The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1878-01-18

tipulRte payment III Su'"' Il. ,,w';n ~
payable by express woros Oh '"' Ia" ;" is
egal tender notes, .a N tho 4"
THIS enactment guaranteed 70 smo 0
American people the right 10 pay , Ia
fourths of the national deo' III na r
currency, which was the law OF .he " ~ G
tract. when all the goyern nnN nno W. us,
amounting to over $l,ooo,OU,vW. W." ,he
purchased from the government ~ .o Wv
bondholders and paid Tor IN tiIs y" .' ,or,y
at par; when 1t was quoteu 2. ~ II ,U
TO sixty per cent, below par IN GO h'n ,.,a5
one understood the law AS nN &c s",Sa
II at the time Of Its passage. " iac', .nu
great struggle then was WIZ ethei wa WA
| the interest OH the bonds sho aid os paa
| in coin. No one in the deoas maui ~"
slightest intimat'.oB that the prlnG,pa; o.
the bonds was Payable IN ON. Du, ,hnt
the full term of seven eyenliuI years Sra'
followed, there is not ple'uor.n o, CIV.
er political party, In any s'ate III wy
nnion. which makes such an assertloD'
0 Woorh ees alluded to Secretary SheF>
mans Letter of 1868, tavoring the ps-
ment OF the bonds in the same " -
money as Bought them, ana h' I'D OF
auent' action In procuring tR' subse,
an e.ct for the rayment o. passage OF
which, he SAIL, was sp oonas IN CON,
OF solemn contrsa' open repI a 'u
soTtlca of not ss' ~ apu ias SnS,o d MI
LIONS Of dolls' on ,Se s a aooerino indus,
tics OF the Country as speculative profits
of the opera don. In the whole financial
. history OF the civilized world no parallel
is can be FUND 10 this audacious deed OF
broEe'I faith, deliberate treachery to the
| l.. oh atx- or
1u', by itself. towering high above all
= Common frauds and dwarfing them In
"A comparison with Its own yastprOportions.
IL will bear the names of those who ems
acted 1t to distant generations amidst
groans and curses, and the lamentations
OF of those who toll on hand and on sea.
u. More deeply engraven than any other
will be forever found that of the secretary
~ OF the treasury, as author of what he
himself said constituted the two.fOld
crime OF reputation and extprtion. MIR.
ed voorhees,. in support of his position,
{. quoted the language OF Senator Morton
Is Ia 1869, 40 follows:
lc. "a combination OF stockholders. as
destitute OF conscience as pirates, and in
spired alone by greed tor money, sue
eessiully Numbered at these doors and
A. finally drove this government into the
ax most stupendous act of bad faith aud
-. legaized robbery ever perpetrated upon
ter any people since the dawn of history"
TO He next took up the funding act Of
1870, charging that it was the offspring
of apprehension, that the work Of com
= pleting the contract for the payment O
III fiye,twenty bonds might not be quite
ags complete. Thus it was provided, anC
Ar, Issued new coin bonds in place OF tn
nm original ones The amount saved in In
terest Is trifling when compared with th'
AUD loss by whole transaction. BY the law
ing OF March, 1859, and July, 1870, bonds out
standing and afterwards to be issued
were payable In coin, not in gold alone
nor in silver alone. but in coin. II
lew quoted Mr.. Sherman in 1869, .as explicit,
mes tayoring this view. The silver dolla
her was eliminated from our money system
under cover of false pretenses.
ne MIR. VOORHEES, proceeded to show tina
lar. of the entire trading ard commcrcla
Iiru population of the earth, more than fou
times as many people have chosen silve
"o> as have chosen gold and more than fiv
and times rs many have chosen silver q
ont have chosen gold and silver together
The laboring classes desire money plent
iul, while those who wish to fasten thei
idle wealth on the productions OF labC
the clamor for scarce and dear money.
,or- was in the interest OF the latter powerft
class that silver WAS demonetized.
uies He referred to the act OF January l.
nore 1875. for the resumption of specie pay
of ments. and said that the law OF Februar
Ion, 1873, taking away silver money from III
Ae"' people, and the law of January, lS7,
OF a fixing a day, now less than year,
sion advance when greenbacks shall also pc,
, the ish, are twin monsters OF EVIL, born
6ff hs destfashSs s 81 all money SAY
gold. He wildly portrayed the e8e
nave such legislation would have ppt
and business and labor. He spoil
liter of the imposslbilrty OF resuming Januar
|. 1870. and attributed the slrinkage
last the value of property and universal di
'osi- tress to the policy of contraction ar
ON, said that during the four years when Il
dor. volume Of currency averaged thousar
,r millions of dollars the business failure
lho OF this entire country reached only ZIG
rmy less in number than occurred in ar
eng three months Of the year just close
y hs During period which is now stigm
tized as one of imitation, windows of hu;
euC ness houses were not darkened, and bui
yalls ness men did not 90 as mourners abo
Flip the streets. The laborer did not go hon
mic without bread to bis wife and chidr,
;, helpless; millions did not cover al
TO- .tremble at the approach of winter for
only lack of food and shelter. The publ
men. peace was not broken by riots in resjs
ORTIZ snce to starvation wages. The cOur
.,.s. were not principally occupied in enior
oeh' ing collections, foreclosure mortgage
ople. ordering sheriff sales or in publishing Il
ylisb destitute and outcast.
The speaker next turned his attentiC
y " to national banks, and said the system
buns national banking now in use, 10 the INC
Con. elaborate and complete scheme for ma
,o;, ing the people pay tribute to wealth,
order to obtain circulating mediuI
III 10 eyer known in the financial history
20 OF the world. There is not dollar in L
mpt- hands OF the people on which they ha
, =, not paid tax, for the privilege OF haylI
Il NC it put IN circulation by the governmeI
ning The national bank Is a middleman b
tOlia, tween the governments and the people, al
stan, tremendously paid TOR doing what
government ought to do.
Mr.. Voorhees, said he represented the
who demanded-tirst, the restoration
:. the silver dollar exactly as it stood befe
it was touched by the act OF FebruaT