The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1878-02-14


ture historian will judge this question
Let IA candidly review them. Tt
act Of February 25 1862, is the begil
ming of our bonded debt. The preciou
metals wers found to be unequal to II
emergency of war. Specie payment
were sband ned as soon as the hour ,
trial came, and gold and silver COW
cred in the rear, while the legal tende
dollar went to the front with the ia
and stayed there. was among thos
who doubted our right to issue 1t, bu
experience has shown it the bes
money, all things considered, that eve
circulated on American soil By thi
act of February, 1862, by simila
legislation at subsequent periods, ever
bond Issued by the Government whIc
did not on its face stipulste for pay
ment in coin was made payable by tn
express words OF the law in legal ten
der notes. 1t was plainly written il
the statute that these notes, now known
as greenbscks, shall be receivable il
pay ment of all taxes, internal duties
excise, debts, and demands of over,
kind due TO the United States, excep
duties on import; and # al claim
and demands against the United Slater
of every kind whatever, except Tor in
teIesL upon bonds and notes, which shall
be paid In coin and shall ais be law.
ful money and legal tender in pay.
meDt OF all debts, public and privs' g
within the United States, except duties
on imports and interest as aforesaid"
This simple, explicit, and 81 the same
time comprehensive enactment guaran-
teed to the American people the right
to pay three -fOuTths of their national
debt IN national currency. 1t was the
law of the contract when all the 5 20
bonds, amounting to over fifteen hun
dred millions, WIRE purchased from tn,
Government by the bondholders, and
paid for in this currency at par, when
it was quote d ht from 40 10 60 per CT nj
below par in com. Every one under
stood the law to be as / nave stated at
the time of its passage. In fact, the
great struggle then WAS whether even
the interest on the bends l have men
toned shoul1 be paid in coin. The act
of February 25, 1862, first passed the
House without any provision at all for
the coin payment of interest. That fea-
ture f the law was attached here in
the Senate, as an amendment, aud when
the act, thus amended, was returned to
the House, violent conflict at once
arose. An examination Of the Con-
gressionsl Record for the second ses-
sion of the Thirty-seveatb Congress, al
pages 92l and 900, will show that both
Mr.. Spalding, of New York, and Mr.
of PennsylvsnIs, the leading
members of the Committee OF Ways
and Means, and one ITS chairman,
united in denouncing the Senate
in the bitterast and St
verest terms. They contsnded, in stern
and determined language, that even
The payment of interest in coin was an
Odious and unjust discrimih alton in ia
vor of the bondholder and against the
soldier, the sailor, and the citizen, who
were compelled to receive the legal tn
Ter currency, greatly deprecated by
his very discrimination.
No one by a single wcr in that en-
ire DEBATE made the slightest prefer Sc
or intimation that the principal of the
binds WAS payable in coin. During
he full term of seven eventful year.
hat followed th. rS is not n platform of
either political party in any State in
he u MON which makes such al asser-
ion. No claim for such q construction
If the law in behalf of the bondht lder
'ver fell from the lips of a leading
member of the party in power during |
he same length of time in either |
branch OF Congress. or anywhere else, |
IS far rs the public is advised. On the |
in many States. and notably. |
II OHIO, the home of the President and |
lis Secrtt 1ry OF the Treasury, the dom
m &c Gtafa finn in |
s6S express ID its deliberate "convic-
ion that according to the laws under |
which the $50 bonds were issued, said |
,onds should be paid in the currency Of |
he country which may be legal tenders
Vhen the Government shall be prepared |
o redeem such bonds" On this doc
rine the present chief magistrate and |
lis secretary took their stand only nine
ears ago and told the people that the
Doctrine was true. Not only SO, butSecrs-
aTy Sherman, who, now in his recent re-
'ort, warns us against reputation, then
ave in letter dated March 20, 1868,
nd widely published his idea of what
a repudiator. Speaking on
his subject, he says:
"USIrED STATES SENATE Gu ,MBER,(
WAsHIS0Tos, Mar'h ~, sos.
"DEAR SIR was glad To receive
our letter. My p rsOnal interests are
be same as yours, but, like you, 1 do
ct intend to be Influenced by them.
dy construction OF the law is the result
{ careful examination, and L feel quite
ure an impartial court would contirm it
the case would be tried before court
send you my views, rs fully Ated in
speech. Your Idea that we propose
D repudiate or violate promise whom
70 offer to redeem the "princIpal" IN
sgal tenders is erroneous. / think the
violates his promise when
o refuses to take the same kind of
honey he paid for the bonds. IL the
ase is IL be tested by the law, am
lghi; if it is to be tested by Jay Cookies
am wrong. l hate
epudiation or anything like it; but we
ught not to be deferred from what is
ight for fear OF undiscovered epiLhets.
{ under the law rs it stands the hold
rs Of hve-twenties can only be paid in
MD, the bondholder can demand only
he kind of money he paid, then he is
spudiator and eXtortioI or to demand
lonev more valuable than he gave.
Truly yours,
- Ohm Oh EkMAk.
When it is remembered that the bond
older never paid dollar in coin for
bond of any description, but pur-
ased them all with government cur
ency, which the government itself had
epreciAted by refusing to take It for
ustom dues and interest, the full means
X of this letter becomes very plain
nd very forcible. 1t is not the of
pring Of impulse or inexperience It's
uthor was then Chairman Of the F.
ance Committee of this body, and he
irots, as he says, after careful exami-
alton" By the light which he here
hrows upon the subject We msy see
be exact beginning of reputation and
ehold tue furtive and ravenous move
1ents of the actual repudIators as they
arry up and down the precints OF leg
a n nj M