Democratic Northwest and Henry County news. [volume] (Napoleon, O. [Ohio]) 1894-1905, 1896-10-22

same resolution on Jan. 2S This resolu
tion reads as follows
THAT all the bonds Of the United State
issued or authorized TO be issued under th
octs Of congress hereinbefore recited ar
payable, principal and interest, at the op
ton OF the government of the Unites
States, In silver dollars OF the coinage o
the United States, containing 4I2H grain
ench OF standard silver, and that 20 restor
to Its coinage such silver coins as lega
tender In payment Of said bonds, principa
and interest Is not In violation of the pub
lie faith nor In derogation Of the rights O
the public creditor"
Consider this resolution a minute 1
was introduced by Republican and pass
ed BY both houses of congress, and II ex
pressiy declares that all Of the bonds al
ready issued and all that may thereafter b
issued under the acts of congress were pay
able, principal and interest, In silver dol
lars This resolution did not change the
character Of the bonds nor of the obliaa.
ton. Ii could not 1t simply declared
what was the law at that time-that Is,
that the government, being the debtor, had
the option Of paying In any kind Of money
hAAANa Ia bA4C DOIll= Anu Us LIlt
bonds were payable in coin, and coin meant
gold and silver, the government had the
right that every debtor has of declaring
which money It would pay In If there
had been misunderstanding about the
question before that, there was a notice &c
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 Reputation.
And If they were payable in silver then,
when was the contract changed 50 as to
compel Us to pay gold nowS A contract
has two sides to it, and every increased OBJ
legation is supposed to carry with it an in
creased consideration. And even If 1t were
true that congress had thereafter by mere
resolution declared that all obligations
should thereafter be paid in gold, 1t would
not make them so payable. Congress, as
a matter Of fact, never made such decla-
ration. But If it had 1t would be void If it
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
payf Nay, would not you have heard an
outcry about robbery II congress could
not change the contract with reference to
the creditor, 1t could not legally change 1t
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, as well
as the greenbacks and treasury notes, are
payable in silver at the. option of the gov
And the eastern bankers so un-
this all along and made no COM
plaint, and 1t was not until Mr.. Harrison
was PRESIDENT and Mr. Foster was secretary
Of the treasury that they preached the sub
lect of having these treasury notes redeem
I'd in gold. This was in 1891.
Paying Greenbecks In Gold.
From Jan. /, 1879, to Jan. 1, 1891, only
\ little over S34, 600, 900 of greenbacks were
presented for redemption, or an average
If little over 81, 500, 900 per year. You
zee there was no run on the treasury then
because the policy pursued by the treasury
Up to that time did not offer a special in
tucement to make a run on 1t, but at that
lime Mr.. Foster and the Harrison admin
stration yielded to the influence of the
'astern bankers and ordered treasury notes
% be redeemed In gold alone, and the
cleveland administration did the same.
This was In the fall of 1891, and see what
las happened since then. During the four
ears following that date 1851, 900, 900 of
,reenbacks and treasury notes were pre-
ented for redemption and redeemed, and
o carry cut this policy of redeeming these
totes IN gold President Cleveland Issued
he $500, ZOO, 600 of bonds Think of this
mount The burdens of the American
'eople increased $500, 900, 600 In four years
Without benefiting the debtor farthing.
lad the same policy been pursued which
Te pursued before of redeeming these
totes in gold or silver at the option Of the
'overnment very few Of them would have
een presented There would have been
10 disturbance In the money market and
70 necessity Of issuing bonds.
Criminal Policy.
This policy was criminal policy, and it
8 child of and In keeping with this en-
ire movement to fasten gold standard
Lpon the world 1t Is dishonest. 1t loads
he people Of this country with burdens for
which 1t gives them nothing In return. It
8 policy from which the masses Of man
ind all over the world derive no benefit
policy which benefits only few men
Who call themselves financiers, but whose
mission In life seems to be to get some
hing for nothing whenever they can get
he government to assist them in doing so.
AMOUNT of Products to Pay National Debt.
Let us see how the policy of the Ameri-
an government has affected the American
,eople and who has derived the benefit of
hat policy. After we had resumed specie
,ayments we were on the same basis with
he other nations Of the earth, and our ma
ional debt amounted to about SO, 900, ,000,-
100. At that time wheat was worth up
ward of 81 per bushel. and the price Of all
'ther American products ranged In proper
Ion. At that time 1t would have taken
bout 81, 800, 600, 600 bushels Of wheat or a
amount of other American
PRODUCTS to pay the whole national debt
Since that time we have been paying for
Yearly quarter of century, and at pres
mt the debt is little less than 81, 800, ,000,-
100, wheat Is selling at less than 80 cents
! bushel, and the prices Of all other Ameri-
an products on the average are In the
anne proportion, and today it will take
!, 900, 900, 900 bushels of wheat or proper
ionate amount of other American products
% pay the remainder Of the national debt
that Is, after we have paid for 20 years,
lfter generation has labored to reduce
his debt, 1t now will take twice the amount
# American products to pay the remain
Ter of the debt that would have been neoes-
iary to pay the whole Of the debt at the
lime we resumed specie payments.
Who Profits Now?
We are producing nation, and the policy
If our government has tended to reduce the
prices of our products Twenty years ago
when foreign bondholder took one Of our
81, 900 bonds and clipped off the interest
coupons for year, amounting, say. to $50,
be- could buy with them only from 40 to so
bushels of wheat or proportionate amount
IF other American products. Today when