The Caucasian. (Clinton, N.C.) 188?-1913, 1896-02-13

are Needed n the W bite House and 10.
often ia Congress, this amendment re
peaIing the law under which the Pres
ident claims the right TO issue bond
would be passed In an hour.
i said above that il the policy which
both the Democratic and Republican
parties have adopted in administerin,
the finances Of this country is correct
that then IL is clear that bonds mus
now be issued To buy gold. Let us se<
what that policy Is that has raised al
Of this cry about gold leaving the coun
try and the necessity for the Treasury
to keep gold in its ,auit-.
In the nrst place. this government
loves very large debt. \ part of thi:
debt was contracted during the great
| war. The government issued its inter.
est-bearing bonds TO raise money. The
government took any Kind OF money il
| could get for these bonds-an.i .aln. oi
them wrr" sold at a. low - I. cents on
| the dollar. The government promised
To pay these bonds in lawful money
gold, silver, greenbacks, or any Kind
OF money. When the war closed, these
bonds were almost doubled in valae
because they were at once worth par
everywhere. But the holders of these
made 100 per cent. out of the misfor-
tunes Of the government. They at once
began to lobby Congress to change the
contract which the government had
| made with them and make the bonds
payable in coin instead of in lawful
money.
Through the influence, largely may
say, OF these bondholders, bill was
passed by Congress in 1879 pledging
the faith Of this government to pay all
OF its obligations in coin, and so care
full were these bondhOlders to clinch
the hard bargain which they were
driving with the government that they
insisted, when the act of July II, 1870
was passed, upon having the law to
state that the bonds should be paid in
coin of the present standard value
Not only this, but they insisted that q
statement of this fact should be put
across the face of every bond. By this
act the government deliberately chang
ed its own contract and promised tC
pay to the bondholders more than was
due. Besides, every bond issued since
1870 also contains the provision which
| have quoted abOve-that is, that the
bonds "shall be paid in coin of the
present standard value of July Il
1870"
But the bOndholders were not salts
fed. Heartless greed is Never satisfied
They began to ask for payment of prin-
clpal and interest in gold; in fact
they began to demand gold and say
that they had legal right to demand
it since the passage of the act of 1877;
demOnetiZing silver. 70 refute this
claim and demand of the bOndholGers
and to forever put to rest any question
| about this matter, Congress passed, in
1878, a resolution which will be found
on page 5G4 of the Congressional Re
cord, volume 7, part !, Forty fifth Con.
eress, second session.
| | will not have the resolution read
| because the distinguished Senator
from Nevada Mr.. Stewart read it only
| a few days since, and the distinguished
Senator from Alabama Mr.. Morgan
read it again on yesterday. Every
Senator knows what the law is and j;
thoroughly familiar with the prOvis
ions of this resolution, but hope thai
every man who speaks on this question
will read it or put it in his remarks, 81
| that the people mag know what tht
law is and be able to judge whether o.
not their trusted agents obey or VIC
late this law. When the people know
the facts, they will condemn some mel
who now hold and abuse their conf
dence.
ask permission to print the resolu
tiOn as part of my remarks in the Re
cord.
The resolution is as follows:
Whereas by the act entitled AN act t
strengthen the public credit" approved
March IS, 1869, it was provided and declare,
that the faith of the United States wa
thereby solemnly pledged to the payment
in coin or its equivalent, of all the interest
bearing obligations of theU s., except in case
where the law authorizing the issue Of sucl
obligations had expressly provided that th
same might be paid in lawful money o
other currency than gold and silver; and
Whereas all the bonds Of the United State
authorized to be issued by the act entities
AN act to authorize the refunding of tn
national debt" approved July IA, 1870, b.
the terms of said act were declared to be re
deemable in coin of the then present stand
ard value, bearing interest payable semi-an
nually in such coin; and
Whereas all bonds of the Unieed State
authorized to be issued under the act en-
titled ''An act to provide for the resumption
of specie payments" approved January ID
1875, are required to be of the description O
bonds of the United States described in tn
said act of Congress approved July IA, 1870
entitled An act to authorize the refundin
of the national debit and
Whereas, at the date of the passage 9
said act of Congress last aforesaid, to Wi
the 14th day of July, 1870, the coin of th
United States of standard value of that dat
included silver dollars of the weight of 412
grains each, declared by the act approve
January Is, 1887, entitled AN act suppl,
| RI tho oct onfit1pH Can oct tal
, fishing mint and regulating the coins {
the United States,'" to be legal tender {
payment, according to their nominal valu
for any sums whatever: Therefore
Resolved by the Senate (the House {
Representatives concurring thereinl, Tn,
all the bonds of the United States issued, {
authorized to be issued, under the said ac
of Congress herein before recited, are pay
BILE, principal and interest, at the option
the Government of the United States, in 81
yer dollars. of the coinage of the Unite
, States, containing 4121-2 grains each
+ standard silver; and that to restore to
: coinage such silver coins as legal tender
. payment of said bonds, principal and inte
@ est, is not in violation Of the public fait
nor in derogation of the rights of the publ
creditor
e Here IS the vote IN both the Sena
q and House on that resolution. | as
e leave to print it in my remarks in fu
b | I'VE omit official vote in detail f,
), want of space.-ED. CAUCAsIAN.l
: 1t will be observed that the resoll
: tion passed by over two-thirds vo
. in both Houses. twill also be Obser
3 ed that the Senator from Iowa Mr.. A
: lison voted in favor of this resOlutio
t and also the Senator from Pennsylv
n MIA Mr.. Cameron] and the Senat
o from Nevada Mr.. JOnes.l The Sen
d tor from Tennessee Mr.. Harris] al
r the Senator from Missouri Mr.. Coo
d relll were paired in favor Of it. Til
h resolution passed here, as 1 have sal
e January .25, 1873, and the House pass
D it OF a vote of 1S9 against 70 Janua
l. %, few days afterwards. Amor
n those in the House who voted in fav
e OF this resolution were Jon. G. Carlis
If the present Secretary of the Treasur
: Roger Q. Mills, who now holds Sc
# in this Chamber; William M. Spring,
of Illinois, and ex-Secretary of t
If Treasury Charles Foster, of Oh