The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1877-12-13

other day in the not uncommon execration
OF tn act, in the following language:
Now, the objection To the "public credit
actn Is net that IL Was intended TO strengthen
the pubic credit, but that il changed the con-
tract after ii was made. and was a law that
benefited a few and indeed an irreparible
and lrTemediabie injury aud loss on the
many Ii was in the interest oil the bond
holder, who pays no taxes on his bonds aud
at whose dictation IL was enacted, and WIS
against the Interest Of the people, who were
not consulted as TO its enactment, and who
were then and are now oppressed under the
weight of every kind of taxation. Ii was the
worst form of Class legislation aud in direct
vocation of the sound old Jeffer>onian max
i'm. Equal rights to all, exclusive privileges
To none" II was a cum ng device by which
a domestic debt was converted into a foreign
obligation ana by which the heid of the do
nestle and fOr'-igu bondhoider was for an in
definite period 10 be enriched by the sweat Of
the labor Of the country. which in its last
analysis is the fruitful parent of all wealth
and of every form of individual and national
prosperity.
While | agree with him as to the main
conclusions OF his speech, cannot forbear
excepting to some Of the statements just
quoted. l insist that the act of 1869 chang
ed no contract and imposed no burden upon
the debtor that was not in honor and in
law resting upon him before. 1t was SIM
ply an act declaratory of what already
existed.
The bondholder gave promise to pay
500, at no definite time and bearing no
interest, for a promise 10 pay 500 at a
given time, and bearing an equitable inter
es both debt obligations of the Govern
ment and both promises to pay dollars,
which, when ultimately redeemed, would mean
and could mean nothing else than coined
dollars. 1t was direc ly in the interest of
the bondholder; true, but it was not d9ainst
the interest of the people, as will proceed
to show. In the table given by the honor
able gentleman, under the head amount
of bonds sold" We find it stated at 1852
395 600. Under the head of Realized in
gold" We find the amount stated at LII, )
f, 557 $40. The difference between these two
Sums, or GAG, S37 900, the gentleman Claims
| as lost To the people" His great error
consists in this, that while he figures in his
table the illegal tenders" down TO a gold
basis, he estimates the bonds at par, when
| he ought to have estimated both by the
. same standard, which would have shown
the bonds to have been worth form seventy
to eighty cents, gold, only. This will re-
duce the gentIeman's "loss" about two
thirds. The honest truth of the whole mat
ter is that there was and is no loss at all in
the transaction figured in any way you
| choose.
The act was simply declaratory act
No considerable amount Of the bonds have
been paid, or will be paid for years to come
All the people have paid on these bond:
has been the interest; all they will pay FOL
years to come will be the interest. Now
ask the gentleman, did the act OF 1869 raist
or lower the interest on the $40 bonds
lie must admit that it has lowered it, and
to the extent that ii has done this it ha.
benefited the people. not oppressed or stOl
en- from them. Long before the principal
of these $50 bonds are paid, long before
they can be paid, the legal-tender notes il
which the gentleman insists these bond'
ought to be paid, the same kind of note:
with which these so bonds were original
ly purchased, will be worth coined dollar
every dollar of them, and consequently /
governmental currency debt will be just a
valuable to the holder of its certificates as ;
coin debt, and nothing would be gained Of
lost by changing from one to the other.
quote once more from the gentleman
speech:
In these transactions the Republican part,
is Justly chargeable with two enormous pc
htical sins; one of omission in not payin:
the bonds in ie..ai-tender notes and TIM
other of commission in the passage of th'
public credit act, by which the most of tn
debt was changed wrongfully from curren
cy debt TO a coin d. BIT; and these two grea
political blundeTs, which have justly attain
ed the dignity of crimes, have robbed TIT
people under the forms of law of the tremen
dous sum OF 81 600 O0OtG. which would yer!
nearly pay the whole amount Of The puhli
debt OF the United States now carrying in
terest.
Another grievance in this connection
which the people justly lay to the charge o
| the Republican party, is the failure To main
tain the volume of the currency in circuia
ton in 1855 until the vast debts then and pre-
| viously contracted had been FULLY met am
| discharged
Had the Republican party paid thes
; five-twenties by printing legal-tender note
in sufficient quantities to have taken then
all up, it would have been Justly chargeabl
with a most heinous litical sin, for ther
could have been but one result bald, bar
rem, unpoetic, reputation. In no o he
way could the bonds have been paid, for t
obtain the eJisting outstanding legal-tender
BY tax alton would have been a physical i'm
possibility. l am MT one who defends hi
party right or wrong. | think / can Sc
where it erred in some of its financial legi.
lation, but when / remember that it wa
called upon TO prevent the disruption of I'll
J nation, in doing which it carried the cour
|. try through civil war that impoverishe
One-half the nation, left us with debt {
: three billions, and while sustaining I'll
public credit accomplished marvels i
finance that were all the more wonderful
because of our lack of experience. wonde
how with the determined opposition OF tn
Democratic wing Of Congress they escape
with so few blunders as they did. In lS7
came the demonstration of silver with il
consequent "bulling' of gold and bearing
of silver. While the public-credit az
can be and ought to be defended
Notwithstanding the great profit
gave to the bOndholder, thi
piece of covert legislation, by which Is o
, 20 per cent. more of profit was to be adde'
to the gains of the creditor, was an act ,
tire .chery and breach of public fait
without reasonable excuse or valid argu
ment The year 1875 followed with the re
sumption act, as if the evil genius of tn
nation had determined that the return I
legitimate valuations should only be AZ
, complished by the harshest process and tn
utter ruin of those who were in the lie st in
volved.
During all these years men who hav
dealt in money, made loans, or dealt i
cash securities, whatever may have beer
, their fortune in business, have seen thei
stock in trade rise higher and higher in il
purchasing power from thirty-five cents t
par, while on the other hand men win
have dealt in property, men who owned rea
estate, merchandise, farms, mills, factories
or furnaces, saw the producing power o
, their stocks in trade sink lower and lower
until their property aud themselves sun
out of sight in the abyss OF bankruptcy.
The resumption act at Its work of redut
ing the circulation seems to he well fitted t
complete and round out the measure of tn
financial legislation of the last few year
that has been so largely in the interest q
the Government creditor Is there no relei
for the property holder? There is at leas
one remedy. He can be saved from the ei
fects OF the vicious and unmercifui contrat
ton which shrinks the value of his propert,
to any figure the money-lender may see f
} to place upon j., and that is to be brough
!, about, not merely by the passage of the bill
, under consideration, but by the adoption {
redemption measures that shall not work
, forced contraction, and by increasing tn
purchasing and paying power of the green
back shall hold it at par, with profit To al
; and distress to none.
Now, one word as to the assertions tha
have been made, that the currency il r.
dundant and that as a matter of necessit
more or less contraction must be had befor
resumption can be had.
!; The gentleman from New York mi