Following are the names of the Democrats | Fuller, Garth, Gause, Giddings, Glover, Goode, A. H. who voted for this anti-protective resolution: Messrs. H. P. Bell, Bicknell, Blackburn, Bland, Boone, Bragg, Buckner, J. W. Caldwell, W. P. Caldwell, J. B. Clark, Jr., Cobb, Cravens, Culberson, Dibrell, Dickey, Douglas, Durham, Eden, Elam Felton, Forney, Franklin, Hamilton, Hartzell, Hatcher, House, J. T. Jones, Kenna (6) {སྙུ?༄t ¢ 149 CHAPTER XVII. Greenbacks, Public Credit, and Resumption. * "Honest money-the strict maintenance of the public faith-consisting of gold and silver, and paper convertible into coin on demand; the strict maintenance of the public faith, State and National." * * * -Declaration 3, National Democratic Platform, 1880. PART I. Indiana, Pendleton, and Vallandigham, of Ohio, and Voorhees, of Indiana, some of whom at this late day profess to be advocates and The Republican Party the Father, friends of the greenback! In the Senate the Friend, and Guardian of the bill was passed hy an affirmative vote of 30, Republican Greenback Hisof whom 25 were Republicans-only three tory of the Greenback's Birth Republicans voting against it! The bill became a law February 25, 1862. The Legal Tender Act — Reason for its Being--Democratic Opposition and Votes Secretary Chase's Letter. The reason why the legal-tender clause was put into the act at the suggestion of the Republican Secretary of the Treasury, S. P. Chase, was because of the refusal of "some persons, and some institutions which refused to receive and pay" out United States notes and thus depreciated them. These persons" and "institutions were of the Democratic faith 26 To ascertain the position in which the two great parties of the country have hitherto stood on the legal-tender note, or greenback" question, and the folly of the forma- and their effort was to cripple the Government tion of a Greenback party," when it is sus-in its war on the Southern wing of the ceptible of positive proof that the Republican Democratic party for the preservation of the party has not only always been the best friend, Union. This is the precise language of Mr. but is the father and guardian of the green- Secretary Chase's letter of January 29, 1862, to back, while the Democratic party has been its Hon. Thaddeus Stevens, which led to the bitter enemy, it may be well to look back into enactment of the legal-tender measure: the history of its origin and its growth in public esteem. It originated in 1862 as purely a Republican measure, suggested by a Republican Secretary of the Treasury, passed by a Republican Congress, approved by a Republican President as a means whereby a long and bloody war, brought on by the attempts of the rebel wing of the Democratic party to rule or ruin this Union of States, might end in a triumph of union and freedom. February 6, 1862, under the management of that staunch "old commoner," Thad. Stevens, the bill first authorizing an issue of United States legal-tender notes were passed by the House. The vote was yeas 93, nays 59, the yeas (only seven Democrats) being Democrats) being almost entirely Republican, dnd the nays (which included twenty Republicans) mainly Democratic. Among the prominent Democrats who voted against the greenback on this its first appearance, will be found the names of S. S. Cox, Holman, of ་་ ***But, unfortunately, there are some persons and some institutions which refuse to receive and pay ly to the unnecessary depreciation of the notes, but to them (U. S. notes), and whose action tends not mereestablish discrimination in business against those who, in this matter, give a cordial support to the Government, and in favor of those who do not. Such the provision making the notes a legal tender, in a discriminations should, if possible, be prevented; and great measure at least, prevents it by putting all citizens, in this respect, on the same level both of rights and duties. * * * The Democratic opposition was intended to help the rebellion and cripple the Union Treasury. That was the motive. It was founded upon the pretense that the issue of legal tender greenbacks was unconstitutional. That was the pretext. The