Ottumwa weekly courier., 1878-07-24
Cen. Weaver In the ottumwa
. riNNA4

vom98s
Gen. Weaver criticises the COURIER
in letter published in the last issue
of the Ottumwa Times. We will try
to be brief in reply:
The chief issue he takes with us is
the use of the following language in
our weekly issue of July 10th last:
"If Gen. Weaver don't know that
his statement to the effect that Nor
ton or Sherman ever said seven hun
dred millions of our bonds We're pay
able in greenbacks, then he shows
himself to be culpably and disgrace
fully ignorant or shamelessly. dishon-
est"
Now let us give the statement of
the General referred to in his speech
and to which he raises no objection in
his letter: .... -N4-
"But how are you going to get it
(greenback currency into circulation?
Well, my friends, l Twill tell you sew
eral ways-very good ways. In the
first place we have about seven hum
dred millions Of $40 bonds. We had
the right, say Morton, Sherman, and
the bonds say SO themselves. The
bonds were payable in greenbacks.
Now put that into the hands of the
men who hold the bonds, and as a
matter of course, they will go out in
to circulation"
Now everybody will agree to this
proposition, that Gen. Weaver, when
he made that statement to his au-
dience, June 10Th last, in Newton,
Iowa, was talking of our bonds now,
not the government boads we may
have had nine or ten years ago, at the
time when the remarks of Morton in
the Senate were made, or Sherman's
letter was written that the General
quotes from. Our present bonds were
what he intended his audience should
understand he meant, and what they
did understand he meant, and what
we in our criticism referred to. Il
Gen. Weaver referred to bonds in ex'
istence at the time he quotes from
Sherman and Morton, he did not say
SO, but he spoke of our present bonds
as they now stand subject to all the
legislation up to the time he made his
speech, and we repeat what we saiG
of him, that he showed himself culpa
bly, and disgracefully ignorant OF
shamelessly dishonest in stating tha,
Sherman and Morton sag so and so
The fact is this, that when Morton
Sherman, Thad. Stevens and other.
raised the question of whether ou
bonds were, by the letter of the law
payable in coin, our bonded indebted
ness was far from what it now is, ant
Gen. Weaver was republican during
the whole time this change was made
in active support of the party and it:
measures.
| The first great loan act of the gov
ernment was passed Feb. %, 1862. i
authorized the issuing of five hun
dred and fifteen millions of bonds il
language SO uncertain that there arose
afterwards quibble about the money
they should be redeemed in. S514,
III, 900 of bonds were issued under
this act. The construction to be Civ
en- to this large bonded indebtedness
remained bone of contention until
finally settled in 1870 by giving con.
struction upon them. 1t was thest
bonds still largely outstanding in 1865
and 1869, that Sherman and Mortor
referred to chiefly. When Gen. w
made his speech, not one dollar o
these bonds was out that had no
been called in many months before
i March 3, 1868, little over a yeal
after the act of Feb, 1862, Congress:
authorized loan of 5000, 900, 900. Th'
question of how the bonds under tn
former act were to be paid having
arisen, they left no doubt touching
the matter in this new act but ex
pressly provided in the law that botl
principle and interest should be paif
in coin. tSee 12 Statutes 7O9.)
i Seventy-five millions of these bcnd
We're issued before the act of March 8
1864, which stopped the issue by max
: ing new provisions. These $4,000,
900 of bonds are still outstanding
/ We have not this act of '83 at hant
or we would give it, but we have tn
lact of March 3, 1864, and we publish
la sufficient portion of it to settle tn,
Iquesti0n of the kind of money tn,
bonds issued under it We're to be pait
in:
CHAP. XVII.-An Act supplemental
| ry to an Act entitled can Act t,
q provide Ways and Means for tn
support of the Government" ap
proved March third, eighteen hun
dred and sixty-three.
Be it enacted by the Senate and Hous
Of Representatives Of the Lnited State
Of america in Congress assembled, Tha
in lieu of SO much of the loan author
lied by the act of March third, eight
cen hundred and sixty-three, to whicl
this is supplementary, the Secretar.
1 of the Treasury is authorized to bor
row, from time to time, on the credi
of the United States, not exceedin,
two hundred millions of dollars dur
ing the current fiscal year, and to pre-
; pare and issue therefor coupon or reg
istered bonds of the United States
bearing date March first, eighteel
hundred and sixty-four, or any subse
quent period, redeemableat the pleas
ure of the Government after any pc
riod not less than five years, and pay
able at any period not more than fort,
Iyears from date, in coin, and of sucl
denominations as may be found eXpe
dient, not less than fifty dollars, bear
interest not exceeding six per centun
a year, payable on bonds not over ON
hundred dollars, annually, and on al
) other bonds semi-annually, in coin.
i 4
/ Approved March 3, 1864.
1t is plain to be seen how by thi
action Congress set at rest the ques
tion that had arisen as to the construc
, tiOn of the act of 1862.
L 20