The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-01-16
DAN VOORHEES, ON FINANCE.
TUE MtrDEN sPEECH That BROUGHr
DOWN THE SLNATE GhLLERIES.
What the Tail Sycamore Of thc Wabash De-
mnnds. mad What he says win Happen if
thc East says silver ne Legal Tender.


Nix. PREsIpEST The agitation of the qucs-
ton of finance has continued without n mo-
menis intcrnission from the commencement OF
our present system until this hour 1t will mover
cease until the people are satisfied that our vast
debt is in process Of extinction upon principles
of Justice to taxpaying labor. or until on tho
other hand. they are suhjugatcd into silent sub
mission. and the Government itself becomes
changed in spirit and form into moncyed aris-
torracy. 1t may b. that tits latter alternative IL
to Ovcrtake us. There are dark and plentiful
omcns in our recent history indicating such Il
conclusion and there Is numerous and power
full class in our midst who believe. as Alexander
Hamilton declared. that the British Government
on this ~ well IA on other points is the best
over devised by the wisdom of man. Those en-
teltaining this opinion have thus far triumphcd
in the financial legislation Of the United States.
and the time has now arrived when their vie
tories must be- reversed. or soon this Govern
mont will cease to be Republican and the people
no longer be free. The policy OF this victorious
interest in this country. rs in all others. has
boon vigilant for opportunities OF greed and
gain. and aggressive in appropriatlng them 20
lis own advantage. In it's tenacious pursuit of
this policy II has during tho last sixteen years
pr -ssd its cruel and unjust demands upon the
Am"ri an people IN "A variety OF Shapes. Just
now IL assumes n manner swollen with nrru-
gan go. naughty. defiant and nlled with in .ocncr
toward an opponents Thns, who are i.tngod
on tho side uf grasping wealth afcc' high
disdnin for such Us choose ~ rcmr', der that
labor has rights which this =, Government
is called upon to protect. There seems
to hc an immense sncer on the face
OF sor,lid. inactive capital. ~ If It's pretensions
were beyond tue crit ism " ordinary mortals.
IT. advocates outside Of Congress do not con-
descend. as "a general thing. to argument AT all.
l ln,nnnGia,ion Is now their prncla wranon
tion, however infamous. that is not Of daily u.s.
against all who dare 10 d,firr In opinion with
them. curious spectacle Is presented On this
subject ny large portion Of ihr Eastern press
her" and there AIDED by II newspaper IN the
with clamoruus abuse uf all who venture Ia he
love n do that To- a great extent our whole
iinnn nat svsicm IL an organized crime against
United stat - Thos" who thiuh. u- dn. that
great work of financial reform g. demanded
slavery in 'act. IT not IA name are d.
nouu",.l in the same spirit ana ia IA. oNa't
language with which every old criminal abuse
sought to rbraly1e the work ~ reformation. md
beat ~ the tide Of human progress, Those
who. finding nionstrous eNil Embedded in the
laws Of their country wish To- eradicate II 10y
J.. ar"iul legislation. are at once aud " tn thr
utmost Jury assaulted H. violntur- ol the public
faith. enemies at tn" national honor aud worse.
II possible than common swini'rs II mu-
tiers not how dr,p and burning the out
may havr crep, into our statute goot laiih
IN tAe estimation of those VITO profit b., thr out
rage. requires u to remain turfn forever
th0u.,h /, should aid day b, da, the rhn-tly
wor, of ruin that now poryadcs tl" land. This
pi,a. SO lou now IN our eHrS. has horn invoked
IN hrhali "i every Wl'k'inc-H thW eyer cursed
n" world. Il IL my purpose on THIS ora~iun 90
show what tho obligations ~ good tulth require
oi u ON IN. gr az question 81 our finances. AMI
10 argiign those who have Systematically brcSrn
1t WREN YER tNrir interest prompted them To- 80
So II Ii ray purpose. also. to p how thnt VIM" It
l. OF ia. Hughes - impOrtauro 10 ma ntain our
financial credit. il can only bee done hy tho Gov
eminent keeping all it, contracts anu ohlil,a-
Tons with lis own EifynV-. inns has 'fit
ma ofIsrsivo esp.rialiv H. Western mon AMI
Western Interests that II shall now he met ~
lar ~ my humble. npa yennhl' : nae 20 mcet ~.
The oi Feb p, is62. istnc beg inning % our
bombed d"hl Tn. precious metals were found
TO be- unequal to the emergency of war. Specie
payments were abandoned NJ soon as the hour
II ttlal came. and gold md silver covered IN
the rear while the legal tender went 10 the front
with tn flag. and stayed there. | was among
pcren'e has shown II 70 be the best money. all
American soil. By this net OF February. 1862
and by similar legislation AZ uNsruurut
periods every bond ISSUED ~ the Government
which did not on It's face stipul ltr for payment
in 'gin. was made payable. IN the express
words ~ the law. in lesal-tendrr notes
Tho simple. explicit. and attnc same time com
prehcnsiya enactment guara ntocd to the Amer
lean proplr the right TO pay thr'c-f0urths ~
their national debt in rational currency. II
was the law uf the contract when an the five
twenty bonds. amounting Ia over nitrcn hum
dred millions. were purchased from the COY
eminent hy the bOndholdrrs. and paid for in
from ~ 90 60 per cent below par IN coin. Every
one understood the law 10 DC as | have stated It
at IN" time OF It's passage. In fact. the great
struggle then was whether even the interest
on tho bonds have mentioned should be paid
n coin. That feature Of tho law was attached
here in the Senate ms an amendment. and when
the at thus amended was returned TO the
House a violent, conflict at once. arose. Both
Mr.. Spalding of New York and Mr. Stevens OF
Pennsylvania. the leading members OF the
Committee on Ways and Means. and one
lt n moi nf ~
tcrest in com was an odious and UNJUST dis
crnination in favor OF the boniholdrr and
who We're compelled to receive the legal tender
currency greatly dcpr,'cinted hy this very dis
entire dcbnte made thu slightest protcnsc or
intimation that the principal OF the bonds was
payabIe m CON, During The seven eyentiul
ot either political party in any state
which makes such an assertion. In many
pnrty in 1868 expressed lis deliberate
conviction that according to the laws
under which the iye-twcnty bonds were issued,
SAID bonds should he paid in the currency OF
the country which may be legal tenders when
the Goyrrnnent shall be- prepared to redeem
chief Magistrate and his Secretary took their
stand only g 81 Years ago Mr. sherman wr2i"
violates his promise when he. refuses 10 iake
Ne same kind of money he paid for the bonds,
When it if remem4i3crci that the bond
for a bond o. any description but pur-
chased them all with Government currency,
which the Government itself had dopre'iaird
bv refusing H. take II for customs dues AMI m
trrest the full meaning OF thus letter hrromcs
very plain and very forciblc. Bv the light her,
thrown upon the subject wa may see thrrNiu't
beginning Of reputation. ana hch' ld tho fur
tive and raN'nous movements Of the atunl re-
pudluors ms thoy hurry up aud down the pre-
clncis ol i"- station during the last n ne years.
In less than ten months after this letter Was
written the Hon. John sherman procured the
passage OF the act of March. 1863. Tor the payment
OF all IN" bonds IN com, thereby 'stabll shing an