Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1877-10-17

Bank VS.. Supervisors, 9TH Wallace,
page 30.) This would seem to settle
the question. But this is not ALL When
an honest man contracts a debt, he
gives some assurance Of its payment
and provides for it, SO does an honest
government. So did our government in
this case. The fifth section of the act
provides that:
4" All duties on imports Shall be paid iaa
coin, on IN notes payable on demand an coin,
and the coin so paia' shall be set apart as a
special find, o'ad shall be applied as toHo,us:
First, to the payment coin Of the interest
on the bonds and notes Of the United Stotes.
g Second to the purchase on payment Of
one per cent,em Of the entire debt of the
United States to be made within each
fiscal year after the first day of July,
1862 which is to be set apart as sink
ing fund, and the interest of which
shall IN like manner be applied to the
purchase or payment of the public
debt, as the Secretary of the Treasury
shall from time to time direct"
Now this act of 1862, remember. does
not say that the bonds may be paid
in greenbacks; but, if bonds are q part
of the public debt of the United States,
it does say they shall be paid in coin, for
it provides for fund of coin, and di-
reefs that coin to be applied to the pur-
chase or payment of the entire public
debt. Nothing can be clearer than this
act. 1t is incapable of being construed
SO as to show an intent, at the time of
its passage of paying the bonds in pa
per money. When the bonds were first
offered for sale, the Secretary of the
Treasury announced that the princi-
pal of the bonds was payable in coin"
They were advertised and sold with this
understanding The theory that they
might be paid in Greenbacks was first
heard of in 1867; and was the invention
of Mr.. Pendleton, of Ohio, who in Con
gress denounced the bill authorizing the
issue of Greenbacks as unconstitutional
He also was the first prominent advo-
cate Of taxing the bonds. An aspirant
for the presidency and Il demagogue, he
imagined there was enough ignorance
and prejudice among the people to
make these theories popular. He failed,
however, in his attempt In the ma
tional canvass of 1868, these issues were
thoroughly discussed, and the American
people, by an overwhelming majority,
rejected the Pendleton heresies, of which
Greenbackism is a survival, as unwise,
dishonest, and dishonorable. General
Grant was elected on a platform de-
such propositions as involving
an act of national bad faith, and rs re-
pudiation, only thinly disguised
The following winter, the subject was
oyhn,,ctiyo1,, Iicoy,ccoI IN NnnCrocc a nd
a declaratory act passed affirming the
intention of the Government to pay the
bonds in coin, except where payment in
paper or lawful money was expressly
authorized by law. This act was sent
to President Johnson within the last ten
days of his administration. He neither
signed nor vetoed it, When the new
Congress met in March, 1869, the bill
was re-introduced, again, passed, and
was the first law signed by President
Grant. In 1875, the public laws of the
United States were revised and re-enact-
ed in the revised form Under the title,
" Public Debt" and caption, How to
be paid" the 9TH section of the Legal
Tender act re-appears in these revised
statues. as above quoted, showing that
mittee and of the Congress that opprov-
ed their work, this section does express
ly mean that the public debt must be
paid in coin.
Thus we see that the Judicial, the Leg
islative and the Executive Departments
have all passed upon this question, and
that the whole people, speaking at a Ma
tional election, have approved and con-
firmed their decision. TO attempt now
to reverse that decision would be
fragrant breach of plighted faith, but
especially for Republicans to repudi-
ate their own record, and fall into line
with their old enemies, in a mad effort
to destroy the Nations credit by the
substantial reputation of the war
debt, would be an act that it is diff
cult to find fitting terms to character
ize. Do not be deceived you are now
invited by the Greenback party to sup
port the same policy which, in 1868,
you rejected with righteous Indignation.
BANKS.
Again it is said that the government
dishonors its own money-the green
backs-by refusing TOT take them for i'm
port duties. But it has been the invari
able practice of the government to take
nothing but coin or it's equivalent for
such duties. Such has been the law
since 1889. Besides the government
must have gold to pay the interest on
its bonds, and tc create a fund for their
redemption. TO obtain that gold it
must collect import duties in gold or go
into the market and sell greenbacks for
gold. Under the present system it is the
interest of importers to keep gold as low
as possible. If greenbacks were made
receivable for duties, the interest of the
importers and the Wall street dealers
in gold would be Identical and would
result in their combining to keep gold
as high as possible, and to depreciate
the greenbacks to the lowest point 1t
is, therefore, obvious that the law re
curing gold payment for duties, SO far
as it affects the value of greenbacks at
all, appreciates instead of depreciating
them In the main, however, the value
of greenbacks depends on the worlds
y. Il n