The People's vindicator. [volume] (Natchitoches, La.) 1874-1883, 1878-02-09
Speech of Mr.. Voorhees, IN the United
States Senate.
Financial Credit of the Government.

DtutVS CCHNSVs
Financial Credit of the Government.
At the expiration of the morning
hour he resolution of Mr.. Matthews,
in regard to the payment of bonds in
silver, was taken up as unfinished
business, aad then laid aside infor-
mally, so that Mr.. VOORHEES,, (Dcm.,
Indy might address the Senate on the
resolution submitted by him before
the holidays, declaring it of the high.
est importance that the financial cred
it OF the Government be maintained,
and that for this purpose the Govern
ment itself, in all its departments,
should in good faith keep all its con-
tracts and obligations entered into
with its own citizens.
He said the agitation of the question
of fuancc wilt never cease until
the people are satisfied that the vast
debt is in process of extinction upon
principles Of justice to tax paying Ia
Dor, or until, on the other hand, they
are subjugated into silent submission,
and the Government itself becomes
changed in spirit and form into a
moneyed aristocracy. Denunciation
is now the principal weapon used by
those who are ranged on the side of
grasping wealth. There is 10 epithet,
however base, that is not in daily use
against all who venture to believe, as
| I do, that to a great extent our whole
financial system is All organized crime
against the laboring, tax paying men
and women ofthe United States. The
great plea of the present hour for the
continuation of the wrong and injus-
tice is, that good faith requires it,
Those who, finding this mcnstrous evil
imbedded in the laws of their country
wish to eradicate it by peaceful lesis
lation are at once and with the ut.
most fury assaulted as the violators Of
the public faith, the enemies of ma
tional honor, and worse if possible
than common swindlcrs. This plea
so loud now in our ears, has been in
voked in behalf of EVERY wiekednes>
that ever cursed this world. The
usurper invokes it to protect the
throne he has stolen, as soon as he j:
seated. The tyrant invokes it to shell
ter his perogative, and his nobility il
turn invoke it in order to live viii
ease and splenlor off Of the labor o
others.
Mr.. VOORHEES, reviewed the fnan
cial legislation since 1862, and sai(
experience had shown the legal ten
der to he the best money that eve
circulated. Every Government bone
winch did not on its face stipulate 70
payment in coin was made payable b.
the express words of the law in lesa
tender notes. This enactment guar
antced to the American people tin
right to pay three -fourths of the ma
tional currency. 1t was law at tll
contract, when all the $50 bonds
amounting to over 81 100000 wer
purchased from the Government b,
the bondholders and paid for in thi
currency at par, when it was quote
at from forty to sixty per cent. belo,
PAR in coin. Every one understood
> the law to be as have stated it at tn
time Of its passage. In fact, the grea
struggle then was whether even til
interest on the bonds which l hav
mentioned should be paid in coin. N
. one in the debate made the slightes
pretcnse or intimation that the p,i.I
cipal Of the bonds was payable in coi'
During the full term Of seven event
full years that followed, there is not
platform Of either political party i
any State Of the Union which make
such an assertion. =,
Mr.. VOORHEES, alluded to Secretar
! Sherman's letter of 1868, favoring til
payment of the bonds in the SAN
kind of money as bought them, an
his subsequent action in procuring IL
passage Of an act for the payment I
the bonds in coin, which he said W.
an open Reputation of a solemn col
tract, and fastened an extortion OF NJ
less than five hundred million dolla
on the staggering industries of tt
I, country, as the speculative profits
the operation. In the whole tinanci
history of the civilized world, no pa
allel can be found to this audacio
deed of broken faith, deliberate tire
|. cherry to the people, aud national al
honesty. 1t stands out by itself, to,
t. ering high above all common fraud
n and dwarfing them all in comparis'
with his own vast propo, tions.
at will bear the names Of those who e1
~ acted it to distant generations amid
the groans, curses and lamentations
E. those who toll on land and on g
ID and more deeply craven than d
OLucl udluc VIII UC SVICNCA SVVhu vi
Of the Secretary Of the Treasury
the author of what he himself "a
constituted the two-fo!d crime Of l
pudiation and extortion.
Mr.. Voorhees,, in support of his
sitior, quoted the language Of Ser
u tor Morton in 1868, rs follows:
combination of stock jobbers as dos
tute of conscience as pirates, and
n spired alone BY the greed of mon'
~ successfully Numbered at these doc
aud firmly deceived this Governme
r. into the most stupendous act of b
~ faith and legalized robbery ever pr
M ticed upon any people since the da
W ofhistory."
He next took up the funding act
1870, charging that it was the
ed spring Of an apprehension that
work Of repudiating tile contract
the payment Of $40 bonds might, !
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