The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1877-12-12


The Presideni aiEirnas what i true.
hat since tie Southern people have OBJ
tanned possession Of their local govern
ment, an era Of peace. good order AMI
renewed hopefulness Of the future, has
dawned upon them. So far 50 good.
He says the federal authorities could not
have continued the policy Of military m
reference without violating the Cousti-
tuition and trampling down solemn obi
cations. True enough. The Republic
can leaders were long time reach
ing that conclusion, and it was not reached
until they were compelled to the admis-
sion by the logic OF irreversible events
brought about by the 6rmness. 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 10 the in
terest Of the bondholders and privileged
classes against the property and labor of
the country. When the present national
currency was issued no time was fixed for
its redemption but in 1875, raw 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 be paid in gold unless addi-
tional legislation il brought to the aid
of the people and the burden removed.
The consequence of such contraction will
be shrnkage of property values, re-
duction of wages, and general paral-
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 demonetzed silver under pretense of
an act 20 regulate coinage. The Presi.
dent is opposed to undoing the wrong
Notwithstanding three-fourths 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 aet of
1862 authorizing the issue of $40 bonds
provides that the interest shall be paid
(not in gold) in coin. The act of 1868
providing for the issue of 5000, 200, coo,
makes them payable (not in goldD 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 ''coi's" included
both 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
so cents on the dollar, apd. it certainly
wound be-1no hardship % thenfs % PaJI /
Them in either metal, as both were legal
tender at the time the obligations were
Their bargain is hard one
for the taxpayers and good one for them
selves, taken either way.
The true way to resumption is to re-
nonetize silver-place it at par with gold |
and elevate greenbacks by custom dues
payable in them the same as in coin. The |
Democratic party is additionally hard
money party, but true statemenship con-
lists in making the best of what is inev-
table. Greenbacks are now the national
and they cannot be gotten rid
# without such a depression in business
s the country cannot stand. The near
st approach to the practical execution
f the Democratic doctrine is to make
hem equivalent in value to metallic cur
ency which should consist of silver and
old as intended by the trainers of the
overnment, and practiced by their sue
essors until 1879 The Prasidert has
gifted the Representatives of the people
1 advance that he will veto any measure
lat may be passed to rid the country of
ne iniquitous legislation in the interest
f the monied classes, and the issue may
q considered souarely Joined.