The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1877-12-27

that since southern people have Oh
tanned poSsessiolt of their local g7Tcrn-
ment, an era of peace, good order anl
renewed hopelulRess of the future, has
dawned upon them. So far so good
He says the federal authorities could not
have continued the Policy of military in
reference without violating the Cons;i
tuition and trampling down solemn obli-
cations. True enough The Republi-
can leaders were long time reach
ing that conclusion, and il was not reached
until they were compelled to the admis
sion by the logic ct irreversibIe events
brought about by the firmness, patriot
ism and determination of the Southern
people themselves who knew their rights
and knowing dared maintain.
Upon the vital questions of the cur
rency and finances the message is a
studied effort to prop up the venal legis-
lation Of the Republican party in the in
terest of the bondholders and privileged
CLASSES against the property and labor of
Sntry. When the present national
e1rfency was issued no time was fixed for
its redemption but in 1875, a law was
passed requiring it to be redeemed in
coin on the 1st of January, 1879, at
which time all debts, State, county, and
municipal, public and private, will be
required to bepaid in gold unless addi-
tional legislation is brought to the aid
OF the people and the burden removed.
The consequence ofsuch contraction-wiiI
be shrinkage of property values, re-
duction of wages, and general paraI-
ysis and suspension of business. As
money becomes scarce, these results will
inevitably follow and all classes except
the capitalists with fixed incomes and no
taxes to pay upon their investments will
feel the blow
The President is opposed to the resto-
ration of the silver to its former condi-
ton as a legal tender. In 1873, the
bond-holding class, through their agents
in Congress, stole march on the people
and demonetized silver under pretense of
an act 20 regulate coinage. The Presi-
dent is opposed to undoing the wrong
Notwithstanding threefourths of the Rep
resentatives of the people have recently
declared their will on the subject. He
argues that it would be bad faith to the
bondholders because they have expected
to be paid in gold exclusively. But can
the Shylocks say with their illustrious
prototype that it was $50 nominated in
the bond?" Let US see? The act of
1862 authorizing the issue of $40 bonds
provides that the interest shall be paid
(not in gold) in coin. The act of 1868
for the issue Of 100000, COO,
makes them payable (not in gold) in coin.
So with the act of 1864. And the act
of 1865 makes them payable (not in gold)
in coin or other lawful money, meaning
greenbacks of course. Nothing is said
about gold; and the term ''coin" included
heth metals, as both were legal tenders.
How the conclusion is reached that good
faith requires the payment of the bonds
in gold only under these stipulations
passes the comprehension of ordinary
mortals. The bonds cost the creditors
of the government but from so cents to
go cents on the dollar, and it certainly
wovald be no hardship to them 70 pay
them in either metal, as both were legal |
tender at the time the obligations were
contracted. Their bargain is hard one
for the taxpayers and good ore for them
selves, taken either way.
The true way to resumption i to re-
nonetize silver-place it at par )witng gold
and elevate greenbacksJ5Y custom due
payable in them the same as in coin. The
Democratic party is additionally a hard
money party, but true statemeDshfp con-
lists in making the best of What is inev-
table, Greenbacks are5now the national
and they canrot be gotten rid
If without sucEa depression in business
IS the couhrfy cannot stand. The near
81 apg9roach to the practical execution
Of tS Democratic doctrine is to make
them eaui valent in value to metallic cur
rency which should consist of silver and
gold as intended by the trainers of the
government, and practiced by their sue
eessors until 1873. The President has
notified the Representatives of the people
n advance that he will veto any measure
hat may be passed to rid the country of
The Ubiquitous legislation in the interest
IF the monied classes, and the issue may
De considered squarelY Joined.