The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1827-01-18

received without interest, Slo,320, rs II is
stated by report from tho Treasury Pc
pnrtment, and with simple interest. moro
than SI7 900. M
Has this contract bcce discharged by
paying an equivalent? n is asserted that.
nothing but The full pay If an equivalent
could, or even can discharge this contract.
either in forim Of law. equity, or good
conscience a fhe courts Of law and tech
Meal equity are never oprn TO questions OF
justice tor The citizens against the sovc-
reign. Agpinstthat august parsonage lha
! humble individual can institute no acton.
! The forum of conscience however, is opeu
TO all; and there the powerless indiyitual
may, even handed, litigate with the potent
| sovereign. Nor hath hc weary way to
travel in search Of this Justice, tof the legs
| lslator who instituted this trlbunal ians-
cends the merit of him, who, it 10 said,
brought Justice 10 every mans door
IL is in tins tribunal that this question has
been tried, and will agan be tried by eve
~ succeeding goncraten, who may read
the story of our Revolutionary war. Tie
record of these decisions will he placed IN
the safe keeping Of the literature ol tho
current age; and viii endure es long ns
letters and our history shall endure.
Have these men received an cquvoIenp
In all exchanges the equivalent Is the fair
market value Of the Thugs exchanged,
lie who exchanges his goods fer the fair
market value of them, cliher in money or
n other goods, nt the ioii market value,
receives an equivalent for them. HE who
ccnes less does not receive an cquNalent.
At tho close OF tho war, each officer ho
lad served To tllat time. VIZ tic owner Of
ne annuity for his own lie, equal in vale
ue To bnlf his yearly pay. Tits agreed that
'ihese officers were then, on an average,
thirty years Of age.--What was tho thsn
present value of these unnuities? The Un>
sver 10 this question involves the proha-
lilty of the continuance Of humnn life. ac-
ording TO tie roles by experience esta-
blshed for asecrtaining that probable con-
nuancs. by these. II is stated that y
erson az 80, will probably live 80 years,
The present value Of annuties for such
nves, is such n sum, ms il placed ont az
compound interest, will, in 81 years, q.
aount to sum equal 10 all the yearly H.
mounts OF sdch annuitcs with compound
interest on each OF them after they come
IN. According 10 these principles. tnch
annuities were, on the .,Yd day OF hlarch,
1888, worth l40s4 years pulchasoi ~ -
voarp ~ ! nsf scis 1olc lhnu.uIs nuhin.
They were, therefore, worth 2, ycars;
0i2 or seven years ard q traction more
than half month full rhy. This they
.Ould have brought ~ any commercial ci-
Of Europe. in London, Paris or Ans.
ordam. Taking the half pny Of a captain
tho average, and that nj 20 dols. per
onth, all these annuitics az lhis-pricg, a.
. ..,l n
mink. rely on this fact. lcurloss ~ eonirs.
lection. He who has this day 2isO such
nnnuties on such terms, for sale in London
may before the close Of the stock exchange
rcceIye his gold and slves for thcnt, at that
urlcc. Al that price? AZ more than that
price; because the purchaser would there
~ place ont AT Il per cent funds, which, in
that market, command little, II any thing,
more than 3.
trust no one viii attempt 10 reduce tho
value Of these annuliios, by saying that
he credit Of the United States was low,
and therefore, their paper would have been
undcrvaued IN thA commercial world,
This would DO a sound argument in Wall,
street, but is a most unsound and ungra-
cious one on the floor OF this liouso. No
man who owes $1,000 can say he owes
5000. and ought to pay bat five thousand,
because his notes are IN tho market OF so
per cent below par. II should be rcurm-
bcred, that the Sovereign, who, when
poor, cnscts law that HE creditors shall
give up their notes against him, upon re-
newing payment Of part only OF the n
mount, is. in the forum OF conscience,
bound, by every principle OF justice, to
pny the belance, with interest. whenever
of sufficient ability. II viii be recorded in
the annals Of our country, that, lf the Uni
ted States were poor 10 1883, they were
rich in Ie27.
repeat it. therefore, that this very mer-
itorioug class of officers, being ~ number
$3.50, were, 1T the close Of the war, cnti-
tied 20 receive. as nm equivalent for their
half pay for life. = e.:jS2 1!W ~ in nancy,
or ~ such scca-iti,s az would then, and
until paid oil, produce per ct.per annum.
What did they rcceivcY Congress on
tic 22d of March. 1893. resolved TO give
them, in lieu Of their half pay for life, five
years foil pay, in money, or IN such sccUri-
ties ~ should produce yearly interest OF
q per ceut. This resolution gave them
10 years purchase Tor snnuities, worth in
the market Of the whole monicd world. IL
years and I months purchase. II gave
each individual 2 2,4Oo, when no was en-
titled 20 receive s 1878 lG. IL gave the
whole corps 5p53O0O dollars, when they
were entitled TO receive DOLE. S3S2506
50 There was however. difference OF
2. 400, COG dolls. 80, between the value of
The thing sold and The amount received,
between the equivalent and the article exr
changed for il.
IN answer 10 al this. il Is alleged, that
the officers consented 70 receive five years
G,U nav IN lion cf their half pay for life,