The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1878-01-25
SENATOR VOORHEES, ON THE CUR
,Jua KENCY QUESTION. 'd So"

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Do WAsH1NGroN,J january 15.-The gt,i-
leries of the Senate were full to-day,
and all the vacant spaces in the Cham
Der Allied. Mr.. Voorhtes, Of Indiana,
called up the resolution submitted by
him on the 18th OF December, declar-
ing that 1t Is oftthe highest Importance
that the financial credit of the Govern
ment' be lnaintsined, and in orier to
do SO the Government itself, in all Its
departments, should in good faith keep
all its contracts and obligations entered
into with its own citizens. He referred
to the continual agitation OF the finan-
eial question, and said it would never
cease until the people are satisfied that
our vast debt is In process of extinction
upon the principles of Justice to the
ttax-paying labOrer. On the other hand
they are suhjugated into silent sub
mission and the Government itself bss-
comes changed in spirit and form into
u moneyed aristOcracy. 1t may he TINT
the latter alternative is to overtake us.
There are dark and plentiful omens in
our recent history indicating. such a
cOnclusiOn. There Is Il nulnerous and
powerful class In our midst, who be-
lieve as Alexander Hamilton declared,
that the British Government on this
point rs well as on other points is the
best ever devised by the wisdom of
man. Those entertaining this opinion
have thus far triumphed in the tinan-'
cial legislation of the United States.
And the time has now arrived when
their actions must be reversed, or soon
this government will not be lSepubli-
can, and the people no longer be free.
He argued that to u great extent, our
whole financial system is an organized
crime against the laboring taxpaying
tnen and women Of tho United States,
and those who thought as he did that
a great work of financial reform Is
demanded, in order to secure the l,eo
pie from slavery in fact, If not in
name. He spoke Of unholy avarice
having its strongholds and the privi-
legged classes having entrenched them
selves. He further said this plea Of
good faith now 50 loud in our ears has
been invoked in behalf Of every
wickedness that over cursed tho world.
He then spoke Of the act of February
%, 1862, as the beginning Of our bond
ed debt. The precious metals were
unequal to the emergency of war, specie
payments were abandoned as soon as
the hour Of trial came, and gold and
silver covered in the rear, while the
legal tender dollar went to the front
with the flag and staid there. He was
among those who doubted our right to
issue it, but experience had shown it,
all things considered, the best money
that ever circulated on American soil.
He argued that by this act and by
similar legislation at subsequent peri
DDS every bond issued by the Govern
| ment, which did not on its face stipu-
| late for the payment in coin, was made
payable by the express words of the
! law, in legal tender notes. He quoted
from the language of the late Thaddeus
Stevens to the effect that even payment
| of the interest of the bonds in coin was
an odious and unjust Discrimination
in favor of the bondholder. He also
quoted from the speeches OF Senator
Sherman to show that he expressed
the opinion that the bonds were pay
able in legal tenders. Mr.. Noorhies
characterized the acts of Congress pro-
posing to pay the bonds in coin as the
beginning OF repudiation. The present
Secretary of the Treasury was the chief
of the repudiators, foremost among the
violators of contracts and leader
among those who have in no instance
kept the good faith of the Government
with its own people u moment after
lney 1Ounu tnaC Oau 1alth would bring
them richer gains. lie com Inented ut
some length on the act of 1869 TO pay
tho bonds in coin, and said In some
countries the habit prevailed of build
ing Il cairn-a pile of stGnes-to mark
! the spot where some tragic evont had
happened. So let the American tax
payers, whenever the act of 1869 is
cited, each cast !, stone upon it to mark
the place in American history where
! reputation began, and where. the
rights of the people were niercilcssly
and treacherously slaughtered. He
next commented OH the rcfunding act
of July l4th, 1870, and said it was
brought into being to aid the false
assertion of the act of ls63-th;lt our
whole bonded debt Was payable in
coin. He argued that both of these
acts were framed in the interests of the
| bondholders and under their dictation !;
but even under these acts the bonds
! were payable with either gold or silver
| coin, and not payable with gold
alone. ...
Mr.. Voorhies then spoke at some
length in regard to the advantage OF
silver coin, and said the silver dollar
came to us with the faith OF our Gov
| ernment it was devised as a unit of
! "a