The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-04-06
ERRORS OF POPULISM.
Ths Credit serengShening Ace-The
People Favored TT. 3. Grant
Could Not He Bribed.
Copyright, isss. by n. W. Craven

Could Not He Bribed.
Copyright. 1888. by H. W. Craven.
Ine nrst act OF congress that became Q
law cy the signature Of President Grant
Nas the credit Strengthening act Of March
Is isos The essential part Of that act
- As follows- In order to remove any
ooapt as TO the purpose OF the govern
nent 70 discharge all just obligations to
the public creditors. and to settle conflict
ING Questions and interpretations OF the
Jaws by virtue OF which such obligations
nave been contracted. IL is hereby pro-
v1ded and declared that the faith Of the
United States Is solemniy pledged TO the
payment in coin or its equivalent OF ali
the obligations Of the United States not
bearing interest. known ~ United States
notes. and OF all the interest bearing obi
cations OF the United States. except IN
cAses where the law authorizing the issue
OF any such ohli9ations has expressly pro-
v1ded that the same may be paid in law
fui money or other currency than gold and
silver. And the United States
also soiennly pledges its faith to make
provision at the earliest practicable period
FOR the redemption Of the United States
notes in coin"
At that time gold was at q premium
over greenbacks. and Ii WAS easier to pay
the bonds in paper money than IL was to
pay them in coin. Populist writer's assert
result OF gigantic conspiracy TO swindle
and rob the people for the benefit of the
bondhoiders. They claim that with the
presidency Of the United States as bride
the cooperation Of Grant in this infamous
crime was secured
Heath o. says that this arrangement be-
tween the bondholders on one side, and
Grant and the leaders OF the Republican
party on the other side, was lone Of the
most damnable acts Of political corruption.
and the most villainous betrayal Of public
trust ever practiced upon an unsuspecting
and confiding constituency; and. when
fully understood, II viii brand with eter-
nal infamy every name in connection with
the disreputable transaction" He declares
The republican party nominated U. 8.
Grant on the urgent solicitation and petit
ton OF forty capitalists of New York city.
who represented in the aggregate about
$500 COO 0O''
Schilling ca speaks Of Grant as being
subservient to the wishes Of 1.-The conspir-
ators against the welfare of the country"
and says, "A very Conservative estimate
would be to say that this conspiracy of the
money sharks cost the people of the United
States 81, 600 90. CO.,
Emery (3) agrees with Heath that the
steal amounted to about $50 .00o. Co., and
says. Further. We have undeniable proof
that the act was secured through the most
man and Morton were parties to it
Circumstantial evidence also proves
beyond doubt that the election of Grant
and the defeat Of Seymour was bargain
and sale between the leaders of the old
parties. and the most viLainous betrayal
of public trust ever practiced upon an
unsuspecting people. The blood
curdles to think OF Washington and of that
fratricidal conspirator at the head OF the
same government"
The sentiment of Populist writer's. above
quoted is belived to be fairly representa-
tive OF the sentiment of Populist leaders
generally with reference to this matter.
1t Is the purpose Of this article TO show
that the credit strengthening act was
passed. not as the result Of a conspiracy.
but to carry out the will of the people as
expressed at the polls after a full and
thorough discussion of the question all
over the land and that after it was passed
the people again expressed in unmiStaka-
BILE manner their approval of the party
that passed II, and of the president by
whose signature it became a law.
After the close of the war the question
gradually grew in Importance as to wheth-
er the $50 bonds were payable in lawful
money. that is, In greenbacks. or In coin.
1t was question upon which there could
be an honest difference of opinion; the
flaws under which the bonds were issued
According to Senator Jones. Of Nevada,
who now proudly claims to be a Popuiist,
between 1862 and 1865 the government
sold bonds to the amount OF S2,V9.9f5.10O.
for which II received in gold only H,S71,-
42t 2sS which is az the rate of 81 cents in
coin on the dollar "a. 1t seemed hard
that the government should have to pay
the bonds at the rate OF 100 cents in coin
on the dollar.
Some. looking only to the very strictest
letter OF the law, thought the bonds should
be paid in greenbacks. Others believed
that by the implied contract and under
standing between the government and
those who purchased the bonds: by the
uniform usage of the government before
and during the war; by the declarations
of our officials having charge OF the loans:
by the representations OF agents duly au-
thorized by the government to sell the
bonds, we were In honor bound to pay the
bonds in coin. In the early part of 1858
the question was taken up in congress
ard discussed at great length. John Sher-
man at that time took the position that
the bonds should be paid in greenbacks:
but also maintained that II was the duty
of the government TO advance the green
backs TO par in coin 90. Senator Morton
from first to last favored the payment
OF the bonds in greenbacks. But, almost
without further exception, the leading
Republicans of the country believed that
the bonds should be paid in coin.
The only question was with reference
to the $50 bonds Some of the bonds is
sued during the war were, In express
terms, payable in coin: and no one, except
some Pcpulists of today, ever thought IL
right for them to be paid in anything but
coin.
The Republican national convention
which met in Chicago May 20. 1868. took
the position that the bonds should be paid
in coin. This was strongly urged by Gen.
Hawley IN his speech on taking the chair.
He said For every dollar of the national
debt the blood of soldier is pledged. Ev-
cry bond. in letter. in spirit must be as
sacred as a soldiers grave" The platform
declared: I'VE denounce all forms OF re-
pudistion as a national crime; and the ma
tioaal honor requires the payment of the
public Indebtedness In the utternost good
faith 20 all creditors at home and abroad,
not only according to the letter. but the
spirit OF the laws under which IL was con-
tracted."
On July {. 1858, the national Democratic
convention met In New York and noni-
mated Seymour for president The Demo-
cratic party had always been a hard
money PARTY 1t had opposed most
strongly the issuing OF greenbacks: by its
denunciation OF them IL had helped in
some degree 20 depress their value. But
at this time the party made total change
OF front. and took the position that the
bonds should be paid IN greenbacks. The
platform declared: Where the obligs-
tions Of the government do not expressly
state upon their face, or the law under
which they were issued does not provide
that they shall be paid in coin. they ought
IN right and In justice 10 be paid in law
full money OF the United States"
The people knew exactly the position OF
Gran. end the Republican party with ref
erence 10 this matter. II was one OF the
two main icsues between the parties in the