a
creditor Of a solvent debtor to make
such an attack ? Let US take care that
our sovereignty is not impaired in this
matter. We have the right 10 change
the standard OF value and make the
unit OF value gold or silver alternately
two or three times between this and
that time. II is our right and our pow
er, and il does not lie in the mouths Of
those who hold these bonds TO say
word on the subject until their day of
payment comes. 1t is for us, the SOW
ereign, to declare what shall be the
measure Of values, and If we do IL to.
day, five years before their first bond
natures, II is not for them TO charge
us with lax morality. If they get
their money when their bond natures
in the kind of coin or in the standard
Of value that il was in 1870 they must
be content; that is their right, no more
and no less.
But, sir, is all this cry about repudi-
alton worth any thing2 Within q
year silver has stood in the markets in
London at 99l. In December last the
Director Of the Mint in his report
shows you that 1t stood there at 99l (;
in January at 9sl. 1t has tended
downwards part of this year and up
ward the other part Of the year and is
now approaching; and yet because to-
day it is below the rate that these gen
tlemen say it ought 10 be at when they
are to get their money, twenty years
after this, if you please, therefore the
people of the United States through
their representatives cannot say, ave
can and we will change our standard
of value and we may and we ought TO
declare that the silver dollar Of 4l2l
grains is justly, morally, and legally
payable upon this Indebtedness" |"
Mr.. President, / had not intended to
go into the general subject. have
said all ! propose TO say on this ques-
ton. My only purpose was to assert
the proposition that the contract was,
and is written in the bond, that the
holders thereof are 10 take coin of the
standard value Of 1870; therefore that
the law and the bond themselves both
speak directly and emphatically this
legal result. They agreed to it and
they cannot now evade that contract.
It is not for them TO say that it is a
want OF public morality to declare that
the metal which in 1870, when their
contract was made, was worth more
than one hundred cents in gold, shall
not be paid to them when their bond
natures. | can say to the Senator
from Ohio, however, in regard TO this
resolution, that il seems TO me il ought
not to be passed until full discussion
is had of this question by every one
who may seek or desire to discuss il.
II seems TO me that our attitude upon
this whole question is capable Of full,
perfect, and complete vindication, and
that we ought TO give TO the county
from our places here all the light we
can before making the declaration,
which think is the logical result of
the law and OF the contract and Of the
rights and the wants Of this people.
Mr.. Allison. Mr.. President, on last
Thursday the Senate by very large
vote assigned this day for the consider.
alton Of the silver bill. trust now that
the Senator from Ohio Mr. Mattbewsl
and other gentlemen who are interest
ed IN this resolution will allow IL TO be
laid aside in order that we may take
up the regular business Of the day. /
think that tho whole question can as
well be debated upon the hill reported
by the Committee on Finance as upon
the resolution proposed by the Senator
from Ohio.
The vicc-President. Is there objcc.
tion TO the proposition of the Senator
from Iowa?
Mr.. Matthews. / trust that will not
be done. think ii is better TO proceed
with the discussion on this resolution
and dispose of it, and then take up the
silver bill
Mr.. Allison. If IL is necessary,
will make the motion to lay aside this
resolution until the Bland silver bill,
30 calicu, OF the House Oh representa-
tives, is disposed Of.
Tho V;ce pres;dent The Senator
-. ~. .s.s
IRON iowa moves tnat tne penuing
resolution be postponed until the Bland
silver bill, so called, is disposed Of,
Mr. Matthew'S I'm that I ask for
MT "h'.,'o"s' "" 'na' aSn 'or
the yeas and nays.
The yeas and navs were ordered.
and ,Lo Sooro,ar,, rrocoodod 20 ali ,ha
"uu ''o ooo'o'"'y Piooeo"eu Y" oA' 'ho
roll.