The interior journal. [volume] (Stanford, Ky.) 1872-1881, 1877-06-22

LARGE Ia RCESY LEGALIxED
Spanish NHU Writes Asssk~r Read.
wbse LETTER
The debt Of the Unitel Stats l. the PEG.
pies debt, contracted throsgh the Govern
ment ~ their agent. Reason, justice aud
law, all, demand thst the agent shall act
in accordance with the wishes, and with ~
eye single to the interest Of the principal
This j. a universal rule. But in the man.
agement OF the finances Of this country, il
can he shown that this rule has not only
not been adhered to, but that il has been
actually reversed-ihat the agent, Instead
Of guarding and protecting the interests Of
the PEOPLE, has invariably exhibited a par
TALLY in favor OF their creditors.
The civil war necessitated the creation
Of an enormous public debt, which took
the shape of the notes Of the Government,
commonly called greenbacks, PAYABLE to
bearer without interest, and the United
state. Bonds, bearing interest from date,
which latter were sold to capitalists in
America and Europe. The act Of Congress
under which thee bond. were issued. and
the wording Of the bonds themselves-to
say nothing Of the declarations Of the au.
thor Of the act and its other advocate.
while il was ,ending-clearly show that
they were TO he maid in the paper currency
Of the country, viz; Legal tenders or green.
backs. This n. further evidenced by the
rate at which the bond. were s,ld-some Of
them being sold a. low a. 20 cent. to the
dollar and all Of them greatly un,ler mar
Here WAS A tair contract between the p.o.
nile. throuph their agent ON the ono mar,
and their creditors op the other mart dis.
tinctly expressed and fully understood by
both parties-the former agreeing to sell
their bonds nj an immense discount ,rori.
ded they .hould IN, psrmi.taJ Tn reia,o,
them in legal tenders. and the latter No.
ceptinp the te,ms.
Now. a. unreasonable. a. il NAV seem. |,
is, nevertheless, historically true. that thi.
this same agent of the people who made for
them the above recitri contract. did. bv il.
act Of 1869, deliberately and in omen day.
light annul that contract and substitute for
il another by which the people were bound
to psv those same bonds in gold and silver
instead of paper as was first agreed! Can
this absurd and di.honorable action b.. nc.
counted for upon any other Theory than
that the agent WAS bribedg II an agent
should so "rn back" ON hi. princip,l in a
private transaction. would he not be dis.
charged in disgr,ee-br,nde,l and turn.d
out of decent companyg
Bat this i. not the only instance Of foul
play on the part of th. agent By the nc,
cf ls7s, silver money. which had h,.u the
true money from the foundation of III,
Government, and almost of the worlJ til,
money of the Con.titu,io, and In. n,,u.y
Of the Bible-wa. virtually declared NO
money a, aH And to .d,v hi. same agent
Of the people, through John sherman a, a
sub-asent, is transforming the old debt.
payable in gold and silver. iuton new ON.
PAYABLE ia gold exclusively. and iu,tifyiu,
the transaction by the act of 1873. Tn,
argument is. that. notwith.tandiuy the
fact. that the act of $50. under which the
bond, of the Government are NOW beiuy i.
sued. describe. them AS payabIe in coiu-
gold or silver, vet, inasmuch AS Congre,,