Year: 1864

Dm fTOObWy JOF Ntc 'J"''"' y 1''


terest an Legal Tender Notes.


Mr.. MCANDLESS. Mr.. Speaker, il
the course of this discussion, it has seem
ed to me most extraordinary that Senator
on the other side of the floor, instead o
discussing this question fairly and proper
", have made it the occasion for a TRAD,
of abuse against their own Government
We have heard nothing from that side o


the chamber, since this discussion com


menced, but abuse of the Federal Gov


ernment-anything to weaken the FEEDER


al power and give strength to the enemy


Senators on the other side begin by foot


ing up figures in reference to the national
debt, and they come to the conclusion that
the national debt is great But, sir, il
the national debt is great, do they desire
that the interest on the State debt shall
be made larger than itnow is, by the fool


ish mode of Legislation that they propose


They tell us that the debt of the Federal
Government is enormous. The Senator
who has just spoken tells us that, in add.
ton to the State, national and other debts


the amount his district would have to pay
of it. would be six millions of dollars, and
that their entire assessed valuation is sev.
en- millions. Thus leaving only one mil.
lion unmortgaged and yet that Senator


and all the Senators on the other side with
one or two exceptions, vote against this
bill. Notwithstanding that they cry out
that the property of the State is mortgag-
ed, they desire to mortgage still further
the State of Pennsylvania, and to throw
upon her an additional million of dollars,
from which we have it in our power to re-
lieve her. The tax payers of this Com
monwealth will hold us to a strict account
ability for our action here. We have it
in our power to pay the interest on the
State debt in the legal currency of our
country, made such by power that can
not be doubtcd-a power which has been
tested in the highest legal tribunals in the
land, and determined to be constitutional.
Yet, when we propose to pay the State debt
in this currency, they tell us, no-the
Federal debt is too great. Why, sir, that
is the reason the State debt should be less;
and, instead of making it less, they are
attempting to heap on us more than a
million of dollars in the coming and every
succeeding year. Strange and fallacious
argument! They do not care about the
debt of the National Government; their
desire is to sink her in hopeless debt
If they saw their Government robbed be-
fore their eyes, they would say amen to it.


1t has been alleged that the payment
of the interest of the State debt in the
currency of the country would be moth
ing short of reputation. Now, sir, why
isitrepudiation? is The legislative power of
the United States under the Constitution
has the right to make legal currency,
and change that currency when they
choose. They have given us a legal cur
rency which we are bound to consider as
good as that which it took the place of;
and yet they refuse to allow us to pay our
creditors in that currency, because the
Legislature of 1910 passed resolution
that the indebtedness of the Government
should be paid in coin. How could the
Legislature of 1910 bind the action OF
this Legislature here today? What pre-
vents us from repeating the act of the for
mer Legislature? Nothing Are there
any vested rights under that act beyoud
which we cannot go? After this debt of
the State was created, provision was made
for the payment of the interest on it, and
that Legislature for some reasons best
known to themselves, declared that the in
terest falling due on Pennsylvania stocks
shall always be paid nspecie or its equiv
alent They also declared that the credi.
tors of this Commonwealth should be paid
in specie or its equivalent; yetall the cred.
jtors of this Commonwealth to-day are
rightfully and justly paid in the legal cur
rency of the country-the United States
treasury notes. Why is it, sir, that we
receive our compensation as members, and
all the public servants of this Common


wealth receive their compensation in this
currency, while these capitalists or bond


holders should be preferred above all 9th
er creditors, and, in additionto their 9th
er privileges, have their notes paid in gold
And here / may just say that believe thai
if the State treasurer had acted wisely and
iudiciously, he had the power, under the
Federal law making United States treasu