Democrats hated the greenback before its birth, at its birth, and until by Republican legislation it grew strong and beautiful. They still hate it. But with devilish cunning they now pretend to love it, and, with fond caresses, would embrace it only to its destruction and undoing. leasure. PART II. Democrats Directly Responle for Contraction-The Act April 12, 1866-Analysis of › Votes by which it Pässed. act of April 12, 1866, first session, -ninth Congress-providing for a conn of the volume of greenbacks-may be claimed by the Democrats as their Under that act it will be reered, the Secretary of the Treasury ly retired $44,000,000 legal tenders, rethe volume of greenbacks in circuto $356,000,000, although subsequently le panic of September, 1873, the Secresued (or reissued) more than half of he had previously withdrawn. This ction act passed the House March 23, by a vote of 83 yeas to 53 nays. There 55 Republicans voting yea, while 53 licans voted nay. There were 28 Demwho voted yea, and only one Democrat ted nay. The Democrats had the balpower, and under the lead of Samuel dall, James Brooks, Michael C. Kerr, 18. Marshall and Charles A. Eldridge, their united strength for the bill, leavly one poor Democratic straggler-EdHubbell-among the host of Republiho fought the bill. n the Senate. There the bill was passil 9, 1866, by a vote of 32 yeas to 7 nays. ven nays were all Republicans, and all mocrats who voted, voted for the bill. t appears that on the passage of the both Houses the aggregate Demovote against contraction was a solitary ct of February 4, 1868, suspending raction-Vote analysed-The same story. in, there is the case of the act of Feb4, 1868, passed during the second sesthe Fortieth Congress, which reads in follows: enacted, etc., That from and after the passage of the authority of the Secretary of the Treasury any reduction of the currency, by retiring or g United States notes, shall be, and is hereby. led." * * * act passed the House December 7, by 127 yeas to 32 nays; and of the 127 nly 24 were Democratic votes, while 103 Republican. s again and again do we see that while epublicans did all they possibly could greenback, the Democrats did all they ly could against it, and whenever they trong enough did effectual harm. And O point the case still more strongly, the cratic President, Andy Johnson, allowed asure to become a law by the lapse of because he knew it was useless to veto t refused absolutely to sign it. PART III. Public Credit Bill of 1869blic Credit Act of 1869-Re sumption Aet of 1875–Official Votes showing the Democrats solidly against them. When, in July last, at the Academy of Music in New York, Samuel J. Randall declared to the assembled multitude, that "It (the Democratic party) made easy the path to the resumption of specie payments, etc.," he exhibited a density of ignorance or a faculty for falsification absolutely astounding! Let us see with what remarkable persistency the Democratic party fought the public credit, the resumption of specie payments and the greenback, which that resumption has made as good as gold. Public Credit and Specie-Contract Bill of 1869-Only 34 Democrats in Congress vote for it. In the House January 20, 1869, Mr. Schenck introduced a bill (H. R. 1744) to "strengthen the public credit" which subsequently passed the House, was amended in the Senate, and out of the disagreement between the two Houses came a bill, reported by a Conference committee, which passed both Houses, but was "pocketed" by President Andrew Johnson. The vote upon that "public credit bill," as reported by the Conference Committee, was, in the Senate: 31 yeas to 24 nays-30 Republicans voting "yea" to 14 Republicans voting "nay," and only one Democrat voting 66 yea to 10 Democrats voting "nay." In the House the vote upon the bill reported by the Conference Committee was 117 yeas to 59 nays. There were of these, 107 Republican "yeas" to 26 Republican "nays," and only 10 Democratic "yeas" to 33 Democratic "nays." In other words the Senate Republicans were more than 2 to 1, and the House Republicans more than 4 to 1, in favor of it while the House Democrats were more than 3 to 1, and the Senate