Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-02-06
CLEARFlELD, Pa, WEDNESDAY, FEBRUARY g. 1873

n 0OO,00O on the staggering indusirir
II OF the country as the Speculative profit
b Of the operation. In tho whole finai
!, cinl history Of the civilized world n
!. parallel ean bc found Ia this audaciou
I, deed OF broken faith, deliberate trcacll
e cry to the people AMI national dishul
esty. II stands out by itself, towerin,
= high above all common frauds an,
u dwur6ng them in comparison with II
: own vast proportions IL will bear tb'
. names OF those who enacted il to dis
T tant generations amidst the groans
!. the curses, a.d the lamentations o
those who toll on the land aud on th,
{ sea; and more deeply engnven thar
, any other name viii be forever iounc
. that of the Secretary Of the Treasury
Us the author OF what he himself salC
! constituted the twoiold crime of repu
,lintion aud ex,orlr.a. Do state ih,
: case TOO stronglyY Does any Senator
: think that am not justified in ih,
language usc or in tho conclusion
, slate2 II So, pray him TO recall the
utterances OF my lumented and disiin.
gnished predecessor in this body.
When this monstrOus act of repndia.
} tion was on its passage here IN March,
1869, Senator Morton pointed oui
in the paincst aud most explicit
manner tour distinct acts OF Congress
under which the people had acquired
a vested right to pay the 500 bonds
IN legul tender notes aud which were
To be brbkcn and set aside by the
measure then under discussion. Among
other things he said
And now propaunl the question. Il Is either
Intended by This bin to make y nrw rontr Ct or
Fnot lfit Il inlen iei TO 10 H. q ne roptfaH.
protest asain.t ir We sh"ul do toal iujastite &,
th- Ga,ernmrnt and the people VI the United
StAtas alter we have sold tie 'pnds IN Hn average
fr not more than sixty crnts IN the dollar nnw 10
inatr rev eottrei for the benefit Of the tolders.
Again he rays;
II gives to hose laws a construction hat do
not be'irve in aud that have shown Is contra
dieted by at least four acts Of Congress.
Aud again Senator Morton exclaim-
ed, with that power ol statement which
always so greatly characterized him I:
Sir, II Is understood. believe, that the passage
Il bil uf this Kind would haze the elect IN ku
rope, where our financial question: are not veil
understood, 10 Increase ihe d. mnnd Hnd that will
enable the great operators 10 eel ihe honds they
have 90 hand ut p'o6t Il is 10 the nptu'e Of
a brokers oprruiot, Il isa hull muvvnent in
tended 10 rut the pficr oi ''Sads Tor the interest
! nf parties dealing 10 fhsm THIS great interest u
I ha ln,tfa af H. N..
many months abd hy every means hc.n attempt
log t. drive Us mi" ieg,laii"n Tor he purpose of
making money Tor tue great operators. That i-
What II lneaus aud no,hins rsr.
These are words of intense aud over
wheIming force. Whurr in the wh,ao
range OF debate eau be found u more
revolving picture of bad faith inspired
by base cupidlly than il hire purlray..
ed BY the grsnicst party leader per.
haps ever known in the American Con
grrssy lie hus passed away, his Voice
is silent. and he rests after llir'S tiilul
fever, hut thus sarc cusaliun hurled against
criminal wr0ngduiug survives, aud
will continue To survive us long as il
remains to be determined ho have
rcpndlated the sacred obligations and
the phghted faith Of the American r..
public. la lar distant times genera
tluns now unborn while examining the
sources of the burdens that have dc.
scended to them will read tho charge
made in this presence by the late Sen
ator from Indiana, that combination
al at.ftE 4. .I.ltaR. ~. I..at.t..s.. 81
SCIENCE Ms pirates and inspired alone
by greed Tor money, successfully thun.
dered at these doors aud finally drove
this Government into the mort stupen.
dous act OF bad faith aud legalizrd rob
berry ever pracliced upon any people
since the dawn oi history. Five hun
dred millions mude by the great opera
tors and five hundred millions lost to
the plowman aud the mechanic who
have il all TO pay
And yet the authors. and insiigators,
the abclturs of this crime, aud ihe par
ticipators IN ills proceeds, fil the air
with railing on the subject of lepudia.
tion, aud point their fingers, stained
with plunder, ut honest men, US repu
diators, because they believe that
contract Tor the benefit of the people |
Shoull be held us sacred as me Tor th
benefit oi the bOndhuller. Sir, iorbrur.
an,e on this point has ceased to he
virtue Those who have ut all times
lnbored TO keep iho faith ot the duv
crnmrnt with ITS citizcis, aud liz red |
ilors alike, cannot submit any longer
To insult added TO mi ny, 10 NholrsaIc
c Jumuy add,d 10 ualIual plan ier- In
some countries the habit prevails nl
building earn, pile of stoms TO
mark the spot where SOME trugic event
has happened So let Amcrl,an tax-
PAYERS, whenever the uct Oi March,
1869, IL cited. each ca>t stone upon
il, To mark the place in American his
tory where repadialion began, AMI
where the rights Of tho people were
mercilessy and trcachcrously slaugh-
tered
Tie next step in the systematic yio-
latlun uf il- obligations to ils own ciii-
zeDs by the American Gnvvrnment was
taken Ia the enncim ment of the law of /
July II. 1870 known as tho act for
rounding the unlhlnal debt. The mo
tve which prompted this leglslation
hur never yet been fully exposed. II
has always been held up IN tho lnnu
cent gnise OF an attempt To reduce the
itooi intoreri. ltva la fact, how ever.
the pfi-pring OF an apprehension re-
manning ~ certain minds even after
the act Of March, 1869 that the work
oi rcpudinling tbs contract for the
pa, nlcnt Of the $40 bond- might moi
no quite complete and finaI. These
hunds were outstanding, pnl although
the law If their pa, mcnt had just becn
yet their holders feared that
the people might sooner or later N turn
repeal the inithless act Of March. 1860,
and declare again Tor the pay mcnt ui
those original bonds according to the
original contract
Therefore this act Of Jnly II. 1870,
called the reiund'ng act, was brought
IN as supplemented to that of Mach,
1869, and in aid Of its false assertion
that our whole bonded debt was pay.
able in coin. By sort Of moral for.
gerry on the American pcoplc thc re-
act provid,s Tor the issuc Of
new bonds To the amount of $1,000,
600 90, With an agreement iur coin
pay mcnt written on their lace and
then further provides that these new
con bonds shall bc substituted Tor the
original 20 bonds, one in exchange
for the other, dollar for dollar, Ava
rice in the ordinary affairs OF life has
often tempted the holder Of deed, a
vail, bond, or other obligation for