542 THE IMPENDING REVOLUTION. 



faced Judas of the people's interests, before "he was "seen" 

 said: 



"I say equity and justice are amply satisfied if we 

 redeem these bonds at the end of five years in the same 

 kind of money, of the same intrinsic value it was at the 

 time they were issued. * * * Senators, sometimes, in 

 order to defeat the argument of an antagonist, say this is 

 repudiation. 'Why, every state in the Union, without 

 exception, has made its contracts, since the issue of legal 

 currency, and paid them in currency." Speech U. S. 

 Senate^ July 27, 1868. 



He also, in a letter to Mr. Mann, dated March 20, 

 1868, said: 



"Your idea is that we propose to repudiate or violate 

 a promise, when we offer to redeem the principal in legal 

 tender, is erroneous. I think the bondholder violates his 

 promise when he refuses to take the same sort of money he 

 paid for the bond. * * * If under the law as it stands, 

 the bondholder can demand only the kind of money he 

 paid, then he is a repudiator and an extortioner to demand 

 money more valuable than he gave. ' ' 



Just one year after writing the above the same John 

 Sherman wrote the following: 



" I do assert as a question of policy, that it is wise for 

 us to declare that the 5-20 bonds and greenbacks alike shall 

 be paid in gold and silver.' 1 



He had been "seen," and such was the persuasive 

 influence of the bondholders' "logic," that he performed 

 the astonishing feat of turning a complete somersault on 

 the bond question. The bill was passed March 18, 1869, 

 by almost strictly a party vote, the Republicans voting for 

 and the Democrats against it. The vote stood as follows : 



For the bill: Republicans, 96; Democrats, i; total 97. 



Against the bill: Republicans, 13; Democrats, 34; 

 total 47. 



