Year: 1869

!
it should be termed q bill to render repu-
diation of the public debt a necessity
There is possibility and even strong
probability that our National debt, large
as it is, can be paid according to the
letter and spirit of the laws under which
lit was created. While the taxpayers of
the country will make any reasonable sae-
rifccs to meet in good faith the obiiga-
tons of the Government, they will not
so readily consent to have their burdens
made heavier to crafty the rapacity of
bondholders.


The introduction Of this bill by the
Committee of Ways and Means is tacit
Acknowledgement on their part that the
laws providing for the issue Of the five
twenty bonds, and the bonds themselves,
DO not positively provide for coin pay
rhent. If by fair construction Of the
law coin payment is required, then this
bill is simple declaration on the part of
Ibis Congress that the public debt shall
not be repudiated.


If. on the other hand, it is clear that
the five-twenty bonds are payable in the
money of the people, then this is prop
osition to disregard the law creating
these bonds, repudiate in behalf of bond
holders, and impose new and additional
burdens upon the productive industries
of the country But it is said that the
mode of payment of the tivetwenty
bonds is a mooted question, and the pas
sage of this bill will settle it, and give
assurance to the holders Of Government
securities that they will be paid iu coin.
If doubts exist on this subject, then l
maintain that these doubts should be re-
solved IN favor of the debtor, and not
the creditor, class. This construction
should be given for the additional reason
that the bonds were purchased at a
discount of fifty per cent. in coin, and
have been yielding q gold interest of
twelve per cent. on cost price. Upon
what principle of law, justice, morality
or fair dealing should the producers Of
wealth, now staggering under q load Of
debt, have one third more added TO the
burden solely for the benefit of a priti-
legged, on-taXpaylng, moneyed aristoc-
racy? This outrage assumes a greater
magnitude when we remember that the
very class of men who must pay the
bonds is the only class who made sacri-
fees during the war.


We are told that this measure will
strengthen the public credit, and inspire
the holders of our securities with conf
dence that they will get their pay. Much
is said of the sacredness Of our obliga-
tions, and the imperative duty resting
upon us to pay the war debt in such man
ner that no. faint or stain of dishonor
shall attach l believe, Sir, in the full
payment of the nations debt, according
to the fair construction of the law and
! the bond, but there are obligations more
sacred, there are duties more Imperative
resting upon this people than euen the
payment of Government bonds. The
people owe it to themselves first to sup
port their families, and see that their
earnings are first appropriated to secure
food, shelter, and education to those de-
pendent upon them


The right to possess and enjoy the
fruits of ones labor is a divine right,
older than civil government and para
mount to all other claims. Government
may exact from the poor man such share
of his daily earnings as will enable it to
give him and his full and adequate pro-
lection. When Government demands
more than this, when it leaves him only
rags and an empty cupboard, taking all
else to fill the Golfers of an untaxcd
moneyed aristocracy; it becomes rob
Der, rather than protector. Thas Gov
ernment which beggars me by its exac-
tons, and takes the bread from the
mouths of my children to give it to the
bondholder, / am under no moral obi
CATION to maintain. When Congress as
sumes to bind the people to 4 money con-
tract, the payment Of which would result
in degradation, bankruptcy, and make
the producers of all wealth-the labor
ing classes-the mere vassals of prifi-
legged class, they have right by the laws
Of God and man to repudiate it. If this
or any other Congress shall attempt TO
subject the laboring whites and the en-
franchised blacks to q common slavery,
in order to keep faith with the public
creditor, and pay bonds in money not
known to the people, the power behind
the throne will make bare its almighty
arm. Chief Justice Marshall said: "That
every man has natural right to the
fruits of his own labor is generally ad-
mitted; and that 10 other person can
rightfulIy deprive him of those fruits,
and appropriate them against lis will,
seems to be the necessary result of this
admission" Another distinguished all
thority says that ."eyey mans earnings
belong to. himself exclusively rs against
the whole world; and that the taking
away of any portion of them on any pre-
tense whatever, except a small share for
the use Of the Government phich protects
him, is robbery"


1t will be said that the people have
right to do what they please with their
earnings that We are the representatives
of the people, and are here to do their
bidding. Admitting this proposition in
its full force, deny that they have given
us any Instructions, either express or i'm
piled, to pass this bill; on the contrary,
its passage would be an imposition, n
fraud and q deception. The Republican
National Convention at Chicago declared
that the debt should be paid according
to the letter and spirit Of the laws under
which it was contracted, but it did not,
and dared not, say that the letter and
spirit of the laws required payment of
the five-twenty bonds in coin. Nor did
the leaders of that party in their discus
sions before the people intimate that
these bonds were to be thus paid.


The, Republican City Council of my
own city, with great,unanimity, passed a
resolution, and the Republican State
Conventions OF Ohio and Indiana, by
their platforms, declared that these bonds
were payable, and should be paid in
greenbacks Hundreds Of thousands of
voters in the West were misled and de