Year: 1878

credit should Wish % SJand Dy Inc
credit of his country, for where is pri-
vate credit when the pablo credit is
gone r The payment of these bonds
not due was unwise; it seemed to me
financial madness, but q law was
passed early in March, 1869, called
ian act to strengthen the public cred
it," II do not doubt that it was by
by most Of those who voted for it,
well designed there Is something m
strengthing public credit that sounds
well and appeals strongly to public
form, but see what it did. It under
took to settle the question Whetherthe
bonds of the United States were pay
able in paper OF, coin, and the laWIpf
March, 1869, said they should be paid
in coin. Now, am not discussing
the question whether the law before
that time made them payable in coin
or no, but do know, in the platforms
Of the new parties now organizing,
that this law is assailed. Now what
made such law necessary? Nothing
that l can conceive of, for I tell you
that if one-fourth part of the money
that was paid out Of the public Treas
ury in purchasing bonds not due, at a
large premium, had only been expend-
ed in bringing our demand notes topar
and restoring special payment there
would not have been a question as to
what our bonds were to DO paid in.
For whether paper or gold would mat
ter not if the demand note Of our gov
ernment was as good as gold-and
convertible into it at the will Of the
holder. a'aF 'fti : i2foiii' ,t9is


When an edifoe is tOttefing. what
part do you prop? The sides2 the
roof? or that upon which both. side
and roof depend for safety? You Sc
cure the foundation. So that I say in
this case there was, to my Judgment,
the widest and most disastrous error


| will grant there was patriotic feel
ing the best intent. Whatever the
wrong may have been it is not for me
to discuss that now it is the way out
Of it, and the remedy [ propose now
to discuss, and in which we all have
the deepest interest. l look upon the
disregard of the plain, simple business
principles of finance and common
sense in the prepayment Of a debt not
due at vast premium, which ought
not to have been paid between 1869
and 1873, and see in it the greatest
cause Of distress, and the question. is
whether the American people are to
obey the laws which have been duly
passed by their representatives. And
yet we find American citizens declar-
ing in public resolutions that acts of
the Government are not binding upon
them because they did not concur at
the time of their passage in their be-
coming laws. No government Of laws
can stand upon such a doctrine Ev-
cry man must feel that he is as much
bound to obey the law which he has
done his best to oppose the enactment
Of, as if it were the law lie had done
his best to procure. ari-l


But you know there is a very large
number Of American citizens, especial
ly in the Western States, who are de-
manding that the volume of green
back notes shall be enlarged. The
extent of the enlargement they do not
agree about. Some unhesitatingly de-
clare it shall be unlimited it shall be
large enough to pay off the whole ma
tional debt in greenbacks totheamount
Of hundreds Of millions, of money,
There are others, again, who see that
such rank dishonesty is nothing less
than open repudiation and national
discredit, who do not say that, but
say Eve will have the greenbaek vol
ume enlarged so as to absorb the en-
tire volume of the national currency
and replace it." that we shall proceed
to forfeit the charter of the national
banks all over the country, wind uE
their affairs and replace their currency
by greenbacks equal to the amount oi
bank notes and others state theil
claims at an amount 'justly demanded
by the business interests Of the peoI
ple"-whatever that may be-. Some
thing about as vague as that some
thing, as we say, "about the size Of 9
piece of CHALK" The most moderate
who speak on this subject certainly de
mand that all the nationai bank note
shall be retired and their place, sup
piled by, greenbaeks under the gu gniSSss is
of becoming the measure of the cur
rency. ~ III + ~ = ~ '''''


Isiwillg not discuss with you many
objections TO that course upon. the
mere score of economy. There is one
however, worth your consideration
By law and constitutional precedeif
any instrumentality of the Govern


ment of the United States is not taxa


Bile by the States. Therefore ltht
notes of the United States Govern


ment are not subject to any tax, anC
whoever holds these notes holds prop
erty that cannot be forced to contrib
ute in any way to the public burdens


Now, am one of those who belieY,


that government was instituted for tht


protection Of persons and property


and that each man owes to govern


ment allegiance and support inreturr


for the protection, he receives, and, th,


reason why we pay taxes is that, W,


are rendering back. our share of wha


we owe for the protection of our Gov


vernment 1t seems to me that al


property should bear a proportional,


share of these expenses. It is righ


that when our men capable of arm


bearing may be called forth to battle


that the property they fight to protee


ought to pay some Of the expenses 0


sending them out For that reasol


it is plain to me that it was not wis,


in 1870 TO exempt our national bond


then provided for from Federal taxa


tion, because | held that the Govern


ment had the right to call upon ever,


species of property to bear part Of it


obligations. My amendment, how
| Al : O. g III