The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-08-01
A A-Splendid e Key-Notaa

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A-Splendid /" Key-Nste.a
From GrNfRAL MoIGAH'Ss sspd 6ch ct
Washington, Pa, Jsly-8, 1878:
OUR FINANCIAL CONDITION..
By the census ofl87O the value Of all
the property owned by the citizens Of
the United States was returned at
thirty thousand millions, But by the
reduction of the volume Of money the
value of that property has been redue-
ed fully one.half. Then II eli this
property soald be sold, we would haye
fifteen thousand millions Of property
with which to pay theirteen thousand
millions of debt; but - property at .
forced sale will not, a. . rule bring
more than two.thirds Of ita yalus.thsre
is not sufficient property in the country
to pay it's debts. That 10, ve ssein .
state of -undeclarsd hank-
rpptcy, and this bankr9Rtcy, has
been brought about by making laws
in favor Of idle and against active cap
ital; by making great fortunes Ry oct
of Congress for the few Vho were AZ
ready rich; by making monsy Scdrce
and dear, so that the pnrchasing pow
er Of the dollar has been more than
double. Bat citizens, Il by the force Of
law the value Of Your property was to
be reduced more than ons-haif ought
not the law to haye reduced yeur debts
in the same proportion at the same
time? Suppose that before Congress
commenced its work Of ruin In thein-
terest of the money vultures: supposes
l say, that before contraction Was
commenced that you had purchased
piece of property on credit for ten
thousand dollars, its actual value but
after the purchase had been made.
Congress by law reduced its value
one-half, so that when y0u came to
make payment, you were forced TO
give the property back to the seller in
payment of one-half the debt you
owe him. He would get the property
back at one-half the amount Il sold
for, and you would still owe hin S.
600, with interest on the amount ofthe
original purchase. 500
) Before the value Of the property
was reduced by law you could have
sold it at its full value and paid yeur
debt. Now, II the law reduced the
value of your means of paying your
debt, should it not at the same time
have reduced the amount of the debt
to the same extent? sssI;4.
/ have said and repeat that our
country is in q state Of exhaustion and
actual bankruptcy, aud how relief
shall be had is the problem to be solv.
ed.
Instead of times getting better, they
are becoming worse, aud win contin-
ne to grow worse and worse until
there is . radical change 10 the Anen-
cial policy Of the federal government.
What do we propose7 Nothing new.
Nothing strange or impfscticable.
We propose to execute the law &C.
cording to the spirit of the law. We
propose to pay the $40 bonds aceord-
ing to the law which authorized. their
Issue. We propose to pay tho bonds
in legal tender money. We propose
to liberate the, vast wealth locked up
IN bonds and make idle capital active,
and thereby revive the industries of
tho entire country. (Appladse.) But
says some one, Mr.. Morgan. you for
get that by the declaratorv, act of
March, 1867, the bonds were declared
to be payable in coin. And more
than that, the 2Os have In . good
degree been exchanged for coin-bear-
ing bonds" Indeed! Yes, we have
all cause to remember those infamous
facts. and q moments confederation is
sufficient to dispose OF the supposed
difficulty. Why, sirs, the law under
which the greenbacks and the 20s
were issued proved what? That tho
interest on those bonds should be paid
in gold that the principal should be
paid in greenbacks or other legal ten
der money. Such was the interpreta-
tion of Thaddeus Stevens, one of tho
ablest men Pennsylvania has prodnc-
ed. Such was the declaration of John
Sherman, who with delibei alton said
in writing that any other interpreta-
ton of the law amounted to repudia-
ton. Such was the declaration of the
Chicago Convention, which put that
eminent soldier General Grant innom-
ination for the Presidency. That con-
vention pledged the faith of its cam
didate and of its party that the 15-2O's
should be paid in greenbacks, accord-
ing to the spirit of the law under
which they were Issued, and upon
that pledge. accepted by the people.
Ulysses Grant was made President.
But despite all these pledges, despite
the letter and spirit Of the law, the
very first act passed after Grants in
the very frat signed by
him. Was that most infamous act. paid
for by the bondholders' gold, declar-
ing that the bonds should be paid in
coin, But an act to be law must be
constitutional, and the constructive
act Of March Is. 1869, was and IL both
and void. Unc0nsti-
tutionsl because that Congress usnrp.
ed the functions OF court of Law, and
undertook to construe the meaning Of
q law passed by previous Congress.
The business OF the Legislature is to
enact laws, as It is the exclusive prov
I'm of tho HAnafHaln fhAnn