The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-10-09
GOV. ALTGELD
0NFINANCE
Continued n,om Page 20

would be paid In. On March Is, 1869,
congress passed what was called the credit
strengthening act" reading az follows:
"That the faith of the United States IL
solemnly pledged TO the payment In coin
or Its equivalent of all of the obligations
OF the United States not bearing interest
known as United States notes, and all the
interest bearing obligations of the United
States, except In cases where the law pro-
vides they may be paid in a currency other
than gold or silver" Notice here the
specific declaration made In 1869 that both
the noDinterest bearing obligations and the
interest bearing obligations of the United
States were payable In coin, gold and sill.
YER. Then, on Jan. IA, 1875, six years Ia.
ter, the specie resumption act was passed,
TO take effect Jan. 1, 1879 1t did not pro.
vide for resuming In gold, but for resum.
ing In specie which meant gold and silver.
Matthews Resolution.
Three years later, on the 25th day OF
January, 1873. the senate passed resolu
ton which hss become known as the
Matthews resolution, 4" because It was In
troduced by Senator Matthews, a Repub.
lican from Ohio, and the house passed the
same resolution on Jan. 28. This resolu-
ton reads as follows
THAT all the bonds of the United States
issued or authorized TO be issued under the
acts Of congress hereinbefore recited are
payable, principal aud interest, at the op-
ton of the government of the United
States, In silver dollars Of the coinage OF
the United States, containing 4i2H grains
each Of standard silver, and that 70 restore
to Its coinage such silver coins rs legal
tender In payment of said bonds, principal
and interest Is not In violation of the pub
lie faith nor In derogation Of the rights OF
the public creditor"
Consider this resolution minute II
was introduced by a Republican and pass.
ed by both houses of congress, and it ex.
pressly declares that all Of the bonds al
ready issued and all that may thereafter he
issued under the acts of congress were paw.
able, principal and interest In silver dol.
lars. This resolution did not change the
character OF the bonds nor Of the obliga.
ton. 1t could not. 1t simply declared
what was the law at that time-that IL,
that the government, being the debtor, had
the option Of paying In any kind of money
named In the bond. And inasmuch as the
bonds were payable In coin, and coin meant
gold and silver, the government had the
right that every debtor has Of declaring
which money il would pay In. II there
had been q misunderstanding about the
question before that, there was a notice to
all the world. And, mark you, no fault was
found with this; no bondholders complain
ed at that time; neither the eastern nor
the European bondholders sent their bonds
over and claimed that there was misun-
derstanding. They were not thrown on the
market. There was no talk of population.
And II they were payable In silver then,
when was the contract changed so as to
compel us to pay gold now? A contract
has two sides to It, and every increased OBJ
legation Is supposed to carry with 1t an In
creased consideration. And even IL it were
true that congress had thereafter by mere
resolution declared that all obligations
should thereafter be paid In gold, 1t would
not make them 10 payable. Congress, as
q matter OF fact, never made such decla-
ration. But II it had 1t would be void II Il
increased the burdens of the debtor. Sup
pose congress had by resolution declared
that the holders of those bonds should give
to the United States an additional sum OF
money to what they originally paid for
them. Would the holders be obliged to
payp Nay, would not You have heard an
outcry about robbery IL congress could
not change the contract with reference to
the creditor, II could not legally change ID
with reference to the debtor. So you see
that under the contracts with the creditors
| and under the declarations of the govern.
ment made to the world from time to time
| the bonds and the interest thereon, ss well
as the greenbaoks and treasury notes, are
payable In silver at the option of the gov.
eminent And the eastern bankers 20 un.
| derstood this all along and made no com.
| plant, and It was not until Mr.. Harrison
| was president and Mr.. Foster was secretary
Of the treasury that they preached the sub
| ject OF having these treasury notes redeem
ed In gold This was in 1891.
Paying Greenbacks In Gold.
From Jan. I, 1879, to Jan. i, 1891, only
little over ss4, 900, 900 Of greenbacks were
| presented for redemption, or an average
| Of q little over q, 500, 900 per year. You
| see there was no run on the treasury then
up to that time did not offer a special In
| ducement TO make run on Il, but at that
| time Mr.. Foster and the Harrison admin
istration yielded to the influence Of the
eastern bankers and ordered treasury notes
to be redeemed In gold alone, and the
| Cleveland administration did the same.
| This was in the fall Of 1891, and see what
has happened since then. During the four
years following that date 1851, 600, 600 Of
| greenbacks and treasury notes were pre-
sented for redemption and redeemed, and
| to carry out this policy Of redeeming these
notes in gold President Cleveland issued
| the $3.50, 900, 900 of bonds Think Of this
I! amount The burdens Of the American
| people increased $500, O00, 600 In four years
! without benefiting the debtor farthing
Had the same policy been pursued which
/ we pursued before Of redeeming these
| notes in gold or silver at the option Of the
| government very few Of them would have
| been presented There would have been
no disturbance in the money market and
no necessity Of issuing bonds.
Crimisai Policy.
| This policy was criminal policy, and 10
| Is child Of and In keeping with this en-
| sire movement 30 fasten gold standard
| upon the world II Is dishonest 1t loads
| the people of this country with burdens for
| which IL gives them nothing In return. II
| IA n policy from which the masses Of man.
| kind all over the world derive no benefit
| a policy which benefits only few men
| who call themselves financiers, but whose
| mission In lifo seems 10 be to get some
thing for nothing whenever they can get
| the government TO assist them In doing so.
| Amount Of Products 70 Pay National Debt.
Let us sce how the policy of the Ameri-
| can government has affected the American
| people and who has derived the benefit Of
that policy. After we had resumed specie
| payments we were on the same basis with
| the other nations Of the earth, and our ma
| tional debt amounted TO about ~, 900, 600,
| 600. At that time whsat was worth up
ward Of 81 per bushel, and the price of oil
| other American products ranged In proper
ton. Al that time IL would have taken