The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1886-01-07
honest. disinterested men.

been purchased with legal tender
notes Il. par; that for each SloO in
pieenbaeks they paid 10 lie govern
men they had received bond for
SiuO. b.aril1' u per cent. interest,
payable iii gold Df silver coin. ill.,
the sreenhaek when fin. excl. t.nget5
]. fat tie bond WIS Only wo4lh II
MS I'll tire dollar iii cDia. aid f..
IL was III outrage in the face OF tho
contract they had made, with the
privileges given TO many Of them in
addition as national bankers to have
currency issued for them to loan on!
on the security Of their bonds equal
to 80 per cent, OF the bonds deposi-
ted, to demand that the principal OF
their bonds should be paid in coin.
They knew--everybody that
the claim was false. The legal ten
del notts had aud continued TO have
an endorsement OH their back that
this note shall be receivable ut its
face value for all debts, public and
private, except interest on the pub
lie debt and custom dues" 50 that
there could be neither doubt or dis
putc either as to the law or the fact.
Nobody denounced the impudcnt dc.
mand OF the hondhclders more en-
phatieallv than the present presid-
ing officer OF the Senate MI. Shcr-
mani. He said in his letter to a
friend in 1868:
Dear. Sir-l was pleased to receive your let
ter. Ny personal Interests are the same as
H"rs S 7, NE 90 10, INTEND y ~, he III
Is the result of careful examination, and feel
quite sure an impartial court would affirm 1t. II
the case could be tried before Il cGnrJ. ! srni
YOU my views Ms fully stared III Il speech. Your
idea IL that propose 10 rcpatiiaie or Violate
promise when We oiicr ~ redeem the .psin-
cipal' In legal TENDERS.
think the bOn.lholtier violates his promise
when he refuses to take the same kind Of lnoll-
ey he paid for the bonds. Ii the case j. IL be
tested by law. am right: IL il is to he tested by
hate Reputation. or anything like II, hut We
ought NOT 10 lie deferred from doing what IL
right by fear Of undeservcd cpithets.
Ii under the law rs il stands tho holders Of
the fvc-twcntie- can only he paid III gold then
we are rcpudiators ii we propose 10 pay other
wise. Ii the bOndbodsr can legally demand
only the kind Of money hc paid, then he i a
rcp,ldiator and extortioncr to demand money
more valuable than he gave.
Truly yours, JOHN SHERMAN,
Every word he said was true, and
is true to this eay. The pledge Is on
the back OF every grcenback now
that it shall be receivable, at its face.
value, for every debt, public and
private, except interest Oh the pub
lie debt and custom dues. The men
who demanded more were repudi-
ators OF the public faith and credit,
Us he trulhfully and Indignantly said.
Mr.. Stevens, then the leader Of the
party, denounced their claim still
more fiercely, aud threatened to
abapaon his party and join the De,
mocra.y, even with Frank Blair
on the ticket, rather than counle-
nance such ah outrage on public de-
cency.
The subsequent legislation by Con.
gress only proves the truth of Ma.
cauley' observation that II large pc.
cuniary Interests were concerned IL
denying the truth Of the attraction
ot grayliution, that most obvious d
physical facts would be strongly unt
ably disputed.
II seems to me that any set Of mel
who would deny the fact that the IL
gal tender note, lnaor-cd Il, il Wa
and is, when had purchased lii,
bunds ut its lace valu. should be It
ceived again by the bondholder II
payment OF the principal OF The obli
CATION he held, would not hesitate I,
deny the truth Of the attraction o
grayitation.
Yet these men not only denied II
but in 1860 procured the passage D
an act OF Congress. against the yot
and protest Il am happy to say 0
every Democrat in both Houses, dc
claring that the principal OF tn
bonds should be paid In coin--in gol
and silver coin, Us both are name,
Legal tenders were only worth )
cents on the dollar In coin when til
bonds were bought: they were wort
from 66 TO 10 cents when this net wa
passed.
, THE ACT WAS SIMPLY LOCALIZED RoI
Berry.
The bondholders aud their nttori
eys In and out OF Congress knew j
! aud knew that 10 court would su.
,, tain such a law. The indorsen.eI
could neither be erased or swotu .
the back Of the legal tender not
and nobody could plead ignoranc
OF the law or the fact that 1t was
be received ut pnl IN payment Of til
principal Of all our bonds.
Therefore they caused the act {
!. July Ii, 1870, 10 be passed, exiendin
the time OF payment, reducing I'll
. interest, and exempiing the he
bonds in express terms from all tn,
Z alton. State, Federal, or municipal
I and to prevent all mistakes or mi.
J apprehcnsions as 10 the characie
quality, and weight Of money
which payment OF the new bono
should bc made they caused to /
! printed on each bond IL part Of il
! obligation, that ii shall be PAL!
coin OF the standard value present.
ed by law on the l4th OF July, 1870
; The present gold and silver coin al
both OF standard value / rescrIbca b
the law OF July Il. 1870. and wei
, then rs now both fall legal tender
! for all obligations. All the bono
: that mature in 1892 and 1907 ,amoun
! ing to abou, 81 ,UOu,UOO,OoO, stand I,
] day unchanged, and payable rs +,
I CURED by the act Of 1870. The /,
mainder OF those payable now ha,
. been changed, the interest has bee
! lowered, and tic time extended, b,
, the same provisions govern thel
: and the same conditions are write
/ out rs part OF the contract in all |
!. them.
! In the face Of these facts il Is sin
. ply absurd for anybody 10 asse
D that they are payable IN gold allen
or that the nxpayers Of the cnuntl
are under obligation, express Or IN
r piled, either 10 demonetiZe or sto
the coinage OF the silver dolla
which Is of the standard value /,
! CURED ~ the act Of July IA, 1870, ,
!. 10 increase its weight thirty, fort
n or any number OF grains, becau.
!. England has combined in the into
8 est OF their money,changers TO d'
!. preciate silver or put up the mark'
+ price OF gold 20 per cent.
2 II the gold mines OF California an
AusfrAlin had continued TO produ,