Democrats exactly 10 to 1 against it. The bill upon which these votes were taken comprised only two sections-the first section being word for word the same as the "Public Credit Act" of 1869, hereafter quoted in full, and the second or specific contracts section being as follows: 1 SEC. 2. That any contract hereafter made specifi cally payable in coin, and the consideration of which may be a loan of coin, or a sale of property, or the rendering of labor or service of any kind, the price of which, as carried into the contract, may have been adjusted on the basis of the coin value thereof at the time of such sale or the rendering of such service or labor, shall be legal and valid, and may be enforced according to its terms; and on the trial of a suit brought for the enforcement of any such contract, proof of the real consideration may be given. The second (specific contract) section was stricken out by 87 yeas to 56 nays-53 Republican yeas and 54 Republican nays against 34 Democratic yeas and 2 Democratic nays-or in other words exhibiting a bare majority of Republicans in favor of the specific contract section, and a proportion of 17 to one of the Democrats against it! The bill was now in the following shape: An act to strengthen the public credit. Be it enacted, etc., That in order to remove any doubt as to the purpose of the Government to discharge all just obligations to the public creditors, and to settle conflicting questions and interpretations of the laws by virtue of which such obligations have been contracted, it is hereby provided and declared, that the faith of the United States is solemnly pledged to the payment in coin, or its equivalent, of all the obligations of the United States not bearing interest, known as United States notes, and of all the interest-bearing obligations of the United States, except in cases where the law authorizing the issue of any such obligation has expressly provided that the same may be paid in lawful money or other currency than gold and silver But none of said interest-bearing obligations not already due shall be redeemed or paid before maturity, unless at such time United States notes shall be convertible into coin at the option of the holder, or unless at such time bonds of the United States bearing a lower rate of interest than the bonds to be redeemed can be sold at par in coin. And the United States also solemnly pledges its faith to make provision at the earliest practical period for the redemption of the United States notes in coin. Be it enacted, etc., That the Secretary of the Trea practicable, to cause to be coined at the mints of t ury is hereby authorized and required, as rapidly United States, silver coins of the denominations ten, twenty-five, and fifty cents, of standard value, an to issue them in redemption of an equal number an amount of fractional currency of similar denomin tions, or, at his discretion, he may issue such silv coins through the mints, the sub-treasuries, publ depositaries, and post-offices of the United States and, upon such issue, he is hereby authorized and r quired to redeem an equal amount of such fraction currency, until the whole amount of such fraction currency outstanding shall be redeemed. hundred and twenty-four of the Revised Statutes SEC. 2. That so much of section three thousand fiv the United States as provides for a charge of one fif into coin is hereby repealed, and hereafter no charg of one per centum for converting standard gold bullio shall be made for that service. SEC. 2. That section five thousand one hundred an seventy-seven of the Revised Statutes of the Unite And the vote upon its passage was as fol- States, limiting the aggregate amount of circulatin lows: notes of national banking associations, be, and hereby, repealed; and each existing banking-associ YEAS-Messrs. Allison, Ambler, Ames, Armstrong, tion may increase its circulating notes in accordan Arnell, Asper, Axtell, A. H. Bailey, Banks, Beaman, with existing law without respect to said aggregat Benjamin, Bennett, Bingham, A. Blair, Boles, Boyd, limit; and new banking-associations may be orga Buffinton, Burdett, Cessna, Churchill, C. L. Cobb, B. C. ized