The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1878-01-11
JOhn sherman vs.. John SheE-


AhAaA
The present bulk of the public debt
was contracted during the war of the
rebellion. The considerations received
by tho government for the interest
bearing bonds it issued was its own
non-interest bearing notes, worth less
than their face all the way down to be-
tween thirty and forty cents on the
dollar at one time; and the promise of
the interest bearing bonds, where coin
was not expressly stipulated, was to
pay back In kind-that Is to pay dol
lars, just as the non-lnterest bearing
notes of the government promised to
pay dollars. This was not only In ac-
cordance with the law, in letter and
spirit, but it was in accordance, with
the understanding. And it was not until
several years after the close of the war,
when the bonds which at the outset
had been scattered among the people
began to be gathered into the hands of
the comparatively few money changers
of this country and Europe, that the
mendacious and monstrous demand not
merely of tax exemption but of coin
payment was made. Against this de-
mand not only Democrats but Repub-
hcans, and conspicuously the Republi-
can leaders in Congress-the very men
who framed and passed the laws Great
ing the bonded debt, set their faces in
earnest indignation. In 1858 the Re-
publican State Convention of Ohio and
Indiana inserted in their platforms
planks rejecting and repudiating the
claims of the bOndholders; and the
tive Republican chiefs of financial leg
islation in the two houses during the
war, Thad. Stevens, Chairman of Ways
and Means in the House, now dead,
and John Sherman, Chairman of the
Finance Committee in the Senate, now
Secretary of the Treasury, talked and
wrote in their respective chambers as
follows:
From Third Stevens Speech in the House
If L knew that any party in the
country would go for paying in coin
that which is payable ia money, thus
enhancing iJ one-half; If / knew
there was such determination on the
part of my party, L would vote for the
other side, Frank Blair and all! ]
would vote for no such swindle upon
the taxpayers of the country. L would
vote for no such speculation in favor
of the large bondholders, the million
aires who took advantage of our folly
in granting them coin payment of in
teresT. And declare-well, it is hard
to say-but IL even Frank Blair stood
upon the platform of pay ing the bonds
according to the contract, and the Re.
publican candidates stood upon the
platform OF paying bloated spectators
twice the amount we agreed TO pay
them, then L would vote for Franz
Blair, even If worse man than Sey
nour was at the head of the ticket.
JOHN SHERMAN's LETTER.
United States Senate Chamber.
Washington, March, 20, 1868.
DEAR SIR Il was pleased to receivC
your letter. My personal interests arr
the same as yours, but, like you, l d.
not intend TO be influenced by them
My construction of the law Is the re
suit OF careful examination, and tee
quite sure an impartial court woulC
confirm it, If the case should be tried
before a court. Your idea is that WI
propose to repudiate or violate prom
Use when we offer to redeem the prin
cipal In legal-tenders. / think tn
bondholder violates his promise wheI
he refuses to take the same kind o
money he paid for the bond. If tn
case is to be tried by the law, / al
right. II 1t is to be tested by JAY
Cooks advertisements I am wrong.
hate Reputation or anything like IL
but we ought not to be deferred from
doing what is right by fear of unde
served epithets. If, under the law as
stands, the holders OF $40 bonds can onl
be paid in gold, then we are repudla
tors If we propose to pay otherwise. /
on the other hand, the bondholders ca
legally demand only the kind of none
he paid, then he is a repudiator and q
extortIoner to demand money moi
valuable than he gave.
Truly yours,
JOHN SHERMAN.
To Hon. A. Mann, Jr., Brookly
Heights
But now John Sherman comes up
the man who says that payment
debts in anything but gold Is fral
and swindle. What influence shOu
the sayings of snch an inconsistei
man have on anybody's opinion.