Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-03-20

by our own citizens, but the citizens OF
other countries, We have today s678,.
227, $50 of bonds, securities of the
United States, redcemable by law.
They consist Of six items Of indebted.
ness, four of which bear per cent. in.
terest, and the other two bear 8 per
cent. interest. All these bonds can be
redeemed to-day. They are redeema.
bic at the pleasure Of the Government,
and believe that in very short time
1t will be the duty Of this Government
to redeem them, and redeem them in
bonds not bearing over 3 or 81 per
cent. interest.
England has been held up to the
American people by the Senator from
Connecticut, and other Senator's, as the
great head centre of National honor.
England commenced with her indebt.
edness at 6 per cent, and the reduction
has been almost exclusively or to q
very large extent in the hands Of the
party who originally held tho bonds,
and has continued through.
Mr.. Eaton. VIII my friend allow
me to ask him question?
Mr.. Cockrell. Certainly.
Mr.. Eaton. When did / ever say
anything about the National honor OF
England2 2 When2
Mr., Cockrell. | stated that England
had been held up as an example to us,
the English government as an exam
pie TO us. think the Senator held ii
up in his speeches.
Mr. Eaton. | said it was the great.
est commercial nation on earth.
Mr.. Cockrell. oh, yes and its hon.
or was so great as commercial nation,
and it was held up by the side OF the
United States to cast opprobrum and
disgrace on the attempt Of Senators on
this floor TO get the issue Of the silver
dollar.
Mr. Eaton. To debase the currency.
Mr. Cockrell To debase the cur.
rency, the Senator says.
Mr. Eaton. That is true; it was.
Mr.. Cockrell. To appreciate the
currency, to honor the law and the
people, and TO enforce the rights of tho
people.
Mr.. President, in 1851 we shall have
s772,76l,7 200 in obligations which will
be redeemable at the pleasure Of the
Government Two classes of these
obligations, one amounting to $780,
100000 and odd, the other to SIS, ,00O,-
900, are bearing 6 per cent. interest;
We have s200,000,00O Of obligations
maturing in 1891 bearing Al per cent.
interest, and then something like s75,-
100000 maturing in 1907 bearing 4 per
cent interest | say that this Govern
ment and the taxpayers Of this coun.
try cannot bear this enormous burden
of taxation at the rates of interest we
are now paying. Gentlemen speak of
the legal rate of interest in the differ
ent States being higher than this
amount Yes, and the property is
subject to taxation, and is subject TO
loss and to destruction. These Incl
dents do not attach to the bonds OF the
! United States, and | am opposed to
striking out OF this bill the 1866 rate
and inserting 4 per cent. | would
much rather see 1t 3 per cent. Now
give the people of this country an OPP
portunity of subscribing for a 81 or 3.65
per cent. bond. Gentlemen here assert
they will not do it. do not believe
them with due respect TO them, | do
not believe word Of what they assert
in that matter. 1t is only a matter Of
prophecy, it is only matter of predic-
ton, as TO what the people will do.
Mr.. Salisbury. | ask the Senator If
it is not matter of prophecy on his
part whom he says be believes they
will do so.
Mr.. Cockrell. Just the same "a the
Senator's prophecy exactly. Now,
what harm is there in giving them an
opportunity | ask the Senator from
Delaware, have the people Of this coun-
Try no rightsl Are the people Of this
country entitled to the privilege Of sub
scribing for the National debt at 1865
interest The Senator from Delaware
and the Senator from Connecticut say,
"No; we will not permit them to do
that they, the poor people Of the coun-
try, who want to place their savings
beyond the reach Of danger, shall not
have the privilege Of subscribing TO a
3.65 per cent bond, but We will raise
the interest to per cent, and then
the hundred or the hundred and tiity
millions invested in the savings-bsnks
in Connecticut and the Eastern States
will come in and take it up, and the
laboring people spread throughout the
7 length and breadth Of this country will
have an opportunity of subscribing for
this loan"
They never have been given an op.
portunity Of subscribing for Govern
ment bonds throughout the length and
breadth of the country, and now when
they ask the privilege Of having small
bonds, bonds within the reach OF their
property and their income, in which
they may invest with security, we are
met by the same power we have gen.
orally boen mot with, saying, "No I;
the people shall not have that privilege;
we will not give them the privilege Of
taking 3.65 per cent. bond, but we
will. make it per cent. bond" 1
say give the people an opportunity
give them chance. No harm will be
done; not particle Of injury will re.
suit to anybody. Tho Senator's con.
stituency in Connecticut will not be in.
jured by il; the constituency OF the
Senator from Delaware will not be in
ljured by il no harm can be done and
why, say, shall the people be denied
this opportunity The Senators say
tho people will not invest in such bonds.
Give them an opportunity and We will
see whether they viii. or not and thcn
we shall see who are the prophets.
Mr.. President, | shall oppose this
proposition, and am opposed TO the
other provision in the hill which makes
this bond rcdeemable in coin. ! want
to see the time come when the word
"coin' will not be recognized In the
statutes Of this country, when there
will be one money and only one money,
and that shall be for all alike. shall
vote for no law making discrimiua.
ton. From the adoption Of our Con.
stitution till 1869 | defy any Senator
10 point TO law upon our statutes
which used the word "coin" in describ.
ing dollars and cents. 1t is not 70 be
found there. The Senator from Con.
necticut, a stickler for State rights and
the old haloyon days Of the past, Is