To reduce the interest arbitrarily on the existing short bonds of the banks, without offering compensation in some form, would be positively unjust, besides being an infringement of the guaranties surrounding such bonds, and therefore a violation of good faith.
Sumner asserts that arbitrarily reducing interest on existing bonds without compensation would be unjust and violate trust.
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It is larger than the entire profit of all the commerce and manufactures of the world.
I agree with the Convention in the importance of the new organization; nor do I think there are many candid persons, recognizing morals as the soul of all true politics, who will hesitate in this conclusion.
It is a cause which, though long kept in check throughout our country, as also in Europe, now confronts the people and their rulers, demanding to be heard.
But so long as War exists as an Institution this terrible inconsistency must appear.
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