Year: 1876

WHOLE NO. 1O6. 1
A. B. to act as its agent. The notes comes
due. Wheat is worth 81 90 per bushel
and barley 80 cts. The grange proposes
to pay its debt in barley. But A. b.,
(possibly bribed by the creditor.) says,
mo; the honor Of the Grange requires
it to pay more than it agreed to pay. If
the Grange lives up to its contract it is
repudiation!" And SO he proceeds to
cancel the original contract and enter
into new one. in which he binds the.
Grange to pay the debt in wheat. He
takes 1900 out Of the pocket Of the Grange
and puts it in the pocket of the creditor;
and when the Grange complains he gets
up on his ear and howls about s.honor,
plighted faith, reputation, etc."
We quote from the debate in the
House.


Mr.. Fort regarded the pending question as
one Of the demonstration of silver, and A.
serted that the public debt and almost all the
private debt of the country had been contract
ed when the standard dollar was legal tender.
tract, and should be paid in the commodity
which he had agreed to accept. But it was said
silver had deprecated. II. however. gold
should appreciate through the discovery Of
some great bonanza, what would the gentlemen
from Ohio (Payne) dot Would the interest of
the bondhoId.rssa say that gold had deprecated,
and was dishonest money, and that therefore
the bondholders should not be compelled to
take their pay in gold, but should be paid in
diamonds or some other valuable cOmmOdityt


Mr. Bright opposed the adoption OF the re-
port, and algu d that gold aud silver were the
lawful money Of the United States, and there
fore the demon. tizatiion Of silver was unconsti-
tutional.


To these incontrovertible arguments
Genl. Garfield, (Rep.) OF Ohio, replied
in TRADE from which we quote:
| The creditors of the government, the men to
VI whom v" w are paying money every day, can
dollar when paying them in silver rather than
in gold; or to the extent Of ten cents on the
dollar, when paying them in silver rather than
in paper.


But did they not agree to take their
pay in that way? Are they not bound
by their contract as well as the people
are? II we 60 outside of the contract
are we not making them donation Of
Fl cents on the dollar not nominated in
the bondp" If the contract is void as
against the creditor, why is it not void
as against the nation2 Have the people
no rights that bond-holder is bound to
respect


Again


We are solemnly bound by the act Of 1857 to
pay our bonds in coin or its equivalent. Do
you say that you can pay them in depreciated
silver, and still keep tho low of equivalency
which was the spirit OF the law Of 1851


Is not silver coin? And if they agreed
to take their pay in coin. why should they
not do so?


And again


great preacher once said there are ijust two
things which human nature wants. the ten
dency and opportunity to wrong; and il has
happened in the fluctuations Of these metals
that there is grand opportunity now to Jump
upon the base metal and save by clear, sheer
swindling ,one-tifth Of the amount which every
public and private debtor owes to his 3credit0r
| have never, since have been in public life.
seen any proposition which had in it SO many
OF the essential elements OF rascality and abso-
Lutte swindling.


Is it swindling to pay debt in Just
what the creditor agreed to take? II
gold fell in price below silver would it
be right to demonetize gold SO that the
creditor should receive more than was
Il
poor devil Of q taxpayer, and his rights
are not to be mentioned in the same
breath with the ights OF the money lend
er.


And Garfield adds


You may recollect the old shock OF 1887 and
the Later shock Of 1867, ana again in 1873.
Put them I'll together, aud the financial crisis
and utter breakdown OF this country in AL OF
them combined would be light compared with
the shock which this proposition would bring
upon the county.


Think OF that! It would breed f.
nancial earthquake to pay debts in the
very medinm in which It was solemnlv
agreed they should be paid.


Hitispossible TO produce panic great
er than that which the Republican party
has inflicted upon this country. we say,
let it come. With debt, bankruptcy,
idleness, suicide, suffering and crime COW
ering the whole land ,as with mantle, It
would be difficult to conceive Of any
deeper depth Of financial degradation
than is now upon US.


Again


Il has always been true that where there
were two legal standards of money the weaker
and less valuable will drive ont the more val
liable. Put thislaw into operation, - sug-
gested; and every particle Of gold will leave the
country Just y fast - II can be transported
abroad. So that revolution In financial and
monetary affairs, utterly unparalleled IN the
history Of the nation, viii follow the act.
| II this be 20 why have not greenbacks
driven out all the gold long ago; and
why are you trying 70 force silver small
change on the people worth les than
greenbacks?


i But, - usual, the monsyeFats had It
their own wsy, and tho outrage was
consumnated BY : vote Of 10 yeas
aeainst "a nays; and among those who
votsd % tins demonetize silver was The
almost solid Republican party, including