The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1878-01-02
FACTS AND FIGURES.
PAYMENT OF GovrRSMrNr BONDS.

the resolution submitted by Mr.. Matthews
on the 9Th infant, relative to the paymen.
Of the bonds Of the United States in silver,
the pending question being on the motion
of Mr.. Morrill, 10 refer the resolution to the
Committee on the Judiciary.
MIR HEREFORD, Mr.. President, in addition
10 the pending resolution some days ago
the bill known as the "Bland silver bili''
passed the House. and last Tuesday was fix
ed for the com mencement of its discussion
by this body. The subjects matter covered
both by the resolution and that bill are
pretty much the same. The remarks that |
shall submit to-day will be more especially
directed to what is known as the = Bland
silver BILL to give my reasons why | think
that bill should pass without any amend
mcut. | am in favor both of the resolution
and the bill.
few days ago a writer on political
science of very high reputation delivered a
lecture before the students of ale College,
in which | think he has partially defined
the objects and the purposes and the effects
OF the passage of this bii!-Professor Sum
ner He uses the following language:
e. The indebted landholders'-
That is the produces of the West and
South. who sell their products abroad
" would be the gamers
That is, would be the gamers by the pas
ii sage OF this bill
at is from the laborer and those receiving
fixed Incomes that the Indebted landholders
would derive part of their advantage. IL
won't affect city landholers only cotton and
wheat growers would be the gamers. 1t
would be a gain for the West and South at
the expense of the East aud North, and no
gain to the national wealth"
The senior Senator from Massachusetts,,
4 fMr. Dawes who addressed the Senate yes
Gerday, has placed this matter little more
puintedly in the following language:
Il speak, sir, in behalf of the bondholders
of Massachusetts, and do not in SO speak
ing speak for handful OF men in State
street or a platoon of men in Wall street,
but / speak for every one man, woman, and
child i'm three OF the whole population OF
HAT State, who have $230,0O00OO now in
vested in her savlngs-bauks, and reinvest
ed by those banks in these securities TO
Nery large extent
50 that, Mr.. President, we are informed
by this learned professor and by the Senator
rom Massachusetts that the great ohjec-
Hon 10 the passing of this bill is on account
81 the interest OF the bDndhOiuers. Profess
Dor Sumner admits that the passage of it
will rebound to the benefit of the South and
Vest. | propose, in my humble way, to
show that it viii not only be benefit to
the South and West, but to the masses o.
Bis whole country, North, South, East, and
West.
am not here to-day TO make
any war upon DO 1dholders or upon
wealth, in whatever form it may be pre-
eented, for its acquisition is one of the
great objects OF life. 1t is proper for each
and every one of us to try To accumulate
Fealth in an honest and honorable manner
Il propose in the few remarks that | shall
fnbmiU to- day to show thas the resistance
ID the passage of this silver bill and the de-
En nd on the part of the bondhOlders that
silver shall not be remonetiZed are an un-
dolly aud unjust warfare upon the citizens
% the United States, a warfare not justified
bither in law or in good morals
Ore of the reasons urged against the re-
monetization of silver is that il would be
unjust TO the holders of the Government
bonds, that at the time they purchased
those bonds they believed that they were
30 be paid in gold coin. In the language o!
The President in his annual message ut the
opening OF the present session:
The power OF the United States to coin
money and TO regulate the value thereof
onght never to be exercised for the purpose
"a enabling the Government to pay its obli-
cations in coin of less value than that
contemplated by the parties when the
Bonds were issued
| am surprised to hear such reasons as
Hlgned or such a statement made. Ne one
hRd a right To believe at the time our
bonds We're sold that they were to be paid
HeciusiUely in coin of any kind, either gold
VI silver. What are the facts? What Is the
history of the transaction? What is the law
Id the premises? All three-the facts, the
history, and the law-prove conclusively
hat the purchasers of our bonds had no
Feason to expect any such thing. In the
lrst place every legal tender note that was
ever issued has stamped upon it these
Words:
This note is a legal tender at its face
value tor all debts, public and prirdte, except
autes on imports and interest on the pub
he debt"
Can language be any more explicit
Now, mark the language of the exception,
Except duties on imports and interest on
lie public debt So that nothing Is oil
Ban be palmer than that at the time of the
ISSUANCE of these legal tenders they were
10 be received in payment of the priRctpd
Of our public debt. Every man, woman
hnd child that ever had one was notified OF
the fact Who knew it better than the
bondholders?
Again, when the bonds were first Issued
In the discussion of the question as to how
shey were to be paid in both branches OF
Congress, il was announced publicly by
Senators and Representatives, under the
leadership of the great commoner OF the
House at that time, Thaddeus Stevens, that
HEY were redeemable in legal tenders.
~ no will deny this? And yet we are told
that the purchasers of these bonds expect
ed to be paid in gold at the time they pur-
chased them.
What did Senator Sherman, the present
Secretary of the Treasury, say? In letter
plated Omitted States Senate Chamber,
Washington. District of Columbia, March
20, 1885, addressed to 'Hon. a. Mann, ir.,
Brooklyn Heights he says;
DEAR SIR: was pleased TO receive your
letter. My personal interests are the same
as yours but, like you. do not intend t. Dc
lIUtuenced by them My construction OF the
law is the result OF careful examination,
Rnd feel quite sure an impartial court
would confirm il, if the case could be tried
before court. l send you my views as
fully stated in a speech. Your idea IS that
zee propose TO Fepudidte or violate a promise
eohen zoe offer to redeem the principal in legal
lenders.
/ think the bondhoIder violates his promise
echen he refuses TO take the same kind OF money
re paid for the bonds. If the case is to be
tested by the law, am right; If it is TO be
eSted Dy Jay Cookies advertisements, / am
NJ l nate reputation or anything
IKE 1t, but zoe ought not to be deferred from
lotng tchdt Is right By fear of undeSerred cpl
he's If under the law as it stands the
nolders OF the five twenties can only be
palo In gold, then we are regulators if we
propose TO pay otherwise. Ii the boadh0lder
gan legally demand only the kind of aaoneu he
Data, then ne Is a repudidtor aud ertortioner to
"eD'dhd money more udluable than he gaze.
Afuiy t EoH1S' SHERMAN
And yet we are told by the gentleman
VINO purchased our bonds that they had a
right 10 believe and did believe that they
We're TO be paid in gold; and this, too, in
the lace OF the language upon every green
Dack, ana, as L shall presently show, in
every law that was ever enacted this, too,
IN the lace of the debates in both branches
OF Congress. Had the bondholders never
Lead the endorsement on every legal ten
debates in Congress? Certainly they had
and knew all about them. Why was that
endorsement put on every legal tender
Ian any Senator answer2 Was 1t to notify
Wy world or was it intended TO cheat and
ueIfaud the citizen One or the other was
.ne purpose. There Ia nowhere to be found
Fny law saying that our bonds shall be paid
gold. They are made payable either il
kEipelmoney or in coin, but never in gold
the Oonds known as the $40 bonds issued
nnaer the act of February 25, 1869. were
l,nde payable, the principal In dollars
"isnVus specifying the kind Of dollars,