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

Tinted States were payable IN Such cur
rcncy-certainly tho debts thereafter
contractcd-and 80 eminent ana calfIpIt
{: Spokesman Of the party thcn Ill power
as the Hon. John Sherman was at hrNt
INDIGNANT nj the p~rcten>ion that the
rrcrnIracks were not legally tcnderable
in discharge Of our Federal Obligations.
Those who contcndcd otherwise Were
thcn tho mel who were sneered and
scoffed at as attacking the Government
and. Of making war upon the currency
which supported it. Indeed. Mr.. Shcr-
man characterized the attempt TO dc
grade them as reputation. ana IN a
memorable letter rcfutcd the claims OF
the ever-buSy money changers, VINO al
ternate their public utteralces be
tween occurring on honor and
the invioabiiity Of contracts ana
inviting new and more b~urdcnSomc con-
tracts to saddle upon the unhappy vie
tins of their Ierfidious practices and
their ethereal crceds.
Mr.. President. | shall read this letter
of the Hon. John Sherman. 1t Is a con
else and welcomed document. 1t Is
the utterancc of an experienced and
learned statesman, and | shal spread
it upon these records, that the kepubli-
can party may have opportunity TO r.
eur TO some of the fundamental prln-
ciplcs Of the leaders who have been put
by it III power.
1t is dated United States Senate
Chamber, Washington. March 80. 1868,
Il little prior to the passage Of the act
TO strengthen the public credit:
Dear Sir: | was glad to receive your
letter. My personal interests are the
same as yours. but, like YOU. | DO not
intend to be influenced by them. My
construction Of the law is the result
Of careful examination. and | feel quite
sure an impartial court would confirm i'll
if the case should be tried before acourt.
| send YOU my views as fully stated in
a speech. Your idea that we propose
TO repudiate or violate a promise when
we offer to redeem the ''principal' in
legal tenders is erroneous.
| think the bondholder violates his
promise when he refuses to- take the
same kind OF money he paid for tho
bonds. If the case is to be tested by
the law. ] am right. If it is to be tested
by Jay Cookies advertisement | am
wrong. 1 hate repudiation or anything
like it. but we ought not to be deferred
from what is right for fear of undeser-
we'd epithets. If under the law lis it
stands the holders of five-twentios can
only he paid in gold. the bondl,oldcr can
demand only the kind of money he paid.
then he is 4 ~rCpudiatOr and eXtortioncr
10 dcmand mono more valuable than
he gave.
Yours truly.
JOHN SHERMAN.
The s~tcrncSt rebuke that any Rcpulp-
l.can lmon this floor can administer to
a Democrat is to say to him ''you are
repeating the language Of Il RcDuhli-
can leaders, There is much to admire
III this letter Of Mr.. Sherman. The care
full examination made by him and the
hig position he occupied alike gave i'm
port to his communication Tho high
tone with which he renowned the in
hucncc of personal interest" TO stand
M for the payment Of the bonds in
the lawful money of the country is rs
striking rs the sound argument which
he onnloyS to enforce the rpOtitulr
Of his Intentions. and those arguments
arc indeed worthy of an impartial court
Which reads language according to its
plain meaning.
Not less striking IS the sound morality
which he cvokcS To sanction the law rs
impartiallv construed. and his reminder
that the bonGl,older violated his prom
Use when he refused to take the same
Kind of money he paid for the bonds
Was timely. III Vow of the arrogant and
self-rigrteolhs assumption which some
times characterizes those who preach
honor in order to Violate contracts and
advertise their own virtues on commits
SION. His allllsion to the unauathor;2pl
declarations Of the thrifty middlenpn
was equally pertinent. lnlt We can but
admire his loyal appeal to the law us q
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 |
shall attempt to follow. when he de-
clared we should not be deferred from
what is right by nndeserved epithets.
a year later. when these resolutions
were 1,ndcr debate here. Mr.. Sherman
had undergone a change of heart. but
10 exclusive golden tint had yet mani
tested itself i'll the hues of his opinion.
What is tho first section of this bill?-
He SAID, when debating the bill to
strengthen the public credit.
1t is simply a solemn pledge that MI
the obligations of the United States
shall be paid
Howl
in gold or silver coin
Attaching tho obligation to pay to the
silver COIN as we'll 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.
ever the champion may be found.
William Pitt Fessenden. a Senator
from Maine, was a member Of this body
at that time. "a distin guiShcd leader OF
the Republican party, one who had oc
cupicd the position of Secretary of the
Treasury. He said:
SIT. | meant what I said and tire Con
Grcss of the United States meant whl,
it said. that it would pay SO many dol
lars"
What was a dollar? y. dollar wa: