The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1878-08-07
The National Debt.

SZ,OOO, UOO, 600. 1t was in its creation
and manipulation that the unholy com
bination was formed between the Repnb-
llcan lawmakers and bondholders for the
robbery of the people. The obligation
OF contracts was broken to increase the
profits of the money dealers. A success
sion of measures having this object in
view we're adopted and carried into effect
Bonds known as D 20s were issued at va
rious times to the amount of 81 800, :
00O,000 These bonds were purchased
by the money dealers with greenbacks
at par when they were worth in coin from
40 to 60 cents on the dollar In other
words, thousand dollars in bonds were
purchased for the equivalent of from
four hundred to six hundred dollars in
coin. The condition of the contract
was that the principal of these bonds
constituting more than three-fourth Of
the national debt was payable in green
backs, the interest in coin. Mr.. Spal-
ding the mover of the law, and the late
Thadeus Stevens, the foremost Republi-
can leader of his day, and the abIest sup
porter Of the measure, declared this to
be its meaning. When it was pending in
the Senate Mr.. Collamer, of Vermont, in.
troduced an amendment divesting green
backs of their quality of being payable
6 ReRdse hgt IR88 Vat eMldccteYS 1,ce
President on the Grant ticket in 1872
and other leading Republicans, declared
that If the amendment was adopted thew
would vote against the whole scheme. II
was defeated, and for seven wears the
universally admitted construction of the
law was that the bonds were payable in
greenbacks. Among others who EXPRESS
ed themselves freely on the subject was
MIR. John Sherman, the present Secre
tary of the Treasury Having taken
prominent part in the passage of the law
he expressed his opinion in 1868, SAVING |
that ''the bondholders would violate their
" promise if they refused to take the
" same kind of money (greenbacks)
g which they had paid for them" and
that "the bondholders, if they demand
9 ed gold or any other more valuable
kind of money wiz: greenbacks) than
they gave for the bonds, they would be :
regulators and extortioners." '
But during all this time the ShyIocks e
we're not idle. They were plotting and
tanning and watching their opportunity Il
thin one year from the date Of the a
'regoing letter of Mr.. Sherman thew a.
ad procured the passage of a law through
ongress, and Sherman himself (wbo Il
IS amassed millions on his official saIa- re
OF few thousand Year, had become ST
Jealous advocate, altering the contract m
Id pledglng the faith of the government fir
pay the bonds Gin coin" The profits A.
allied by the bondholders from this TT
ange Of contract amounted to upwards r.
S6oO, 900, 600. They had given the mr.
livalent of 81 200, 600, 900 in coir for br,
bondA and now the government hv
dyed itselt>to pay them 81 800, 100000 Of
coin. TO clinch the nail upon this pes
ndling operation, in 1870 they pro. vie
ed the passage of a refunding act SUI
horlzlng the issuance of new bonds in sen
&c of the old ones with the agreement con
item on their face, that they were pay vice
: Sin coin" Ker
tut the disreputable proceeding did Go,
stop here. The bondholders con- the
ed the idea that 'coin" itself the
not good enough for them Coin" to h
mt si3cey as well as gold; and RICH
set to work, and by corrupt Stat
MS procured the passage of law Stat
1873, prohibiting the use of silver conc
oney, or a legal tender, in order that take
might collect their dues exclusively cour
old that
Or these nefarious measures the Re
lean party is entirely responsible. wv WI
only opposition they encountered whic
rom the national Democracy, who m m IN a
e Presidential Convention of 1858. ceed
zen the obligations oftha ,~o,,o.,, the A
t expressly state unop +boi = 60 I'm Conn
nder which thew were isSned 49, y. slt ceivet
lie that the bonds shall he naii in cni the pl
nght in right and justice to be paid i'm cohVe
wIul money (greenbacks) of the Uni pers
tates. shows
the last session of Congress, bill IN !
the two houses restoring silver to and .,
'mer status and authorizing its linn e-no
oinage, and it was vetoed by Re- bu
AN President Unable bomoom later
hstand the popular demand for the procet
re, the columns Of his own party missio
ed, and it was carried by sweep ed to
ljority over the veto. then Z