The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-02-08

the men vino fought Tor IOlpI anu IVl
country in the sordid ranks Of the money
changers.
Were not these men, Mr.. President,
who give u> these texts to preach from,
soldiers of the Union? Was not j. ID.
COX. of Ohio. an eminent soldier? Was
not Keller. of Ohio. another: Wa not
Ewing: Was not the present President
Of the United States one who Won his
first spurs in the ranks of the Union
Army: And are va to be told that these
! men. who have been put up to illustrate
the high moral sentiment AMI the con-
struction of the Constitution and laws
of the Republican party, have been
palming off upon this country namby-
pamby nonsense when they taught thus
and exhorted the people to stand by the
ancient money Of their fathers and to
stop making money dear and to Stand
guard over the poor and the lowly:
| shall pass by these questions. which
have no place in this debate. They have
been brought in to exc out the lions
skin with that Of the fox. 1t is not a
question of honor which rs submitted to
us; it 5 a question Of law: a great Qu@s-
ton of public policy; and if these gen
tlemcn who are discussing here had met
this question upon the lines to which it
properly belongs | should not have hat
to take tie trouble Of holding up to them
the lesson which they have taught the
country. and to remind them o. the
teachings Of their illustr.OuS leaders and
champions.
Now, Mr. President. [ shall undertake
the prosaic task of going into THESE resO-
buttons, OF attempting to eXpound their
history and meaning, Of sitting the stat
4. Il IL = 4ln", n"1 81 ClnXI -
ing so clearly that he Who runs may read
that there is no doubt about their cor
rectncss and about their being the es-
sccnce of our Constitution and of our
law.
The first act referred to in these resolu-
tons is that entitled An act to
strengthen the public credit" approved
March IS, 1S69. The present policies of
the Republican party are ostens1bly TO
strengthen the public credit. The pub
lie credit is so good, Mr.. President, that
all Of our securities of every kind are
far above par; nay, the securities which
we absolutely refused to agree to pay
in gold or to impart any golden tint to
sold high above par upon the market
when. according to the construction Of
President Cleveland. we paid Il big
bonus Of Sic, 900. 600 TO preserve the
option which we vet retain. That act is
brief, and IS as follows:
Act OF March IS, 1860, to strengthen
the public credit:
BE it enacted Try the Senate and
House of Representatives of the United
Of America in Congress assem-
blcd, That in order to remove any
doubt as to the purpose of the Govern
ment to discharge all just obligations
to the public creditors, and to settle con-
tiicting questions and interpretations of
The laws by virtue Of which such Obli-
g~3tiCnS have been contracted. it is here
by provided and declared that the faith
Of the United States is Solenrnly pledged
to the payment in coin or its equivalent
of all the obligations of the United
States not bearing interest. known
as United States notes, and
of all the interest bearing OBJ
legations Of the United States,
in cases where the law autloriz-
ing the issue of any such obligation has
expressly provided that the same may be
AID in lawful money or other currency
than gold and silver. But none of said
imtercst-bcaring Obligations not already
due shall I've redeemed or paid before
maturity unless at such time United
notes shall be convertible into
'FiIi tbG tiIt oIt.Dh vi t1i' lplttt VI ih-
less at sud time bonds of the United
States bearing IL lower rate of interest
than the bonds to Sc redeemed can be
sold ut par i'll coin. And the United
States also solemnly pledges its faith
to make provision at the earliest prac-
ticable period for the redemption of the
United States notes in coin
| will observe about it that there was
no contention at that time THAT the
public debts of the United Stacs should
he paid i'll gold. nor was here Il single cX-
listing circumstance out Of which even
The most shallow p~retcnSion could lie
drawn that there WaS amy obligation
either existing before THAT act or created
by 1T to pay them i'll gold coin. There
was not Il suggestion or Il trace of gold
in the debates upon the subject.
The sole point of difference at that
time was, as shown by contemporancous
history, by the debates i'll Congress, and
by the very explicit language of the act
itself, whether these bonds should be
paid i'll the paper currency of the United
States. which had been made a legal
tender for public and private debts. or
i'll the gold and silver coin which Con
Gress is authorized t o utter under the
Constitution.
ht tohbO AItiI'o u Ill tHt d1l tS
to the purpose of the Government with
respect to its obligation was Il doubt
created by the expressions of leading
public men and by political bodies and
public meetings in favor Of discharging
the bonds in greenback notes; and the
conflicting questions and interpretations
of law by virtue Of which such Cbliga-
tiOnS had been contracted thus hinged
upon the meaning OF the word dollars
as used in the obligations themselves.
The act of February %, 1862, author
ling the first issue cf greenbacks, '$15O,-
100000, not bearing interest. payable to
the bearer at the Treasury" provided
that they shall be receivable in payment
of all taxes, internal duties, excuses,
debts, and demands of every kind due
to the United States, except duties on
imports; of adj claims and demands
against the United States of every kind
whatsoever. except for interest on bonds.
which shall be payable III coin; and shall
also be lawful money and Il legal ten
der in payment of all debts, public and
private. within the United States, cx-
cept duties on imports and interest us
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