The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-01-23


years that followed there Is not a platform OF
either political party In any state In the
Union which makes such an assertion. No
claim for such a construction of the law in be-
half OF the bOndholder ever fell from the lips
Of a leading member OF the party In power
during the same length OF time In either
branch OF congress- or anywhere else, as far as
the public Is advised. On the contrary, in
many states and notably In Ohio, the home
of the president and secretary Of the treasury,
the dominant party In Its state convention In
1858 expressed Its deliberate conviction that,
bonds were tssaed, said bonds should be paid
in the currency OF the country which may De
legal tenders when the government shan De
prepared to redeem such bonds" On this
doctrine the present chief magistrate and his
secretary took their stand only nine years ago,
Not only so, but secretary Sherman, who now
In hisr ecentlreport, warns us against repud1a-
tion then gave IN 1ette We dssed MaFc a o. ISL
tuted repudiator. Speaking on this subject,
he says:
UNITED STATES SENATE CHAMBER,
wAsHINsToN, March 30, 1858. J
DEAR SIR was glad to receive your letter.
NY personal interests are the same as yours,
but, like you, do not intend to be influenced
by them. Ny construction of the law Is
I feel quite sure an impartial court would con.
firm IL If the case should be tried before court
send You ny ,G views, as fa,Iy st ~ genn I'D
ate or violate q promise when we OFFER TO re-
deem the principal" in legal tenders Is errone-
GUS think the DOndnOl0er violates MS prom
Use when he refuses to take the same kind of
money he paid fer the bonds. III the case Is 20
be tested by the law L am right; if.it Is 10 oe
tested by Jay Cookies advertisements, am
wrong hate Reputation or anything like
1t, but we ought not to be deferred from what
is right for fear of undeserved eplthets Ii under
the law as IL stands the holders OF five-twenties
can only be paid In gold, the bondholder can
demand only the kind of money he paid, then
he Is repudiator and extOriioner TO demand
money more valuable than he gave.
Truly yours, JUN eohh-fhh<AN.
When it is remembered that the bondholder
never paid dollar In coin Ior oond OF any
description, but purchased them all with gov
eminent currency, which the government 1t
self had deprecated by refusing to take 1t Tor
custom dues and interest, the full meaning OF
this letter becomes very plain and forcfble. III
is not the offspring of impulse or tnexperience.
committee of this body, and he wrote, as he
says, after careful examination" By the
light which he here throws upon the subject
we may see the exact beginning OF reputation
and behold the furtive and rav9nous move
ments of the actual regulators as they hurry
up and down the precincts OF legislation dur
ing the last nine years of our history. By its
light, too, we behold the present secretary of
the treasury, judged by his own words, as the
chief OF regulators, foremost among the viola
tors of contracts, and a leader among those who
have in no instance kept the good faith OF the
government with its own people moment
after they found that bad faith would ing
them richer gains. In less than ten months
after this letter was written, and after
the enunciation of the Ohio platform,
Il
advocated and procured The passage
of the act of March, 1862 for the
payment of all the bonds in coin which he had
declared payable in currency, thereby estab-
fishing an open reputation OF solemn and
binding contract, and fastening an extorttsn
OF not lsss than S5O0,OOO,OOO on the staggering
industries of the country as the speculative
profits Of the operation. In the whole hnan.
claI history of the civilized world no parallel
| can be found TO this audacious deed OF broken
| faith, deliberate treachery to the people, and
! national dishonesty. 1t stands out by itself,
| towering high above all common frauds, and
dwarfing them in comparison with its own
| vast proportions. 1t viii bear the names OF
| those who enacted 1t to distant generations
amidst the groans, the curses, and the lament
atoms OF those who toll on the land and on
| the sea; and more deeply engrayen than any
other name will be forever found that of the
he himself said constituted the twofold crime
/ of reputation and extortion. Do state the
| that am not fustif,ed In the LANGUAGE use or
/ In the conclusion state? If so, pray him to
recall the utterances OF my lamented and dis
| tinguished predecessor In this body. When this
monstrous act of Reputation was on its passage
here In March, 1869, Senator Morton pointed
out In the plainest and most explicit manner
| four distinct acts of congress under which the
people had acquired a vested right to pay the
/ $50 bonds In legal tenaer notes, and which
were TO be broken and set aside by the meas
/ ure then under discussion. Among other
things he said:
And now PROFOUND the question. 1t Is
either intenced by this bill to make a new
contract or IL is not. II IL is intended TO make
new oTt eG1traet protest against it. We should
| people of the United States after we have sold
| these bonds on an average for not more than
| 90 cents on the dollar now to make a new con-
tract for the benefit of the holders"
| Again he says:
at gives TO those laws a construction that /
do Dot believe ia and that have shown Is
And again Senator Morton exclaimed, with
| that power of statement which always so great
/ ly characterized him:
1 In ia f1raha hall hot
sage OF this kind of a bill would have the effect
| in Europe, where our financial questions are
/ not well understood, TO increase the demand,
and that will enable the great operators to sell
/ the bonds they have on hand at a profit 1t is
in the nature of a brokers' operation. 1t is a
i bull movement intended 10 put up the price Of
| bonds for the interest of parties dealing In
| them. This great interest is laundering at the
| doors OF congress, and has for many months,
| into legislation for the purpose of making
money for the great operators. That is what
1t means and nothing else"
These are words of intense and overwhelm-
ing force. Where In the whole range OF de-
bate can be found a more revolving picture of
here portrayed by the greatest party leader
perhaps ever known In the American con-
and he rests after his life ftfuI fever but this
| accusation hurled against criminal wrong
doing survives, and will continue 20 survive
| as long as 1t remains TO be determined who
| have repudiated the sacred obligations and
| the plignted faith OF the American republic.
| In far distant times generations now un born
while examining the sources OF the burdens
that have descended to them will read the
charge made in this presence by the late SEN
ator from Indiana, that combination OF
stock Jobbers, as destitute of conscience as
pirates, and inspired alone by greed for mon
| ey, successfully Numbered at these doors and
finally drove this government into the most
stupendous act of pad faith and legalized rob
berry ever Practiced upon any people since the
dawn of history. Five hundred millions made
by the great operators and five hundred mil.
lions lost TO the p'owman and the mechanic
| whS have it alto payi
And yet the authors, the instigators, the
abettors of this crime. and the participat0rs in
It's proceeds, fill the air with railing on the
subject OF repudiation, and point their fingers
stained with plumber, at honest men, as re
pudiators, because they believe that contract
Tor the benefit OF the people should be held O,
sacred as one for the beneft of the bondholder
Sir, forbearance on this point has ceased to bs
| q virtue. Those who have at all times labOree