in accordance with existing law without respe Cook, Conger, Cowles, Cullom, Dawes, Donley, Duval, to said aggregate limit; and the provisions of law fo Dyer, Farnsworth, Ferriss, T. W. Ferry, Finkelnburg, the withdrawal and redistribution of national-ban Fisher, Fitch, Gilfillan, E. Hale, J. B. Hawley, Heaton, currency among the several States and Territories a G. F. Hoar, Hooper, G. W. Hotchkiss, Jenckes, A. H. hereby repealed. And whenever, and so often, as ci Jones, Judd, Julian, Kelsey, Ketcham, Knapp, Laflin, culating-notes shall be issued to any such banking a Lash, W. Lawrence, J. Lynch, Maynard, McCrary, Mc-sociation, so increasing its capital or circulating-notes Grew, Mercur, J. H. Moore, W. Moore, S. P. Morrill, or so newly organized as aforesaid, it shall be the dut Negley, O'Neill, Packard, H. E. Paine, Palmer, D. of the Secretary of the Treasury to redeem the lega Phelps, Poland, Pomeroy, Prosser, Roots, Sanford, Sar- tender United States notes in excess only of thre gent, P. Sawyer, Schenck, Scofield, P. Sheldon, John A. hundred million of dollars, to the amount of eight Smith, W. C. Smith, W. Smyth, Stokes, Stoughton, per centum of the sum of national-bank notes so issue Strickland, Tanner, Tillman, Twichell, W. H. Upson, to any such banking-association as aforesaid, and t R. T. Van Horn, H. Ward, C. C. Washburn, W. B. Wash- continue such redemption as such circulating-note burn, Welker, W. A. Wheeler, Whittemore, Wilkinson, are issued until there shall be outstanding the sum C. W. Willard, W. Williams, Winans-97. three hundred million dollars of such legal-tende United States notes, and no more. And on and afte the first day of January, anno Domini eighteen hur NAYS-Messrs. Archer, Beatty, Beck, Biggs, Bird, Burr, B. F. Butler, R. R. Butler, A. Cobb, Coburn, Crebs, Deweese, Dickinson, Eldredge, Getz, J. S. Golladay, Haw-dred and seventy-nine, the Secretary of the Treasur kins, Holman, B. F. Hopkins, J. A. Johnson, T. L. Jones, Kerr, Knott, Marshall, Mayham, McCormick, McNeely, Moffet, Mungen, Niblack, Orth, Reading, Reeves, Rice, Suanks, J. S. Smith, Stiles, F. Stone, Strader, Sweeney, "Taffe, L. S. Trimble, Tyner, Van Trump, J. T. Wilson, Winchester, Woodward 47. shall redeem, in coin, the United States legal-tende December 22 the bill was taken up, and passed by the following vote: an, TIPTON-14. YEAS-Messrs. Allison, Anthony, Boutwell, Carpen- Public Credit Act-as well as for the other r, Chandler, Clayton, Cragin, Edmunds, Fenton, measures-designed to nurse and foster the erry of Michigan, Flanagan, Frelinghuysen, Hamlin, arvey, Howe, Ingalls, Logan, Morrill of Maine, Mor- greenback, to give it character and value in n, Oglesby, Patterson, Pease, Pratt, Ramsey, Sargent, our own eyes and in the eyes of the world, CHURZ, Scott, Sherman, Spencer, Washburn, West, the Republican party is entitled to the sole inght-32. NAYS-Messrs. Bogy, Cooper, Davis, Dennis, Gold- credit of originating, enacting, and carrying waite, Hagar, HAMILTON of Texas, Johnston of Vir- the same into effect. Note, in the Public Credit nia, Merrimon, Ransom, Sprague, Stevenson, Thur- Act, the words of the double pledge, intended to strengthen and maintain the value of the greenback. The first pledge is that, some time or other, the greenback will be paid in coin, "or its equivalent." The second pledge is, that "provision" at the earliest practicable period shall be made for its redemption. There is nothing whatever in these pledges to show the intention was to retire the greenback whenever that "practicable period should arrive. On the contrary, it was the manifest, palpable intention of these pledges ote in the House on its passage-Every vote for it a Republican- Every Democrat against it. In the House, Jan. 7, 1875, the bill which ad been reported by Mr. Maynard, and made special order for that day, was taken up and assed by the following vote: TEAS-Messrs. Albert, Averill, Barber, Barrere, Barry, bes, Begole, Biery, Bradley, H. C. Burchard, Bur A Republican President signs it. 64 first to make the greenback dollar as good as a gold or silver collar, and, second, to let. all understand that the Government