The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1888-03-24

they could have been redeemed by the
sale of per cents al par or what Is 10 be
said Of Secretary Fairchild, who, with the
approval of the whole Republican, as well
AS Democratic party, went into the open
market last summer and paid 2S per cent
premium on 4 per cents which, according
to Col. Plumb, he had right TO redeem at
par or, finally, what is TO be said Of John
Sherman as the head OF the present
finance committee OF the senate, who but
few days ago reported bill TO the
senate, with the approval Of his committee,
proposing to pay about $500, 600, 900 to the
present holders of the outstanding per
cents as an induCement TO them 10 eX-
change these bonds for new issue Of . 3
per cents To run 80 years If the view OF
Col. Plumb In correct, not only would the
passage of the house bill, which he direct
ly opposes, be In the highest degree objec.
tonable, but the passage of the senate Dili,
deliberately reported and earnestly recon.
mended by John Sherman two weeks after
the startling revelations made by Col.
Plumb in the house, would be sheer
public robbery and infamous.
But unhappily the positions OF Col
Plumb are not tenable, and his whole
closely printed speech of % pages in their
support is sheer cuncsmbe-5osh.
/. The section he quotes of the Revised
Statutes of 1878 was enacted years after the
per cent bonds were issued and of course
could not affect the contract of the govern
ment with the purchasers of these bonds.
Q. The pretense that the law of 1869,
under which the 4 per cents were issued,
provided that they should be redeemable
for thirty years from The date of their issue,
instead of after 80 years from such date, Is
the old chestnut which was fully exploded
three months ago when Col. Plumb first
announced the discovery of that mares nest
The thing is absurd on ITS face Was
congress suck an aggregation of fools as to
authorize the issue of 500 100000 of per
cent bonds, redeemable in ten years ;
$300,0O0,00O OF Az per cent bonds, redeem
able In IS years and then 81 900, 100000 of
per cents redeemable at any time for 30
years-or Immediately, when everybody
knows that the longer bonds have to run
the lower rate of interest they will hear
But there was clerical error, says Col.
Plumb, and the law as it passed the house
and senate reads " for thirty years." though
before the bill went to the President the
"for" was changed to after" and the Col
onel consumes pages to prove that the law
must stand as it finally passed the senate
and not as ii stood when signed by the
President.
But how is ii that the Colonel strangely
ignores in this speech, what was pointed
out 10 him Immediately when he announc-
ed the discovery of his mares nest, that
though clerical error had occurred In the
first section of the refundinG law of 1869,
1t was fully cured by the third section,
which directs the Secretary Of the treas
ury how TO proceed in the redemption of
the per cent bonds when they fall due
"qtter 30 years from the date of their is.
sue?" It's a principle of legal construc-
ton that the last expressed will Of the law
maker holds; SO that If the provisions Of
the LIST and 81 section of statute are in.
consistent with each other, the third sec.
ton, which is presumed to be passed after
the Isl, must govern.
The fact that all this which was strong.
ly and repeatedly brought to Col. Plumb's
attention months ago, is so studiously and
completely ignored in his recent laboreu
and elaborate speech, has certainly a sus-
picious and ugly look-a look rs If he
knew that he was talking nonsense, but
that he believed his creduous and unin-
formed constituents would be too ignorant
to see through 1t, and could be BAN boozled
into the notion that he was a wonderfully
astute and far seeing tnancier and states.
mani!