The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1885-06-04
REPUTATION.
Tho People Have Been Taught Il BY the
Acts Of Congress in the Interest Of
Capital-What Is Sauce for the
Goose Is Sauce for the
Gander.
from the Chicago Express.l


A New Englond correspondent takes the
Express to task for intimating that repudi-
alton Of our enormous debt burden may
become rs necessary to emancipate Amer-
can white labor from bondage, US the re-
pudiation Of The slave system was 10 eman-
cipaie colored labor from the servitude 81
Southern task-masters.
Anything is iustifiable that promotes the
general welfare. The Erprcss connsels no
unjust or disLonolab,c reputation. Il
would limit it to obligations not only nm.
bearable. but such as were born Of ffnud
and were themselves acts OF reputation
against the people,
Let us present the facts and Judge un.
derstandingls.
Hon. ]. Il. Deo!ittle, a Republican Sem
ator Of Wisconsin. said, il 4 speech il
1869, on the credit strer g; g;hening act:
IF We deny the just Obligation toward
the creditor. that is Reputation. Ii We
deny the Just OBJ igation to the taxpayer
that il reputation a.so. and it il reputli.
alton rs oppressive and unjust and as un-
justifable as the repudiltion Of the public
debt"
Act of Feb. 25, 1862: @This note is a
legal tender for MI debts, public and pri.
vate, except duties on imports aud interest
on the public debt, and is exchangeable fol
United States 6 per cent. bonds, redeem
able at the pleasure of tho United States
after five years"
Gen. Scott assured the good fathers ana
sons" who had enlisted in the army that
these notes were and would continue a.
good as gold.
REPUTATION NO. 1.
After over S4OO.O6O,O0O of these notes
had been paid out to the good fathers 'ni1d
sons" ut the front, to wit: July l.. 1883, thi8
right to exchange them for bonds was, ~
pealed. ..A.
REPUTATION NO. 2. ;,.::.,o
Gen. SCOTS assurance to tho soldiaps
was repudiated in order to 50 depreGiafe
the greenback as to make it great objeSS
Tor the bankers to buy them up, to be c6S.. c6S.
yerted into bonds after the war. so some
D, ,5nO. .OO0, 900 OF one, two and three years
Treasury notes were authorized, bearing
from per cent compound to $40 per
cent. int. rest, which would pay for holding
them till they matured. These notes were
payable in greenbacks. or convertible into
9 per cent. $50 bonds, ut The pleasure Of
the Government, after they matured. Most
of them were issued at the close Of the war.
but the authority to issue them at the dis.
cretion Of the Secretary Of tho Treasury
had tho effect to dep,eciate all the out
standing notes to an average Of fifty cents
on the dollar.
The Senate Finance Committee. IN 1860
said in its report through John Sherman.
Chairman:
nccAMs necessary to depreciate the
notes In order to float the bonds"
REPUTATION NO. 3.
The vast volume Of Treasury notes is-
sued at the close of the war, notably
SS3O. 100000 of 7.3Us, wore payable il
greenbacka aftor three years. but in order
to prevent such payment the act Of April
y, 1866, was assed, requiring tho Secre-
tary Of the Treasury to call in, cancel and
burn up 81, ,0Oo.O,.0 Of grcenbacks per month
tor an indefinite period. This produced
such a contraction Of the currency as to
compel the Government to fund the Treas
ury notes into $50 bonds. interest payable
il coin, but principal III lawful money.
REPUTATION NO. A.
The legal tender clause, which read:
Legal tender for all debts. public and pri-
yate, except duties on imports and interest
ON the public debt was repudiated by act
Of May Is, 1869. VIII eli provided that:
The faith Of the Uni.ed States Is pledged
to the payment n coin of all the obliga-
tions of the United Stats. except where
the law espeeia i pro.ides that the obliga-
ton shall he rad IN earreiscy."
Il prpI sTtoE 40. 3.
The creait-strenass, nius act provides
that obligations payable i'll currency Mt the
0ption Of ia Gov rnmeat. after a certain
time. should 10. b SO paid until full ma
tufitv, un'e 1t such time United States
notes should he convertible into coin at the
option Of the holder
aEs,Et.lagioN NO. 6.
Tue rspnaia.ien act Of 1870. This is an
act Of triple repudiation.
/. 1t repudated payment when due.
2. 1t changed the terms Of payment as
expressed IN the face OF the original bond.
from lawful Maney to that of coin"
=. 4 rspndiated the expressed injuuc-
ton of the Constitution requiring each
gcNeratinr ta transmit to the next tho
blessings OF Liberty instead of bondage, by
tmasferrin. the obligations Of this to tAAA
next generation,
RErHEs.ArIoN NO. Z,
Ia demonetiz ,tion of silver. This is =
triple repsdia.ian act also.
|. 1t took away from all the silver IN
circulat on its full legal tender qualities. !.
,. 1t repudiated the right Of the Governs
men, to paw its col obligations or any part
Of them with silver. - J
}. 1t repudiatcd The silver dollar OF l7O7
as the unit Of value and substituted the gold
dollar.
REPUDIATION NO. &. .f.Gt
Act ef July u. 1876. repudiating the txQj1
dollar after S36,OOO, 900 had been cp(pel
and put in circulation, by depriyinG .tASS
Of legal tender or money qualities, and re-
ducing them in law to bullion.
Every one Of these acts denied the just
obligation to taxpayers, for the benefit ol
Iax-Iocelsers, ana we're, by tne dennltlOn o1
| Senator Doolittle, acts Of gross reputation
1 resulting in n loss to the peOpfe through