would pay a gold or silver dollar for the greenback dollar, just as soon as they could, provided anybody wanted a gold or silver dollar in place of the greenback dollar. There was not the slightest intention to force a retirement of greenbacks. The Republican party conceived and created the greenback, and reared it to its present full and mature stature, despite all the diseases which it had to encounter in its infancy and youth, and despite all the malignant devices and machinations with which the Democracy sought early and late to enfeeble, cripple, and destroy it. The Republican party was not likely "to go back" on that which had proven to be its best friend. Senator Hamilton's proposed amendment to knock the life out of the greenback. December 10, 1873.-In the Senate, Mr. Hamilton, of Maryland (Democrat), proposed a new article in the Constitution, viz: That "The United States shall never make anything but gold and silver coin a tender for the payment of debts, either public or private." This never came to a vote. PART IV. Continuous and Desperate Efforts of the House Democrats to Hamper and Prevent Resumption-Holman's effort to Repeal the Resumption Act. In the House, January 17, 1876, Mr. Holman, of Indiana, moved a suspension of the rules to enable him to submit the following: Resolved, That it is unwise and inexpedient at this time that a specific and arbitrary period should be prescribed by law at which legal tender notes of the United States should be paid by the Secretary of the Treasury in coin, and, therefore, the act entitled "An Act to provide for the resumption of Specie Payment,' approved January 14, 1875, ought to be repealed; and the committee on banking and currency is instructed, at as early a period as may be practicable, to report to the House a bill for that purpose. The motion (requiring two-thirds) was disagreed to by 112 yeas to 158 nays, 20 not voting. The yeas were nearly all Democrats, as follows: Be it enacted, etc., That all the provisions of the a entitled "An Act to provide for the resumption specie payment," approved January 14, 1875, whi authorize the Secretary of the Treasury to redeem cancel United States notes and to sell United Stat bonds for the accomplishment of that purpose be, a the same are hereby, repealed. YEAS-Messrs. Ainsworth, ANDERSON, Ashe, Atkins, J. The motion was disagreed to (two thir H. Bagley, Jr., Blackburn, Bland, Blount, Boone, Brad- needed) by 110 yeas to 108 nays, 71 not vo ford, Bright, J. Y. Brown, Buckner, Cabell, J. H. Calding, most of the Democrats voted yea, whi well, W. P. Caldwell, CAMPBELL, Cason, Cate, J. B. the nays were mainly Republicans. yeas were as follows: Clarke, J. B. Clark, Jr., Clymer, Cochrane, Collins, Cook, Cowan, Joseph J. Davis, De Bolt, Dibrell, Dobbins, Douglas, Durham, Eden, Egbert, Evans, Faulkner, Felton, Forney, Franklin, Fuller, Gause, Glover, Goode, Goodin, Gunter, A. H. Hamilton, H. R. Harris, J. T. Harris, C. H. Harrison, Hartridge, Hartzell, Hatcher, Haymond, Hereford, G. W. Hewitt, Hill, Holman, Hopkins, House, Hunton, Jenkis, T. L. Jones, Kelley, Knott, F. Landers, B. B. Lewis, L. A. Mackay, McFarland, McMahon, Milliken, Morgan, Neal, New, Oliver, J. Phelps, J. F. Philips, W. A. Phillips, Piper, Poppleton, D. Rea, J. Reilly, A. V. Rice, Riddle, W. M. Robbins, C. B. Roberts, M. S. Robinson, Savage, M. Sayler, Scales, Sheakley, Slemons, W. E. Smith, Southard, Sparks. Springer, Stenger, Stevenson, Stone, Terry, Tucker, Turney, J. L. Vance, R. B. Vance Waddell, G. Z. Walker, Walling, Whitthorne, J.D.Williams, J. N. Williams, Yates, C. Young-112 Republican resolution to facilitate resump- Which was disagreed to-yeas 85, nays 139 (not voting 65), as follows: YEAS-Messrs. C. H. Adams, Bagby, G. A. Bagley, W. H. Baker, Ballou, Bass, S. N. Bell, Blaine, Blair, Bliss, Bradley, H. C. Burchard, Burleigh, Chittenden, Conger, Crapo, Crounse, Darrall, Davy, Denison, Dunnell, Durand, Eames, Farwell, C. Freeman, Frost, Frye, Garfield, E. Hale, Haralson, B. W. Harris, Hendee, Hoskins, Hubbell, Joyce, Kasson, Kehr, Ketchum, Kimball, Lapham, W. Lawrence. Leavenworth, Lynch, McDougall, McCrary, J. W. McDill, Miller, Monroe, Nash, Morton, Packer, Page, Pierce, T. C. Platt, A. POTTER, Powell, Pratt, Rainey, Rusk, Sampson, Seelye, Sinickson, R. Smalls, Strait, Stowell, Tarbox, Thornburgh, M. I. Townsend, W. Townsend, Tufts, Van