The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1877-12-27

their bonds exempt from all kinds of
taxation.
The bonds issued under the Act of
February 25, 1862, were made payable
like any other ordinary obligation.
This issue was for $500, 1000, 900. The
law of March 3, 1868, provided for the
issue of 5000, 900, 600, payable in not
less than ten years, nor more than
forty years, and in coin, at six per
cent. semi-annual interest. This act
repealed the restriction in the Act of
1852, by which the bonds could only
be sold ut market value" The bonds
then were distinct in ther terms. The
interest on all was payable in coin;
5000. .OOO, 900 were payable in legal cur
rency; $500, ,OOO, 600 QO-4O's) were pay
able in coin. No man, unless he was
ignorant of the current legislation and
financial discussion of the times, nor
unless he was SO blissfully ignorant as
not to be able TO read the bond he was
buying, could mistake the exact obli-
CATION the government assumed and
he accepted.
But having purchased the bonds at
specializing and usuriOuS rates, vary
ing from Al to 7G cents on the dollar,
the bondhOlders, including the bank
ers who had enjoyed all the manifold
advantages and profits of that enor-
nous leech known as the National
Bank Law" set themselves in motion
to rob the nation and cheat the people
by a series of acts as unblushing in
their impudence as they were devilish
and cuaning.
Mr.. Hugh McCulloch, the champ
ion of the National Banks (the avOw-
ed enemy of the greenback and the
known representative OF foreign capi-
talists) as early as December, 1865,
while acting as Secretary of the Treas
ury, recommended contraction of the
currency to be commenced at once
and persistently, )ltinued until all
(the greenbacks) are retired. This
was followed up by resolution of Mr..
Alley of Massachusetts, in
the recommendation of the Secretary
demanding u contraction with a
view to an early resumption of specie
payment. -,
This was not enough. McCulloch
had slashed away in every direction
and redu ed the Greenhacks down
TO $356, 6,UD,OOO in April, 1859. The
bOndhOlders and bankers united to de-
mand construction of the bonds so as
to declare them all payable in coin.
There was no honest pretence that the
language of the bond could be so con-
strued, but the pious Shylocks insisted
that the public faith demanded theil
payment in coin that a national deb,
can be discharged in no other way
that a mere promise will not discharge
an obligation, and, by all the influence
gressiOnal lObbyism in it's most bland
as well as in its most pecuniary diabOl.
ism, an act was introduced and passed
March Is, 1859, ec'aring that none
of the interest bearing obligations, not
already due, shall be redeemed or paiG
before maturity unless in coin at the
option of the holder. "And," thai
"The United States also solemnly
pledges its faith to make provision al
the earliest practical period for the re
demption of the United States notes il
cOin.p
This act the more it is analysed the
more infamous it appears. In fact i
was not the country legislatiHg to NEE
any duty of the Government, or any
demand of the people. It was th'
powers of Congress to fasten what they
then believed would be two or three
hundred million of taxes upon tn,
people.
Four years later, finding that tht
bonds were payable in coin, and tina
silver would not be SO convenient o.
valuable as gold, the foreign bond
holders sent an agent here specially t.
manipulate and demonetize silver. TIL,
money power cordially united. Eng
land and Germany demonetized silve
why should not the United States
was cumbersome and inconvenient
and our dear friends who had bough
our bonds at so cents on the dolla
were anxious that we should have bu
one standard, gold. Not one Congress
man in ten knew that the bill regu
lating weights and measures in thle
or four lines demonetiZed silver. 81
| that it WAS no longer n legal tender 70
sums above 50, and left gold as the on
ly coin, again, as the sharpers believe,
making hundred million at least t.
| the bOndhOlders, and imposing tina
| sum on the then overtaXed people
Gold then was the sole means of pay
ing our bonds OF our greenbacks il
case of forced law requiring speci
payments.
Having thus got all the bonds paya
BILE in coin, having taken from tn
Goyernmsns the power TO pay any q
| it's bOuds before they become due, beal
ing the high interest the war justified
having demOnetiZed silver, the hex
step was the act of 1875, fixing a dat
for the forced resumption of specie pay
ments. The object of this act wa
double; it had a foreign and u dOmes
tic aspect to it. The foreign bOndhOlG
ers, if gold alone ruled, could at an
time regulate our values, control Ou
business, usurp our commerce., au
kill our Industries this would max
them our masters. The home aspec
oft was that it would cause every dol
lar of greenbaclxs to be withdrawn, pre-
cisely as Mr.. McCullOch had required
The brokers and bankers, cOmbinin
with the Secretary Of the Treasury
would protect the National Banks, an
secure tO them not alone the power t
control the industries and labor of tn
nation, but the values of every com
modify sold in the market, and it wOul
also secure TO them the S3O, ,OOO, 900 c
annual premium now taken from tn
middle and working classes, aud givel
to those mOnOpOlists of favor, withOu
o shadow of consideration. Th
sham, the outrage, and the absOlut
NdishOnesty of the lamentations of tn
HERALD and the TRIBUNE would b
ludicrOus and laughed at as too absur
for belief if they had not dared to in
suit public intelligence by the sam
kind of Bourbon feudalism for years.
| Is it not pity that the United State
is strong enough to declare that it viii
pay its debts just as it contracted t
pay them? Is it not a shame that tn
Public Faith and credit of this grea
people can not stand up and say to it
Hessian bandit usurers: We pa,
our debts as we agreed to pay them
| We ask no favor, and We will submit
to no dictaiion from bankers, bond
holders, or usurers, which shall Iool
to the continuance or support of an,
of the frauds by which Capital has at
tempted to enslave labor and usurl
| values?
| Congress has struck the first blow a
the nefariOus legislation. 1t is read,
to follow up the battle till every vestig
of the gold power is made to know tina
the public credit is not alone the re
spOnsibility of all, but the welfare o
all. No forced resumption, uniform
greenback currency, interchangabl
| and convertible at pleasure with gel,