The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1890-02-26
RANDOLPH. Feb. .21st. Is


Mr.. EDITOR: The smoke of battle had
hardly cleared away before efforts were made
by the bondholders to repudiate the contract
which they had made with the government and
to have their bonds paid in coin. So strong
and loud became their efforts that the Republi-
can party of Ohio in order to carry the election
in 1868, declared its deliberate conviction that
according to the laws under which the $40
bonds were issued, said bonds should be paid in
the currency of the country which may be legal
tenders when the government shall be prepared
to redeem such bonds
As early as March, 1868, John Sherman had
said in letter, I" think the bondholder violates
his promise when he refuses to take the same
kind of money he paid for the bonds. If he de-
mands gold, then he is a repudiator and extor-
toner to demand a more valuable money than
he gave
1t has gone into history that the bondholder
never paid dollar in coin for bond of any
description, but purchased them with govern
ment currency, when one-hundred dollars of
this currency would purchase only from forty to
sixty dollars in coin.
In less than ten months from the enunciation
of the Ohio platform, John Sherman, in the
United States Senate, advocated and procured
the passage of the act of March, 1860, for the
payment of all the bonds in coin, which he had
declared were all payable in currency And
by this one act of 1869, the money value of the
bond was increased $500. 900.
1t has been said by one high in authority, that
this act of deliberate treachery and national
dishonesty will bear the names of those who
enacted it to distant generations, amidst the
groans and the curses and the lamentations of
those who toll on the land and on the sea-
Senator Morton when the act of 1869 was
being discussed in the Senate, said, 1t is either
intended by this bill to make new contract, or
it is not. If it is intended, to make a new
contract, protest against it. We should do
foul injustice to the government and the people
of the United States, after we have sold these
bonds on an average for not more than sixty
cents on dollar, now to make a new contract
for the benefit of the holders
Senator Morton reveals the true intent and
purpose of the bondholders, in the following
declaration "Sir, it is understood, believe,
that the passage of bill of this kind would have
the effect in Europe, where our financial ques-
tons are not well understood, to increase the
demand, and that will enable the great to sell
the bonds they have on hand at profit. 1t is
in the nature of a brokers' operation. 1t is a
bull movement, intended to put up the price of
bonds for the interest of parties dealing in them.
This great interest is laundering at the door OF
Europe. and has for many months and by every
means been attempting to drive us into legisla-
ton for the purpose of making money for the
great operators. That is what it means and
nothing else
One of our ablest statesmen has said in refer
ing to the act of 1860 of changing the contract
in regard to the payment of the bonds, and re-
fering to tbe language of Senator Morton, 1t
is the most stupendous act of bad faith and
legalized robbery ever practiced upon any peo-
pie since the dawn of history. Five-hundred
millions made by the great operators. and FIVE
hundred millions lost to the plowman and the
mechanic, who have it all to pay
We have briefly referred to our bonded debt,
and the rascally proceedings of our Congress
men in the enactment of law in 1869, fastening
upon the people an enormous coin debt, under
the burdens of which the country groans and
staggers to-day. X.