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


tender coin Of the country, as I believe
, and always have believed, the sover.
eign, possessed Of undoubted sovereign
, ty IN this regard, undertakes 10 change
, It's measures of value. Assume that
the law was proper, that there was no
, wrong or impropriety in its passage,
the standard Of value was changed by
that law. Id Maa
Now, how does that affect these gcn.
tlemcn 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 aitor their
date; the next, the four-and a-half per-
cents, in fifteen years, and the next,
the four percents, in thirty yeara, and
yet the gentlemen who hold these
bonds, who have this contract by the
law and the bond payable ten, fiiteen,
or thirty years after date, say that We
shall cross the bridge before we got to
the river. They say they have the
4 right TO say 70 as tLat II is want Il
public morality to say you will not pay
your bonds due in 1907 in the coin
named therein. How absurd is such
a proposition What standing has a
creditor of solvent debtor TO make
such an attack Let us take care that
our sovereignty is not impaired in this
matter. We have the right TO change
the standard OF value and make the
unit OF value gold or silver alternately
two or three times between this and
that time. 1t is our right and our pow
er, and it 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, it 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 it 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 anv thineP Within n
wear 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 appreciating; 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, awe
can and we will change our standard
of value and we may and we ought 10
declare that the silver dollar of 4l2i
grains is Justly, morally, and legally
payable upon this indebtedness p
Mr.. President, | had not intended to
90 into the general subject. have
said all | propose TO saw on this cues
ton. NV oniy purpose was 10 assert
the proposition that the contract was
and Ia written in the bond. that the
holders thereof are TO take coin of the
standard value of 1870; therefore that
the law and the bond themselves both
sneak directly and emphatically this
legal result They agreed TO Il and
thew cannot now cyade that contract.
II 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 10 this
resolution that il seems 10 me IL ought
not TO be passed until a full discussion
is had oftbis question by every one
who NAV seek or desire to discuss IT,
1 II seems 10 me that our attitude upon
this whole question il capable of full
perfect. and complete yindication. and
that we ought TO give TO the country
from our places here all the ligbt we
can before making the declaration.
which think is the logical result Of
i tho law and M tba contract and of the
Wv ~" ~. y, wv c.S, -
rlgnts anu the Wants OF inns peopie'
Mr. Allison Mr. President on last
,rli.l u.- - -. -.
ihursuay the oeha,o ny aNcry ia'Bo
vote assigned this day for the consider
alton of the silver bill. 1 trust now that
~ co,,.,o,. e., 0h;o rMr Mo,,haus1
inc ''ena.or iro.n Vn'o shr' 'ia''no"sI
and other gentlemen who are interest
ed IN this resolution will allow il 10 be
la;J os;do IN oder ,ha, nc NAV taLo
ia'u as'uc III oruer INA. We may ah1
up the regular business OF the day. L
think that tho whole question can as