The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-06

termate their public utterances he.
tween occurring on honor and
the invioability of contracts and
inviting new and more burdensolne con-
tracts to saddle aIpon the unhappy vic.
tins of their ne~fidious practices and
their ethereal cretds.
Mr. President. j shall read This letter
of the Hon. john Sherman. Ii - con-
else and welcomed document. 1t is
the utteranee of AN experienced AMI
learned statesman and / Shah spread
it upon these records, that the hembli-
can party may have opportunity To N-
cur to some of the fundamental rrlhs
ciples of the leaders iwho have eeen put
by it i'll power.
1t is dated United States Senate
Chamber, Washington, March so, lS'Ns
a little prior to the passage "t the aot
to strengthen the public credtS
Dear Sir: | was glad tn receive NoNr
letter. My personal interests @lN tle
same as yours, hut, like You. / do not
intend to he influenced 'ly them, My
construction of the law 's the result
of careful examination. and | tN quite
sure an impartial court would confirm "a
if the case should he tried before aco0tt,
send You my views as fully stated ~
speech Your idea that we propose
to repudiate or violate a promise Whtli
we offer TO redeem the ''prlnclpat III
legal tenders is erroneous
| think the bondholder violates his
promise when he refuses To take he
same kind of money he pald Tor tho
bonds. If the case Is 10 he tested hy
the law, ! am right. If 1T Is to he tested
ly JAY Cookies advertisement, ! nm
wrong. hate Reputation or anything
like it. but we ought mott to be- deferred
from what is right for fear Of mdt'scrt
we'd enithets. If under the law rs il
stands the holders of fivc-twcutics ean
only he paid in gold. the bondholdcr can
demand only the kind Of money he paid,
then he is a rcpudiator and eXtorti0ncr
10 demand money more valuable than
he gave.
Yours truly.
JOHN SHERMAN.
The stcrnest rcbuke that any Rcpub-
Ecan upon this floor can administer TO
a Democrat is to say to him you are
repeating the language of our Republi-
can leaders" There is much to admire
in this letter of Mr.. Sherman. The care
full examination made by him and the
high position he occupied alike gave inn
port to his communication. Tine high
tone with which he renowned the in
| Huence of personal interest to stand
up fer the payment of the hondS IN
| the lawful money of the country is rs
| striking as the. sound argument which
| he employs to enforce the reotitude
| Of his intentions, and those arguments
are indeed worthy of an impartial court
| which reads language according to its
| plain meaning.
Not less striking is the sound morality
which he evokes to sanction the law as
| imnartially construed. and his reminder
| that the bondholder violated his prom
| Use when he refused to take the same
| kind of money he paid for the bonds
was timely, in View of the arrogant and
| self-righteouS assumption which some
| times chlracterizes those who preach
| honor in order to violate contracts and
| advertise their own virtues ON commits
| sion. His allusion to the unauthorized
| declarations Of the thrifty middemen
| was equally pertinent, hut we can but
| admire his loyal appeal to the law as a
| test of his opinion. instead of the boom
| agent and clamorous huckster of bonds.
! Surely he gave US an example worthy
| of all imitation, and that example l
| shall attempt to follow, when he de-
| cIared we should not be deferred from
what is right by undeseriyed epithets-
| A year later. when these resolutions
| were under debate here. Mr.. Sherman
| had undergone change CT heart. bnt
| no exclusive golden tint had yet mani
tested itself in the hues of his onfnion.
What is the first section of this billE-
He said, when debating the bill to
| strengthen the public credit.
II is simply a solemn pledge that all
/ ~ ,af 40 TTpjfpH StntnE
shall be paid
| How p
| in gold or silver coin
attaching the obligation to pay to the
| silver coin as well as to the gold coin
except only those where the law express
| ly provides that they shall be paid in
lawful money.
| Again he said in that debate
The honor Of the country, the good
| faith of the nation. the interests of the
! laborer. the rich and the poor, all classes,
| demand shat we should resume specie
| payments as early as possible and place
| all the obligations of the people of the
United States upon the solid basis
OF WHAT
'of gold and silver coin"
This was the law interpreted by ite
champion. This is the law to-day, where
eyer the champion may he found.
William Pitt Fessenden, a Senator
! from Maine. was Il member of this body
at that time, a distinguished leader of
| the Republican party. one who had Oc-
cupied the position of Secretary of the
Treasury. He said:
Sir, meant what ] said and the Con
gress Of the United States meant what