The Making of the Balkan States (Volume 102)

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book from the publisher. Not indexed. Not illustrated. 1911. ... committee was passed at a later session by a party vote.1 In the Senate, pressure was apparently needed to bring three Union members into line, the measure at first being rejected upon its final reading.2 In the afternoon, however, the bill was reconsidered by a strictly party vote, and in the same manner passed on the following day.8 The subject of the payment of the interest on the state debt again occupied the attention of the lawmakers. In the previous legislature the Unionists, in the face of Democratic opposition, had passed a resolution providing for the payment of interest in coin to foreign bondholders only. In 1864, some Unionists desired that all be paid in greenbacks. Concurrent resolutions were introduced in the Senate providing that in paying principal and interest of state securities no discrimination as to the currency used should be made between foreign and domestic owners. This gave rise to party debates. The expense of premiums paid for gold, the inducement to bondholders to transfer the securities to foreigners, and the fact that much of the debt held abroad was in the hands of the British, whose government was charged with having openly arrayed itself against the United States, were advanced as reasons for passing the resolutions. Oa the other hand, the Democrats argued that such a policy would be immoral, dishonorable, and inexpedient. They made efforts to have all bondholders paid in gold, but this proposal was solidly opposed by the Unionists. The resolutions were then passed by both houses, despite some insurgent Union members voting with the Democrats.1 Thereupon, the Governor sent in a special message advocating the payment in coin of all interest on the state debt or of that due the residents of other countries at least.2 In th...