The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1878-02-27
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tion in the House OF Representa-
tives on lJannary 26th. We regret
that our limited space forbids its
publication entire ;abat we publish
below the concluding portioa, which
gives graphic and concise state
ment Of the ruinods concessions
made by the government to the
bondholders. and coneludes with
magnificent peroratioH. which for
fervid eloquence is unsurpassed:
''W6y. sir, the bondholders have
DO right to complain. In the first
place, we funded their debt and.
gave double value to it; in this
way we gave a doRble rate OF inter
est in gold. making it.now equal to
Is per cent. Ell the original value OF
! the funds. In addition to that. un-
der the act of 1869, at time when
The fve-twenties and other bonds
were payable in legaltsnders, they
prevailed upon Congress to bullion
ize the debt and thus gave them
| $500, 600 more in value. They pre-
vailed upon us to pass the act of
I 1870 to secure coin atits then stand
ard value aud prevent its alloy or
/ depreciation by the act of the Gov
enrment. In 1871 they required
the quarterly payment of the inter /
/ est, mum, the difference between the
semi-annuai aud quarterly interest.
In addition to that we passed the
act of 1878 for their accommodation.
demonetizing silver and giving a
contraction to the currency and an
addition to the purchasing power
of their capital which is now dis
tressing the country. -.
Congress passed the resumption |
act of 1875 to contract the currency |
and at the same time to avoid sti- |
pulaiien in the act of 1869, which |
provided for the Payment of the
bonds in ''coin or its equivalent. -
The term equivalent meant that
whenever the legal tender notes
should be equal with coin, gold or
silver, then the 500 bonds should be
PAYABLE in such notes. And these
bonds are now payable in legal
tender notes, because they are now
equivalent" to silver eoin-even
admitting, for the sake of the ar
gulneut only. that they were not
originally payable in ]egal-telders.
This explains the reason Of. the mor-
c;lcss war which is waged against
the legal-tender notes. With a
heart as hard "a the adamant of the
desert, the foreign bondholder would
rather see every industry of our coun-
try strangled in the tightening folds
of contraction aud the whole laad
blasted with mildew than have his
bonds paid in legal-tender notes.
The bondholders are moving heaven
and earth to get to gold resumption.
Conscious of their power they have
become insolent, intole-ant. and abu
sive. They denounce all as financial
dunderheads who dare TO thwart
their policy and defend the people
against their beundless rapaclty.
MIR. Speaker, there is no enlight-
ened fnaucier that will contend that
forced resumption Of specie pay
meuts can be of any practical adj
vantage to the country. 1t will I
bring every industry Of this coun-
try to its crutches. 1t is already |
making orr great commercial cities
financial ecraveyards. It is empty
ing our sliops and mills and blasting
our fields. Millions Of laborers are
this day rolling in shoals from one
side of the country to the other,
praying fer wages and for bread,
And after vainly trying every ave-
Rue of escape from misery and
wretchedpe ess, they wall out their
despair in The language of Millions
fallen angel:
Which way I fly is hell!
Resumption, social, is tearing the
very heart OF this nation to pieces
and throwing it TO the vultures.
When the boadholders are made TO
tremble on their throne Of gold and
bonds by the earthquake of popular
discomfort they have no language
of relief except Give them the
bayonet y They would re-enact
the appalling tragedy Of English re-
sumption from 1917 TO 1928, when
one hundred and sixty thousand
land -holders we're reduced TO thirty
Thousand, the description Of whose
horrors baffied the eloquence of the
British Parliament and defed the
graphic pen of England's most eio-
quent historians. 4
But there is another startling fact
which lies in the,path Of resumption.
When we reach resumption we will
reach another conclusion :: THE MA
TIoHAL DEBT WILL NEVER BE PAID
not because it will be rePadiated,
but because the nation caanet pay
it, sss-- fra- o.s8-er sreE-gfsa 1,
It will be an inheritable burden, |
under which pesterity will grean
and swelter for ages Such IS the
fate of England, ,.- IL
a recent able English fnanciat /,
writer uses the following language: +
ssTo us Gays the author of The Bank
Charter Act and the Rate of Interest,
London: Simpkin, Marshall y CO., [,
1879 is indeed "a melancholy reflection
and one Mithal worthy of grave ponder7 +
ing. that when the United States shall
return again to a convertible currency
the hdnidation Of this national debt
must cease. Oar own sinking fund, +
devised for similar object, We know a
ceased to receive any important pay.
lnents after the abrogatien of the bank
restriction act. No currency, doubtless
but ene that was able TO SUSTAIN q great
war need be expected to rLIQUIDATE ITS
COST. -fzs,ss-- ~ 80 af-s ssf.sz-. -
Then, sir. when We reach resump-
tion this country. must pass upder
the yoke and be pe:petually enslay-
ed 10 the money oligarchy. +.
L.. hcr c.,lr will olini1I I