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

dertook to say that the principal of
these bonds was payable in gold, they
undertook TO do what no legislative
body had a right to do. 1t was the
duty Of the courts and in the power OF
the courts alone 10 construe what the
meaning Of the existing laws on this
subject was. Chancellor Kent, Judge
Cooley, every writer on constitutional
law, so holds. When that act was
passed it converted domestic debt
into foreign debt added over
$500, 100000 to the burden of the
taxpayers of this country; and
when silver is now per cent, as it is
said to be, below gold, the act of de-
monetizing it not only added 8 per
cent. to the bonded debt of the coun.
try, but it added 8 per cent. to all
debts OF the country Federal, State,
corporate, municipal, and private. The
Government Of the United States TO-
day owes over s2,0O0000, 900. Poore's
Railroad Manual, issued not long ago,
shows that the railroad bonds out
standing are over s., 00,000,000. The
debts Of States and Of the cities within
the States are over $1,000, 900 OOO
The debts Of the other corporations
and individual debts amount to over
so, ,000. .000, 900 more. TO say nothing of
the debts of national banks, making
over 81, 900, ,0OO. 900. half of which Is
held in foreign countries.
Eight per cent. on our indebted.
ness is $500. 900, 900; and when the
bonds of the United States Ito 90 back
a little further) were bought as they
were with the legal-tender notes OF
the country at par and bonds bearing
6 per cent. interest in gold were given
to the men who bought them, and
they were authorized as national bank.
ers to issue 30 per cent. of what pass
ed as money in their own names,
which deprecated the legal tender
notes of the country as much as that
many more legal-tender notes would,
it entailed o burden of at least s22,.
900 900 a year more on the taxpayers
of the country. making in the last ten
years 1920, ,0O0, 900. | repeat $500.
100000 were wrongfully imposed upon
the country by the act of 1866. Five
hundred and sixty millions, being s
per cent difference between silver and
gold bv the demone,iying act and
5000 900 600 in tbe last ten wears bv
Tho amonnt ~ tavat;on added bv AZ
lowing tho national bankers to usc the
credit of ,hc Governmont in isspino
their notes instead of the Government
doing n itself mako Al 2sO 000 000 a
sum many millions larger than was
reou;rod n nav ali the exnenditures
of Tho Govcrnmont rom tho dav
Wasb;ncton was inouurated mn n
and inclydino the year 1876 embrac.
inc the exnenditures tor the wars with
Great Br,tain and Mexico and all the
PENSIONS that were Maid in consequence
If both of them
And now we are told that the faith
NJ The country is nledged IN stand bv
everv ono NJ these and similar things
I denv II The meagre minority ON
this side of the Chamber has swelled
10 ;,s nresent nronortions and tbe
mower IN the other Honse has nassed
10 tbe Democratic side because thew
have pledged Themselves In tbeir Mat
forms and everywhere else, whenever
they shall have power, 10 legislate no
longer in the interest of bondhclders
and capitalists, but TO arrange the tax
alton Of the country so that its wealth
shall bear its proper proportion of
burdens, instead Of the poverty and
labor being as now, taxed almost ex'
clusively
| am Of those who believe this reso.
luton is right, because 1t is true. !
believe that It IS step IN the right dl-
rection, feel assured that to force
resumption in January, 1879, without
making preparation for 1t by relieving
burdens and restoring commerce is
calculated and intended to still further
depress the industries oil the country
tor The benefit oil the men who hold
the bonds and other obligations OF the
people, that the present system OF tar
III taxation IS now so ADJUSTED as TO
put the money derived from taxation
into the pockets OF the few and to keep
1t out OF the Treasury. i am convlnc-
ed that there must be REIMBURSEMENT
OF all these things ana that icgaiten-
der notes must be received Tor all pur-
poses before resumption is possible.
ask the Senateifthe silver dollarh had
not been demonetized, with over seven
thousand millions Of debt hanging upon
this country, with all its industries de-
pressed with the property of the peo-
pie reduced because OF contraction and
the approach to specie resumption,
from 25 to 80 per cent, If there is.a
man in this Senate who would today,
because silver was lower than gold,
vote TO demonetize slver2 answer,
not one. No man wouid dare to go
before the people who had so voted
and ask reelection in the face of the
laws recited in this resolution, which
show that even by the act of 1869 gold
and silver coin OF the then standard
value were put upon an equality; that
by the act of 1870 Il was declared that
tho bonds then issued might be paid in
the then silver CON Of It's ,ans then stand stand,
ard value ana the act oi 1910 recited
the same TACT upon It's lace. In view
OF these laws, VINO, l ask, would now
propose that the people oil this country
should be deprived Of the rlgh' OF pay
ing their debts IN either the gold or
silver coin oil the standard value ex-
lsting at this ume l assert no zen
ator would dare 70 go before MS peo-
pie today ana ask reelection aiter no