Year: 1877

MR.. HEREFORD. Mr.. President, in
addition to the pending resolution some
days ago the bill known as the "Bland
silver bill" passed the House, and last
Tuesday was fixed for the commence
ments of its discussion by this
body. The sublects-matter covered
both by the resolution and that bill are
pretty much the same. The remarks that
| shall submit to-day will be more espe-
cially directed to what is known as the
"Bland silver 5ill," to give my reasons
why think the bill should pass without
any amendment. l am in favor both of
the resolution and the bill.


A few days ago a writer on political
science of very high reputation delivered
a lecture before the students of Yale
College, in which l think he has partially
defined the objects and the purposes and
the effects OF the passage OF this bill
Professor Sumner. He uses the follow
ing language


The indebted landholders-


That is the producers of the West and
South, who sell their products abroad
would be the gamers


That is, would be the gamers by the
passage of this bill


1t is from the laborer and those receiving
fixed incomes that the indebted land hold
ers would derive a part of their advantage.
1t won't affect city landholders only cot
ton and wheat growers would be the gain
ers. 1t would be gain for the West and
South at the expense of the East and North 4,
and no gain to the national wealth.


The senior Senators from Massachu-
sets Mr.. Dawes] who addressed the
Senate yesterday, has placed This matter
little more pointedly in the following
language 1;


1 speak, sir, in behalf of the bondholders
of Massachusetts, and do not IN so speak
ing speak for handful of men in state
street or platoon of men in Wall street,
but speak for every one man, woman,
and child in three of The whole population
of that State, VINO have S23 100000 now in.
vested in her savlngs-bankS, and reinvest-
ed by those banks in these securities to a
vary large extent,


80 that, Mr.. President, we are informed
by this learned professor and by the
Senator from Massachusetts that the
great objection TO the passage of this bill
| is on account Of the interest of the
boudholders. Professor Sumner ad-
mits that the passage of it will re-
dound to the benefit of the South and


West. propose, in my humble way, to
show that 1t will not only be benefit to
the South, but to the masses of this whole
country, North, South, East and West.
am not here to-day to make any war
upon bondholders or upon wealth, in
whatever form 1t may be presented, for its
acquisition is one of the great objects OF
life. 1t is proper for each and every one
OF us to try to accumulate wealth in an
honest and honorable manner. propose
| in the few remarks that l shall submit
to-day to show that the resistance to the
passage of this silver bill and the demand
on the part of the bondholders that silver
shall not be remonetized are an unholy
and unjust warfare upon the citizens of


the United States, a warfare not justified


either in law or in good morals.
One of The reasons urged against the
demonstration of silver is that it would


be unjust to the holders of the Govern


ment bonds, that at the time they pur-
chased those bonds they believed that
they were to be paid in gold coin. In the
language of the President in his annual


message at the opening Of the present
session:


The power of the United States to coin
money and to regulate the value thereof
ought never to be exercised for the purpose
| of enabling the Government 10 pay lts op-
legations in a coin of less value than that
| contemplated by the parties When bne
bonds were issued.


am surprised to hear such reasons


assigned or such statement made. No


one had right to believe at the time our


bonds were sold that they were to be
paid exclusively in coin of any kind,


either gold or silver. What are the


facts j? What is the history of the trans
action What is the law in the premi-
ses All three-the facts, the history and
the law-prove conclusively that The pur-
cbasers of our bonds had no reason to
expect any such thing. In the first place
every legal tender note that was ever
issued has stamped upon it these words


This note is a legal-tender at its face
value for audebts public and private, except
duties on imports and interest ON the public
debt.


Can the language be more explicit ?
Now, mark the language of the excep-
tion. .sexcept duties on imports and in
terest on the public debt" So that
nothing is or can be palmer than at the
| time of the issuance of these legal ten
ders they were to be received in payment
of the principal of our public debit
Every man, woman and child that ever
had one was notified of the fact. Who
knew it better than the bondholders


Again, when the bonds were first is
sued. in the discussion of the question
as to how they were to be paid in both
branches of Congress, it was announced
publicly by Senators and Representatives,
nnder the leadership of the great COM
moner of the House at that time, Thad-
deus Stevens, that they were redeemable
in legal tenders. Who will deny this +?
And vet we are told that the purchasers
of these bonds expected to be paid in
gold at the time they purchased them.


What did Senator Sherman, the present
Secretary of the Treasury, say In a
letter dated "United States Senate Cham
her, Washington, District of Columbia,


March 20, 1865" addressed to "Hon. A.


Mann, Jr., Brooklyn Heights" he says
DrAR SIR: I was pleased to receive your
Letter NV personal interests are the same


aS yours, but, like you, do not intend 10
he ;nd,tenced 6y them. My construction OF
tbe law is the result OF careful examination
and l feel quite sure an Impartial court
eshN no cOnl6 he tried