River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1880-10-14

/ pieSSlS pTONIueu Lnat the same may De flaiQ IN
/ lawful money, or other currency than gold and
silver. And the United States
also solemnly pledges its faith TO make provis
/ ion at the earliest prscticabe period for the
redemption Of the United States notes in
coin"
/ THE DEMOCRATIC ATTEMPT TO RUIN THE NATIONS
CREDIT.
| This bill was resis ed by the solid Democracy
in both Houses. They voted g ainst it, they
voted against considering it, they voted for
amendmt mis- to pervert and reverse its mean
/ ing. Senator Thurman, of 0 ic, moved to
1 add to IT, Provided that nothing herein con-
tanned shall Apply to Obligations called $40
I bonds" Every Democratic Senator present
| voted for this, every Republican voted against
/ it. The 5-29 bonds then con. tinted the great
/ bulk Of the public debt, and this proyiso would
/ hGve frustrated ana vitiated the who'e act.
+ Senator Davis, OF Kentucky, moved to amend
| so as 10 scale down the bonds to the coin value
| at the time of the currency received for them.
/ This was supported by the Democrats Sena-
/ tor Bayard, OF Delaware, among 9th rs, speak
/ ing in its favor Senator Vickers, OF Mary
/ land, moved to amend so as to prevent coin
ever being purchased to be used to pay bonds.
Senator Baysrd denounced the bill as wrong,
unwise, and as ''stock-jobbing operation.
After all this the bill passed. and not one
Democrat voted fer It in either Hou.e.
! The next step in this progress was the fund
ing act Of July, lS70-the act authorizing the
redemption of tie $40 or per cent. bonds by
negotiating bonds bearing lower interest. AL
the Democrats n sisted this bill also, and voted
against it. Exempting the new bonds from
taxation was opposed. In the Senate, MIR.
Bayard moved to strife out the provision and
to subject the bonds TO taxation: all the Demo
Gratis voted for it. Again, Mr.. Bayard moved
an amendment to bring back the state bank
ing system, and all the Democrats voted for
that also. The bill was at length carried by
Republican votes. By this time our currency
had much appreciated, and funding at lower
interest began.
GENERAL GRANTS GREAT VETO.
In 1874, by vote not Democratic alone, an
imitation bill made its way through both
houses. This bill proposed to keep out per-
manently tWenry-six millions of legaEtender
notes belonging 10 the treasury reserve which
had been put out temporarily during the panic
of 1873 and to put cut eighteen millions more.
The suffering produced by the panic drove
many Republicans into the support of this
measure as an experiment for relief. The
pressure upon President Grant to induce him
to sign 1t exceeded anything Of the kind have
ever witnessed. Men who should have upheld
his hands not only threw their weight upon
him, but industriously criticized and even rdi-
culed his venturing to set up his opinion
against a majority in such crisis. He vetoed
the bill, however. In his message return ng
it unsigned, he referred to the declaration of
the Republican party, to his inaugural, TO the
act of 1869 already cited, and he said tie pro
posed act would violate faith, and he was
against it. This happened on the 22d of
April, 1874.
! About month later COZ versation occurred
one evening between the President and his
J chief adviser, Secretary Fish, and others, 4 )ut
the wise course out OF the increased d fficul-
ties which had come from the disasters of the
yesr before. One of those present at this con-
Yersation was Senator Jones, of Nevada. So
Lo 4Ip k,x,
! President Grant. thai the next day Dune (,
1874 he, by letter, requested that the sub
stance of them should be put In writing and q
copy sent him. This was done, and the mem
orandum made by the President WIS handed
= about among members of the two houses, and
afterwsrd found its way into print.
Here it is. II is the foreshadow Of the re-
sumption act, to which the veto had paved the
! way. read two pas sages:
81 believe it is 8 high and plain duty TO re-
: turn to a specie basis at the earliest practical
day, not only in compliance with legislative
and party pledges, but as a step Indispensable
to lasting national prosperity. l believe,
further that the time has come when this can
be done, or ct least begun with less embarra S.
ment to every branch Of industr' than at any
future time, after resort has been had TO IN
st bile and temporary eXpedients to stimulate
unreal prosperity and speculation on basis
: other than coin. the recognized medium Of eX
change throughout the commercial world
The particular mode selected to bring about &
restoration Of the specie standard is not of so
much consequence as that some plan be de-
, | visad iba time 6ved vben curre-cv shall he
slseu' tao tiis 100 "n9ii Iil''I 70
eAchauSeaoie loh SoiA a. Pa. aiu tHe Pi"1
adopted nSidiy auhered TO- Wouu
, like to see a provision that at fixed day, say
July !. 1876, the currency Issued by the Ulited
States should be redeemed in coin on pre- senta-
finn to anv assistant traas1rer and that All
a., o,,,.ro,,, 90 ra5aor,n5 obo1,5d he ceDcaIlad
lllo o leoy so ~ - "a 80
ana never felssuec. ~ enScI 1Als' !. "outc
be necessary to authorize the Issue OF bonds
payable in gold, bearing such interest as would
command par in gold to be put out by the
trna amy only in sI1nh sums "a should from
49, e., ,;,,,o he ,,ag,lo5 Tor +bo ,,nr,,ose f r,
s'I4e y: ~ 10 N0oN'S' ~ 'A0 P"A F'' - -
ueInptIon' -. ,,-...-,.,,,ur.,, 49,,
THE khsaMfI .i'lr AT. r, a.
II was NOT ION oeIofe ms a.,N ICE Iu9n1 the
form OF law, \ coihlnlItee coIlpuseu Mh,niiy OF
hcpuDllS N oen I'M WHOM Was ~ sen one
prepared the OH now kl1#n as tle resGti1 ptl"h
acG II was nov tie W0ih ol any oiS oSIdtoI'
nor ulu II cypress lllGI"llY anu ~ M, peild?9'
me views OF any sInslc nleInpeT Oh tlle coihult-
zee: 1t was Il com promise oI s3ileW at con
nicthg. Opinions ~ Mts sGDlIittcu 70 every
Ilepl.llC.'Il llellpct % Wy nv 49, tNtly
one altcr coIellel deon ~ i 80 Fote loI
II. ~ Was pIuushE tot "iH Ia III tde - -, ~ ,u
eNe.y he ~ t ult ~ III ~ ieoils
oIunueu aPplt tg ~ az ~
atof PiG9enI Noteu aS''ns. ~, - NGH' ~ VIC
Rouse, anu tileIc thC0uht. Icu SUM Dtulo-