The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1878-01-26
The Five Hundred Millions Rob.
berry.

The United States bonds, which were
bought with paper money, worth fifty or
sixty cents on the dollar, were originally
contracted to be redeemed in the same cur
rency. In 1869, however, this contract
between the bondholders and the Gov
eminent (the tax payers) was broken, and
an act was passed making them payable
in coin, whereby the taxpayers were de.
frauded of $50O,O00,000. Upon this
infamous robbery, Senator VOORHEES, of
Indiana, commented as follows in his
great speech in the United States Senate
on the 18th of January
| In the whole financial history of the civ
| ilized world no parallel can be found to this
audacious deed OF broken faith, deliberate
treachery to the people, and national dis
honesty. 1t stands out by itself, towering
high above all common frauds and dwarfing
| them in comparison with its own vast pro-
| portions. 1t will bear the names of those
who enacted it to distant generations
amidst the groans, the curses and Iamenta-
tons of those who coil on the land and on
the sea; and more deeply eneraven than
any other name will be forever found that
| of the Secretary of the Treasury as the
| author of what he himself said constituted
the twofold crime of reputation and ex-
| tortion. Do / state the case too strongly (?
| Does any Senator think am not justified
state? ESQ, pray him to recall the utter
1 Of r>I II.
predecessor in this body. When this mon
strous act Of reputation was on It's passage
here in March, 1869, Senator Morton pointed
out in the plainest and most explicit MAJ
ner four distinct acts of Congress under
which the people had acquired a vested
right to pay the 800 bonds in legal-tender
notes, and which were to be broken and set
aside by the m easure then under discussion.
Among other things, he said:
And now l PROFOUND the question. It is
either intended by this bill to make a new
| contract or it is not? If it is intended 10
make new contract, | protest against it.
We should do foul injustice to the Govern
ment and the people of the United States
| after we have sold these bonds on an aver
age for not more than sixty cents on the
dollar now to make a new contract for the
benefit of the holders.
Again he says:
| 1t gives to those laws construction that
| l do not believe in and that [ have shown
is contradicted by at least four acts of Con-
| gress.
And again Senator Norton exclaimed,
with that power of statement which always
so greatly characterized him:
Sir, it is understood, believe, that the
passage of bill of this kind would have
the effect in Europe, where our financial
| questions are not well understood, to in
crease the demand, and that will enable the
great operators to sell the bonds they have
on hand at profit. 1t is in the nature of
| a brokers' operation. 1t is bull moveme mt
intended to put up the price of bonds for
the. interest of parties dealing in them.
This great interest is laundering at the
doors OF Congress, and has for many months
and by every means, attem pting to drive US
into legislation for the purpose of making
money for the great operators. That is
what 1t means and nothing else.
These are words of intense and over
Whelming force. where in the whole
range of debate can be found a more re-
Voting picture of bad faith inspired by base
cupldity than is here portrayed by the
greatest party leader perhaps ever known
in the American Congress? He has passed
away, his voice is silent, and he rests after
life's titful fever. but this accusation hurled
against criminal wrong-doing survives, land
will continue to survive as long as it re-
mains to be determined who have repudia-
ted the sacred obligations and plighted faith
OF the American Republic. In far distant
times generations now unborn while exam
lining the sources of the burdens that have
descended to them will read the charge
made in this presence by the late Senator
from Indiana, that a combination of stock
jobbers, as destitute of conscience as pirates
and inspired alone by greed for money,
successfully Numbered at these doors and
finally drove this Government into the most
stupendous act of bad faith and legalized
ROBBERY ever practiced upon any people
SINCE the dawn of history. Five hundred
millions made by the great operators and
nve hundred millions lost to the plowman
ana mechanic who have it all to payl