The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1895-02-20

ments were abandoned as soon as the hour of
trial came, and gold and silver covered in the
rear, while the legal tender dollar went to the
front and stayed there. was among those who
doubted our right to issue it, but experience has
shown it the best money, all things considered,
that ever circulated on American soil, BY this
act of Feb. 1862, and by similar legislation at
subsequent periods, every bond issued by the
government which did not on it's face stipulate
for payment in coin, was made payable by the
express words of law in legal tender notes. 1t
was plainly written in the statute that these
notes, now known greenbacks. " Shall b"
ceivable in payment of all taxes, Internal duties
excise, debts and demands of every kind due to
the United States, except duties on imports and
of all claims and demands against the United
States of every kind whatever, except for inter
| est upon bonds and notes which shall be paid in
| coin; and shall also be lawful money and legal
tender in payment of all debts, public and pri-
vate within the United States, except duties
imports and interest aforesaid
This simple, explicit, and at the same time
comprehensive enactment guaranteed to the
| American people the right to pay three-fourths
| of their national debt in national currency. 1t
| was the law of the contract when all the 20
bonds, amounting to over fifteen hundred mil
| lions were purchased from the government by
the bondholders, and paid for in this currency
| at par, when it was quoted at from 40 to 60 per
cent. below par in coin. Everyone understood
| the law to be as l have quoted it at the time of
| its passage. In fact the great struggle then was
whether even the interest on the bonds 1 have
| mentioned should be paid in coin. The act of
Feb. 1892 first passed the house without any pro-
vision at all for the coin payment interest. That
feature of the law was attached here in the Sem
ate as an amendment, and when the act, thus
amended, was returned to the House, a violent
conflict at once arose. An examination of the
Congressional Globe for the Second Session of
S7th Congress, pages S21 and 800 will show that
both Mr.. Spauldng of New York, and Mr.. Ste
vens, of Pennsylvania, the leading members of
| the committee of Ways and Means, and one its
Chairman, united in denouncing the Senate
| amendment in the bitterest and severest terms
They contended in stern and determined Ian
| guage that even the payment of interest in coin
| was an odious and unjust discrimination in favor
of the boudholder and against the soldiers and
the sailors and the citizens who were compelled
to receive the legal tender currency, greatly de-
preciated by this very discrimination"
Senator Voorhees, in speaking of letter writ
ten by Hon. John Sherman in 1868, in which he
says: Your idea that we propose to repudiate
or violate promise when we offer to redeem
the principal in legal tenders is erroneous.
think the bondholder violates his promise when
he refuses to take the same kind of money he
paid for the bonds''
Senator Voorhees, further says: When it is
remembered that the bondholder naver paid
dollar in coin for bond of any description, but
purchased them all with government currency,
which the government itself had deprecated by
refusing to take it for customs dues and in
terest." If the bonds were. originally bought
with currency that as compared with coin was
worth only 40 to 60 cents on the dollar, paying
only one dollar in currency for one dollar in
bonds, then, when the law of 1869 was passed.
saying their bonds should be paid in coin SEN
ator Voorhees,, and Hon. Thomas Ewing and
Senator Pendleton and others, said it increased
the value of the bonds $5O0.O0O,OO0 in the hands
of the bondholders, and placed that amount of
burden on the industries of the country.
If we understand Senator Hills resolution he
is afra d that in some way other these bond
holders will have to take just what they agreed
to take, coin for their bonds But they must
have gold, gold. gold, no matter how much the
people are suffering from depression in prices
nor how many starving laborers are asking for
work, bondholders must have gold, gold, gold