The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-09-18
Democratic Financial RECORD.

are some facts bearing upon the history
of the money question and Of che attitude
of tho democratic aud republican parties
u regard to congressional legislation which
is we'll for the people to consider. The
following from the Pekin Times bears d.
rectly upon the subject:
On june 2Sth, 1862. the question Of con-
currepce in the senate bill creating the
United States bonded debt was before the
lower house of congress,
| Mr., Holman, democratic member from
Indiana, offered the following provision as
an amendment;
provided, that nothing 10 this act shall
impair the rights of the states to tax the
bonds, notes aud other obligations issued
under this act.
| Every democrat 10 the house, sixty
three, voted for the amendment. OF the
republican eight voted for the amendment.
and seventy seven voted agsinst il, The
democratic party then favored, and the
Republicans then, as now, opposed and
defeated the proposition to tax the
bonds.
10 February, 1863, the bill was pending
in congress- for the charter of the national
banks. 1t passed the senateou the 18th
of that month, and the house on the Goth.
Upon its passage 10 the senate, the demo-
cratic senators voted tor the bill, two, and
against the bill, twelve. Of the republic
an senators. niue voted against the bill.
and for it. tWepty-one.
| In the house, three democrats voted for
the bill, and forty-two against it. OF the
republican congressman, twenty-two voted
against the bill, and seventy Eve tor it.
10 the beginning tae democratic party,
as they do now, opposed the national bank
ing system. and the republican party Gre
ated it, as now they defend it.
10 April, 1854, when the supplemental
national bank bill was before congress, the
| democrats of the house, sixty-five, voted
solid against it, and the democrats of the
senate, seven, voted solid against it. The
republicans OF the house voted against the
bill, Que; for the bill. eighty. The repub-
lican senators voted against the bill, two;
for the bill, thirty.
i On the same day, when Mr. Sd Randall,
of Pennsylvania, now speaker of the house,
offered resolution providing for the tax
alton of national banks, Mr.. Blaine, OF
Maine. then speaker OF the house ar.
bitrarily iuled the resolution to be out oil
order.
: In March, 1869, when the infamous acI
entitled, on the senate books, IAN act tc
strengthen the public credit, and which
made currency bonds payable in coin, wa:
up for consideration, all debate upon The
bill was cut off by the republican majority
and the bill. without debate, put upon III
passage. 10 the house, only one democra
voted for the infamy, and the rest, thirty
two, voted against it. Of the republican,
twelve voted az 4inst the bill, ard ninety
six voted for it. In the senate, tie demo
Gratis voted solid against il. The republi
" can senators voted seven against the in
fanny, aud for il, forty two.
While the bill was ~ udlug in the sen
o ate, Mr. Thurman, then as npw demo
}. cratic st oator from Ohio, offered the amend
,. ment providing that nothing 10 that bill
should apply to the $40 bonds which wer
confessedly payable 10 greenbacks, Fo
IT this amendment the democratic senator
voted solid; the republican senator
y voted for Thurman's amendment,
d against, thirty one
# And so the republican party mad
! the bonds that were expressly payable i
q greenbacks, payable in coin. and change
the contract between the bond holders an
the people in favor of the bondholders. an
70 increased the value OF the bonds and tn
81 burden of the people $520.000,000.
K The democratic party then, as always
At opposed the infamous swiDdle,
On March 20, 1869, Mr.. Morgan.a deu
ocratic member of the house. offered a rel
olution to exempt from taxation salt, te,
II sugar, coffee, matches and tobacco, and I
w tax the bonds
sv For this resolution the democrats of th
es house, thirty-nine voted aye" sole
ne Against the resolution the republicans {
ir the house, one hundred and four, vote
Or solid, No"
n And so the proposition to tax the bond
was again defeated by republican votes.
In June, 1870, when John Sherman
proposition to increase the circulation
the national banks was pending 10 til
u house, Mr.. Randall, democrat, from Penn
~ sylvania, proposed as substitute for th'
~ bill, to take up all the national hank note
~ and issue instead of them, $500, 100000
in greeubacks.
Six democrats, only, voted against I'll
is resolution, and forty one voted for its adol
d, ton. Only ten republicans voted for til
he resolution, aud one hundred and FIVE r,
- publicans voted against it.
W At the same time Mr.. Morgan, dem,
r. cratic member OF the house, offered sui
stitute for the bill increasing the nation
bank circulation, which substitute WI
% that the national bank act be'repealed. an
!" that instead of the national bank note
70 there be issued 100000, 900 of greenbacl
A. with full legal tender qualities.
~ Only eleven democrats voted against Il
u substitute, and thirty-four voted for it.
For the substitute only three republ
cans voted in favor, and one hundred az
sixteen republicans voted against it.
e' On the 3lst of January, 1870. Mr.. III
81 Nicely, then democratic member OF Il
ID, house from Illinois, and now chairman
mn the democratic state central committe
=, offered 10 congress this resolution:
10 Resolved, That the national debt should
at paid strict compliance with the contract whet
er it is made payable in gold or greenbacks; th
r. 1.-THE $40 bonds are payable in greenbacks the
equivalent and we condemn the policy OF 4
0A administration which is squandering millions
he money by buyiug such bonds at high rate
premium when the government had the clear rig
rd to redeem them at par. :"
Only three democrats voted again
mr. this resolution, and thirty four vote
for it.
70 One republican voted for the resolutio
uuu JUG auQ uiDSt06u TcpuUuCd
er voted against it.
ia On January ". 1870, Mr.. McNeely Q
- fered this resolution.
a. Resolved, That the committee
ne banking and curreacy be aud they a
fit hereby instructed to report at an ear
day a bill providing for withdrawn
from circulation the national bank Gu
y. rency. and for issuing instead of such Gu
Of rency. treasury notes usually called gree
l. l.