Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1888-08-30

liang. ~
lExtract rom lie speech OF senstor voOrhsssl
The lsboring people themselves have
been too patient, too forbearing. They
have seen their dearest Interests
trampled upon, and their hard,earned
wages gambled away into the pockets
of speculating, predatory politicians,
and into the iron-bound Golfers Of their
millionaire followers, while the power
was in their own hands, by united, Or
gnnized action at the ballot box to
crush the party which devours then
substanoe. II do not Believe any other
people On the globe, except our own,
would have unlimited, Unless restrain
ed By force, 10. the monstFous act of
CONGRESS of March, 1889, whereby the
plain, explicit, and clearly-undefstOod
terms OF the legislative contract for the
pafnaent of the bonded national debt
were openly and contemptaously set
aside. and other and different terms in
serted Increasing the gains or the bond
holders and the burdens Of the tax-
PAYERS over five hundred millions of
dollars. BY one dishonest stroke of q
dishonest pen, guided by the dishonest
leaders Of great party, the debt which
labor has to pay was swollen 25 per
cent, The Republican pen committed
q crime against the American people of
which heaven, earth and hell will in
due time, and in their own way, take
Jurisdiction. 1t committed o black and
Infamous forgery by writing into the
face of an already duly executed and
binding obligation most unrighteous
falseho0d. The great bulk of our
bonds, the fiye.twenties, were payable
in greenbacks, and the authors ofsthe
act of March, 1859, knew it was false
when they declared that they were
payable In coin. In 1858 the Republi-
can party In State Conventions, bothi
Indiana and Ohio, as well as in other
States, declared that the five-twenty
bonds, comprising as they did three
fourths our entire bonded debt, were
legally payable in greenback money.
Morton, Sherman, and every other Re-
publican leader Of any note at that time
In the Mississippi valley, stood upon
that principle. On the 18th of March
last I heard Mr.. Beck, in the Senate,
deliver his mastery and powerful
speech on his bill for the issue of coin
certificates, and in reply to Mr.. Sher-
man, concerning the act of 1873 de-
monetizing. During the course of his
extended and very able address he |
touched upon the ubiquitous origin of
our financial system, and In the pre-
tence and hearing OF Mr.. Sherman, and
of all the other Republican Senators,
used the following language.
The usurers of the world bought the
bonds of the United States with that
very deprecated currency, averaging |
only about SO cents to the dollar in gold
at that time. OF c0uese they paid the
for them at par. One gold
dollar bought two in paper; the paper
dollar bought bonds at par at 9 per
cent. gold Interest. Thus IL per cent.
was secured and they called that pa
triotism! They next had all the cur
rency of State banks legislafed out of
existence by tax, so that their cur
rency, and theirs alone, as national
bankers, should circulate over the land.
The principal of their bonds was made
expressly payable in greenbacks. Even
Mr.. Sherman admitted that In 1868, In
D celebrated letter which has been read
time and again, In which he denounced
them as extortioners for claiming that
The bonds should be paid In coin. of
course he was right, because each note
had written on its back that "This note
Is legal tender at Its face value for all
debts, public and private, except duties
On imports and interest on the dublic
debit Yet, In the face of that, when
Congress met In March, 1869, 1t declar-
I'd, and Mr.. Sherman led the assault on
that the greenback should
not be received in payment of the
principal OF the bonds, although it wasI
written upOnsitstha should be, and Il
hat the bonds should 81 De paid infi,
,oin. The Senator from Nevada (Mr. +
Stewart, Republican, very properly
aid the other day that the advantages
he bondholders had received from
Congressional legislation had added TO
heir value 50per cent. before the act i
# 1872 was passed.
To this statement ofcriminating facts
neither Mr.. Sherman nor his political
had word to utterin reply;
md then, as If in spirit of crulty tO'a
candidate, Mr.. Beck resur-
ected and read Mr.. .Eherman's famous Ii
etter of 1868, as follows:
DEAR STR / was pleased to receive
rour letter. My personal interests are
he same as yours; but, like you, lido
lot intend to be Influenced by them.
dy construction of the law is the result
f careful examination, and | feel quite
ure an Impartial court would affirm it,
the case, could be tried before court.
send you my views, as fully stated in
speech. Your idea is, that we pro- !
lose to repudiate or violate a promise
7hen we offer to redeem the "princi-
aIs In legal tenders sa i
I think the bondholder violates his
romise when he refuses to take the
ame kind Of money he paid for the
onds. IF the case ii to be tested by
wv am right; If tits to hetested by
ay Cookies advertisements, am
1rong. hate reputation, or anything
Ike it, but we cannot be deferred from
DING what is right by fear of undeserv-
d epithets. aa
If under the law as 1t stands, thel
olders of the five-twenties can only
Q paid in gold, then we are repudiators
we propose to pay otherwise II the
can legally demand onlyI
be kind Of money he paid, then be isa
spudiator and an extortioner to de-
land money more valuable than he
ave. Truly yours.
JOHN SHERMAN.