Year: 1868

g government shall be paid in coin The


Radicals in their platform, adopted at
= Chicago, resolved that the creditors OF


the government, at home and abroad,
t. should be paid mot only according to the
e letter but the spirit Of the laws under
which it was contracted. This was in-
tended to be understood as pledge that
e the bonds of the government should be


paid in coin, and it is so held by the great
body of the party for whom it was made.
) There are few, however, who insist that


IL means to pay the five etwenties in green
backs, but they are met with the positive
assurance that these bonds could not


have been negotiated, even at the heavy


discount at which they were sold, had it
f not been understood by those purchas-
ing them that they were to be re-


deemed in gold And the great


body of the leaders of the Republican


party hold that this is the contract, and


insist that it shall be carried out in good


faith. But the Democratic party have


taken the Interpretation given TO the


law by the Chairman Of the Committee Of


Ways and Means (Thad. Stevens) at the


time the law was reported and enacted,


and have wisely resolved that these bonds


should "be paid in the lawful currency


of the United States. They are opposed


to having deprecated currency for the


people who pay the taxes and a specie


currency for the bondhelders who pay no


taxes. This idea has become 50 popular


with the people that Radical leaders are
openly espousing this feature of the !
Democratic platform. Only q few days |
ago Senator Morton, Of Indiana, delivered |
a prepared speech in the Senate in ad- |
vocacy of the payment of the fyeS
twenty bonds in greenbaeks, and he
argued to show that the law so
provided, lie declared that the as
sertOn that the government is bound to
redeem the fVe-twenties in coin, "is not
only without the law, but it is in ex-
press violation of at least four statutes"
The position of Senator Morton is more
easily understood than that of his party
as declared through the Chicago plat
form. he means to pay in greenbaeks,
which Congress has made legal tender,
but the platform of his party is con-
structed in the interest of the bondhold-
ers. Not SO the Democratic platform,
and old Thad. Stevens is among the first
OF the Radicals to make this discovery
and to 50 declare. The funding bill
came up for consideration in the House
of Representatives on the I7th inst,
when a very important episode occurred,
which is reported as follows:


During the discussion Mr.. Stevens, who
advocated four per cent. as the lowest rate
Of interest, said he had understood the
gentleman from Illinois lRoss) to say that
the bonds shonld be paid according 10 the
New York platform-whst was that plat
form?


Mr.. Ross said it was to pay the 5-2Os in
lawful money.


Mr.. Stevens-What do you call lawful
money!


Mr.. Ross-Greenbscks That is your
doctrine and mine, you know. Laugh
ter.


Mr. Stevens-I hold to the Chicago plat
form as | understand it on that point, and
to the New York platform, that these bonds
shall be paid Just according to the original
contract.


A member-The law ..


Mr.. Stevens-According to the law.


Mr. Pile-The spirit and letter of the
contract


Mr.. Steyens-What was that law ?---that
the interest should be paid up to certain
time at per cent. in coin after the bonds
fell due they we're to be payable in money,
just as the gentleman frem Illinois under
stood IT, just as he (Mr. StevG1sl under
stood it, just as we ala understood it when
the law was enacted, just as il was ex-
planned on the floor dozen timelI by the
chairman OF the Committee of W&ys and
Means. Ii he knew that any party in the
country would go for paying in coin that
which was payable in money, tb us en-
HANGING the debt one-half-if he knew
that there was such a platform and such
determination on the part OF his own party,
he would go for Frank Blair and for the
other party. lie would vote for no such
swindle on the taxpayers of the country.
lie would vote for no sneh speculation in
favor of the large bondholders and nail |
liOnalres. He repeated, though it was
hard to ssy il, if Frank Blair stood on the
platform Of paying according 10 the con-
tract and il the Republican candidate
stood on the platform of paying bloated
spectators twice the amount agreed to be
paid them and taxing his constituents TO
death, he wouid vote for Frank Blair,
even if worse man than Seymour were
on the ticket. Much excitement and SEN
sation.


This is very emphatic language, and
we do not wonder that it created quite a
sensation 1t is warning to the Radi-
Gals, who are attempting the dodge Of
having two faces on the bond question,
that there are Radicals who viii not
agree TO pay those bonds in gold This
speech Of Mr. Stevens will cause a fut-
ter throughout the country, and it will
open the eyes of those Republicans who
honestly believe that the fVe-twenties
should "be paid in the lawful currency
Of the United States, as nominated in
the statutes, 70 the fraud which the lead
ers of their party have attempted upon
them by declaring that the "letter and
spirit of the law is to be the guide in
the payment of the public debt, thus
leaving the bOndholder under the
impression that he is to be paid
in coin, while the pensiOner and the SOL
der and other creditors of the goveEn-
ment have to be paid in greenbacks or
nothing IL is to remedy this outrageous
inequality that the Democrats inserted in
their platform, and win insist upon its
being carried ont in good faith, that the
bondholder shall be paid in precisely the
same kind OF mon ey that is paid to other
creditors Of the government Thad.
Il a. =.