The midland journal. (Rising Sun, Md.) 1885-1947, 1888-10-19
Are the Bonds PayableP

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A Chicago paper publishes the following:
We have received speech delivered in
Congress by Mr.. Plumb of Illinois, which
f true in its statement Of facts, shows that
every dollar of the public debt is payable at
any time that the government desires to pay |
Il, and which also shows that the money |
power at Washington is endowed with a
positively resplendent rascallty that, audac-
ious as it is known to be, was hardly sus-
pected. In the irst place Mr.. Plumb quotes
section 1858 of the Revised Statutes which
provides ssthat none of the interest bearing
O. the United States not already
due shall be redeemed before maturity
unless at such time bonds of the United
States bearing less rate of interest than
those to be redeemed can be sold at par in
coin." This law has been upon the statute
book for twenty years, and is as plain in its
meaning as the English language can make
1t, and under that law, if we went no further
in our investigation, every bond that is
outstanding tina; is drawing higher rate
of interest than the lowest, may be called by
the government to-day, for all classes of
United States bonds are at par and above
par. Yet in the face Of that statute the gov
eminent processes its inability to call any
bonds and by the consent of all parties in
Congress the secretary Of the treasury was
authorized to commit the crime against the
taxpayer of going into the market and buy
ing up bonds at the prevailing premium.
But Mr.. Plumb's review of the refunding
act of 1870 is the most astounding in. its
revelation. The four per cent bonds were
issued under that act. That act as passed
by Congress provides that the bonds may be
redeemable at the >pleasure of the govern
ment for thirty year from the date of their
issue. Mr.. Plumb affirms that he has ex-
ahmed the records and his statement is one
of indisputable facts and can be verified by
anyone who will take the trouble to inyes-
tigate. But now comes the astounding
revelation. He says that in the enrolled
bill the word "after" has been substituted
for the word "for," making the law read
that the bonds may be redeemable at the
pleasure of the government after thirty
years. In other words, after the bill had
come from the committee, with the word
for, and after it had become law, still con-
timing the word for somebody inserted the
word "after." Ifthis is true, those bonds
are payable now, and every dollar of pre-
MUM that has been paid out by the gov
eminent as premium on bonds has been
clear cut robbery, at the command of Wall
street. which has always been the evil spirit
of our financial management.
II is difficult to believe that such speech
as this one could be made, and never an
swered, and that yet Congress should sit
day after day without correcting such
gross wrong to the people, ii it exists as il,
seems to.
is the above statement true or
false? Some of the learned men from
Washington who are to address pub
lie meetings should be interrogated.
A little talk about this matter would
be a wholesome diversion from the
tariff discussion which
everybody is tired of. Ii Congress-
man Plumb states facts wherein
has the searching administration of
Mr.. Cleveland been an improvement
on its predecessors? The money in
the treasury vaults was counted and
found to be all there which the books
called for, which as a matter of course
It would be. But has Wall street
been stealing from the people these
20 years as shown by Mr.. Plumb and
The peoples rulers of both parties
allowing the business quietly to go
On? This is or would be of more in.
'erest to the public than the most
Illuminated tariff speech that the
pest orator of either party could de-
liver. Let the heavy guns answer. II