The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-01-31

Il, 1873.
et as -1p .fe =
Spalding, of New York, and Mr..
Stevens, Of Pennsylvania. the leading
members Of the Committee on Ways
and Means, and one its chairman, unit
ed In denouncing tho Senate amend
ment in the bitterest and severest
terms. They contended, in stern and
determined language, that even the
pay ment Of interest In coin was an
odious and UNJUST discrimination in
favor Of the bondIIolder and against
he soldier. the sailor and citizen. who
were compelled to receive the legal
tender currency greatly deprecated
by this very Discrimination. No claim
for such constructions of the law in
behalf of the bondholder ever fell from
the lips of leading member Of the
party in power during the same length
Of time in either branch of Congress
or anywhere else as far Is the public
is advised. On the contrary, in many.
Esseteis ~ Slebix 81 9lhie - hesee
OF tho PfesIdont aud his Secretary oi
the Treasury, the dominent party, in
its State convention in 1868, express
ed its deliberate conviction that, ac-
cording to the laws under which the
five-twenty bonds were issued
they should be paid in the
currency of the country, which
may be legal tenders when the gov
ernment shall be prepared to redeem
such bonds" On this doctrine the
present Chief Magistrate and his Sec
retary took their stand only nine
years ago and told the people that
The doctrine was true.
WHAT SENATOR SHERMAN SAID.
Not only 81, but S cretary Sherman.
who now in his recent report warns u
against reputation, then gave IN let.
er, dated March %, 1868, and wide
ly published, his idea of what con.
stituted repudiator.
of Secretary Sherman referred to, in
which he says =
Your idea that we propose to repu-
diate or violate q promise when we of
fer to redeem the principal in legal
tenders is erroneous. think the
bondhOlder violates his promise W hen
he refuses to take the same kind OF
money he paid tor the bonds. If the
case is to be tested by law l am right.
If it is to be tested by Jay Cookies
advertisements am wrong, sc.
THE REFUNDING ACT.
The next step in the systematic vic.
lation OF its obligations to its own cit
izens by the American government
was taken in the enactment of the law
of July Ia, 1870, known as the act for
refunding the national debt. By q,
sort OF moral forgery on the Ameri-
can people, the Ieefundin& act provides
for the issue of new bonds to the
amount of $1,5e0OOO,OO0, with an
agreement for coin payment written
on their face, and then further pro.
vides that these new coin bonds shall
be substituted for the original i've
twenty bonds, one in exchange for the
other, dollar for dollar. Avarice in
the ordinary affairs Of life has often
tempted the holder of deed, will, .
bond or other obligation for money or
property to obtain . false construc-
tion if possible, or even to change the
terms of the instrument in order to
enhance it's value. Here both these
objects have been obtained by the
money power-first, a, false construc
ton of the contract, and next, = direct
change of it's most vital terms. 1t is
true that reduction of the rate of in
terest on the new coin bonds is pro-
vided for in the act of July 4, 1870
5000, 100000 of these bonds to bear 5
per cent, $500, GOO, 900 to bear four and
one-half per cent. and $1,000, 600. 600
to bear four per cent. This reduction
in the rate OF interest has at first the
appearance of a concession to the peo-
pie, but q moment's calculation will
show the amount thus saved utterly
trifling in comparison with the enor-
nous losses they suffer by the whole
transaction.
THE DEMoNETIZATI0N OF SILVER.
When, however, this elaborate
scheme for the destruction of the rights
of the people in regard to the pay
ment OF the tive-twenty bonds was
supposed to be finished; when the
gateways of justice, of law and of pub
lie morality had all been closed and
double-barred and bolted against the
taxpayer. by the repudiating acts of
March. 1869, and July, 1870, did the
practice of bad faith on the part of the
government toward its own citizens
stop even then? By both the laws OF
March, 1860, and July, 1870, framed
in their Interest and under their di-
rection, it Is SO plainly written that
the bonds then outstanding and after
ward to be issued were payable in
cOin-not in gold alone, nor in silver
alone, but in coin-tliat it is impossi.
bie to construct an argument against
the proposition. Indeed, it is equally
difficult to make an argument in its
iavor, for q truth that is self-cvident
does not admit the ordinary methods
Of reason in its support. In the first
section Of the act of July II, 1870, the
bonds therein authorized are made
''redeemable in coin of the present
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