Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1886-08-12

between the Government and the hold.
era of these securities. These bonds
are payable In silver or gold. This il
the law.
We violate no contract, nor do we
break faith In using silver instead oi
gold In paying these bonds. All Of these
per cent. securities, except 81, $50, are
held in this country. The silver surplus
Is full legal tender. Why, then, should
our bondholding people have gold and
our non-bondholding people be COM
PEELED 10 take silver?
This feature of this controversy was
well stated by my honorable friend from
Iowa Mr.. Henderson, ]when he said:
1t has been said that this resolution
cOuntenances repudiation-that It
means paying off these bonds in silver.
Upon this point, If the bondholder is
not content to take the coin / have to
take aud which my people have to take
for what the Government may owe
them or me, l will shed no tears over
his distress.
We are told that If the silver surplus
is used in the payment of these per
cent. bonds the holders of our securities
abroad will consider the act as a breach
of faith, and home will come all the
bonds which they hold. This, 1t is said,
will shake public confidence and impair
public credit.
1t will do nothing of the kind. He
who thinks otherwise underestimate
the wealth and financial strength of our
country. OF the outstanding bonds of
the Government, amounting to ST. ,260,-
1882, only SIG, ,755, 900 are held
abroad. The balance are in the hands
of our own people, and they have abili-
ty to hold twice as many more. When
ever our friends on the other side of the
waters feel that their securities are
weak, a word from them to this side
will enable them at once to get rid of
what they hold, and at large advance
upon their cost.
My honorable friend from New York
Mr.. Hewitt tells the committee that
In this city alone there is more than
$50, ,OOO, 600 ofunemployed money want
ing profitable investment. If the pass
age of this resolution will start home
ward the Government bonds now held
abroad it seems to me that ifadvocated
be that gentleman with the zeal and
ability for which he is so eminently
distinguished, his constituency would
shower upon him their thanks and re-
member with gratitude his services.
This prediction, will create no alarm,
nor will it be verified.
One word more, Mr.. Chairman, and
have done. Gentlemen on the other
side of the House who oppose this
measure remind us that the Democratic
party is divided upon this question. So,
too, is the Republican party. They for
got to state what they surely know to
be true-that the division is less in our
party than it is in theirs. This division
in opinion, to my mind, is strong proof
that the question is one of business and
not of politics.
Opinions once fixed and long enter
tanned are not easily changed. Honest
convictions after all are the only safe
guide. Long before I had the honor to
occupy seat in this body / thought
that the Treasury surplus would be best
used if applied in the reduction of our
interest bearing debt. Since, nothing
has occurred to change but much to
confirm the opinion then formed.
The resolution shall have my vote be-
,ause I believe it to be right, and be-
cause it expresses the views entertained |
oy the people represent.