Bonds or Greenbacks? (Classic Reprint)
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Produktbeschreibung
Excerpt from Bonds or Greenbacks? Your unfunded debt amounted to more than double the bonds, or $1,600,000,000 of treasury notes and other obligations which did not bear interest - not legal tenders, a friend in my rear tells me. No; they were not legal tenders, but they were convertible into bonds, and they were received for taxes and a great many other things, but not in payment of the export duty on cotton. Great Men Supported Both Governments By Issues of Bonds. The idea I wish to present is that it is only by example, and by history we can tell what is proper to be done. Here there were two great divisions of the American people; one representing exclusively agricultural interests, free from all of the great combinations which have been described here today, and the other, on this side of the Potomac, embracing within its confines practically all the great monopolies of which we hear so much; and yet those great men - for they were great men - supported both governments by issues of bonds. In so doing they followed only the teachings of history. When war begins no government is ever ready for it with ample supplies of money in its treasury, and with the exception of Germany, which was prepared for war, there is no other instance in the last one hundred years where any government has been able to successfully prosecute a war without making a loan on bonds in the very beginning. If that be true, why should we hesitate here? Why should we hesitate to vote for the issuance of bonds running ten and twenty years at 3 per cent. interest? Every Senator is aware of the fact that if we fail to make provision for that sort of a bond at low interest, and the crisis comes, as come, in my judgment, it will, when within thirty days, before you can get your tax bill in operation, the President of the United States and his Secretary of the Treasury, following the example of their predecessors, and as I believe they will be in duty bound - although there is doubt, and great doubt, as to the right to issue bonds for ordinary purposes - will be compelled to issue bonds running a longer time and bearing a higher rate of interest than those proposed to be issued under the terms of this bill. Why, then, are we opposed to bonds, Mr. President? In the Senate we have met that question quite recently. At the close of Mr. Harrison´s administration, after the Presidential election of 1802 and before the inauguration of Mr. Cleveland, the condition of the Treasury was so threatening that bonds were asked for, and in this Chamber we placed upon an appropriation bill a provision authorizing the Secretary of the Treasury to issue 5 per cent. bonds on like terms with those described in this bill; and more Democrats voted for the proposition than against it. It was thrown out by the other House. It was thrown out, it was said, by secret instructions from the powers that were to be. Sale of Bonds Under the Act of 1875. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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