Vorhes, Waldron, A. S. Wallace, Wheeler, J. D. White, Whiting, G. Willard, A. Williams, A. S. Williams, C. G. Williams, W. B. Williams, Willis, J. Wilson, A. Wood, Jr., Woodburn-85. NAYS-Messrs. Ainsworth, Ashe, J. H. Baker, Barnham, Beebe, Blackburn, Bland, Blount, Boone, Bradford, Bright, J. Y. Browne, Buckner, S. D. Burchard, Cabell, J. H. Caldwell, W. P. Caldwell, CAMPBELL, Candier, Cason, Cate, Caulfield, J. B. Clarke, J. B. Clark, Jr., Collins, Cook, Cowan, Cox, Culberson, Cutler, Joseph J. Davis, DeBolt, Dibrell, Douglas, Durham, Eden, Egbert, Ellis, Evans, Felton, Forney, Fort, Franklin, Fuller, Gause, Glover, Goode, Goodin, Gunter, Hancock, Hardenbergh, H. R. Harris, J. T. Harris, C. H. Harrison, Hartridge, Hartzell, Haymond, Henkle, Hereford, A. S. Hewitt, G. W. Hewitt, Hill, Holman, Hooker, Hopkins, House, Hunter, Hunton, Hurd, Hyman, F. Jones, T. L. Jones, Kelley, Knott, Lamar, F. Landers, G. M. Landers, Lynde, L. A. Mackey, McFarland, McMahon, Meade, Metcalf, Milliken, Money, Morgan, Morrison, Mutchler, Neal, New, O'Brien, Oliver, E. Y. Parsons, Payne, J. Phelps, J. F. Philips, W. A. Phillips, Piper, Poppleton, Randall, D. Rea-139. Another Democratic vote against redemption, etc. In the House, March 20, moved to suspend the rules lowing bill: 1876, Mr. Atkins TH YEAS-Messrs. Ainsworth, ANDERSON, Ashe, Atki J. H. Baker, Banning, Blackburn, Bland, Blount, Boo Bradford, Bright, J. Y. Brown, S. D. Burchard, Cabe J. H. Caldwell, W. P. Caldwell, CAMPBELL, Canno Cate, Caulfield, J. B. Clarke, J. B. Clark, Jr.. Clym Cochrane, Cook, Cowan, De Bolt, Dibrell, Douglas, Du ham, Eden, Egbert, Ellis, Evans, Faulkner, Forney, For Franklin, Fuller, Goode, Goodin, Gunter, A. H. Ham ton, H. R. Harris, J. T. Harris, C. H. Harrison, Ha ridge, Hartzell, Haymond, Hays Hereford, G. W. Hewi Holman, Hopkins, House, Hunter, Hunton, Hur Hyman, Jenks, T. L. Jones, Kelly, Knott, F. Landers, B. Lewis, Lynde, McFarland, McMahon, Milliken, Mo gan, Neal, New, Oliver, J. Phelps, J. F. Philips, W.. Phillips, Poppleton, D. Rea, J. Reilly, J. B. Reiley, A. Rice, Riddle, H. M. Robbins, M. S. Robinson, Savag M. Sayler, Scales, Sheakley, W. E. Smith, Southar Sparks, Springer, Stevenson, Stone, Terry, Tucker, V Vorhes, J. L. Vance, R. B. Vance, Waddeli, G. C. Walke J. W. Wallace, E. Wells, Whitthorne, J. D. Williams, N. Williams, Woodworth, Yates, C. Young-110. Holman makes another effort, but Repul licans votes beat him. May 1, 1876, Mr. Holman moved that t rules be suspended so as to enable him to i troduce, and the House, to pass a bill to r peal so much of the act entitled "An Act provide for the resumption of specie pa ments," approved January 14, 1875, as a thorizes the Secretary of the Treasury of th United States to redeem and cancel Unite States notes and to issue and sell Unite States bonds for the accomplishment of th purpose. The motion was disagreed to (two-thir needed) by 115 yeas to 111 nays, the Dem crats almost solidly voting "yea," and tl Republicans "nay.' Still another Democratic stab at resum tion. July 10, 1876, Mr. Holman moved to su pend the rules and pass the following resol tion: rency, be, and they are hereby, instructed to report Resolved, That the Committee on Banking and Cu the House the following bill, and that the same 1 made the special order for Thursday next after t morning hour, and be open for consideration an amendment, to wit: A bill relating to the currency. Be it enacted, etc., That so much of the act entitle "An Act to provide for the resumption of specie pa ments," approved January 14, 1875, as authorized t Secretary of the Treasury to redeem in coin Unite States notes be, and the same is hereby repealed. The motion was disagreed to. (two third needed) by 105 yeas to 96 nays-86 not votin the Democrats voting almost solidly "yea, and the Republicans "nay." And yet another. July 17, 1876. Mr. Springer moved suspend the rules and pass a resolution in structing the Committee on Banking and Cu |