Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-02-29


Some discussion, and doubt, has sprung
upin the East, as 10 whether the principal
of the Ftve-Twenty bonds. as Hell as the
interest, is payable in coin. Il is contend &
edsthat the act of Feb. 18th, 1867. author
king their issue does NOT say coin at all,l
and on referring 10 it We tiud itdoes not,
either for principal or interest. The act
simply authorizes the Secretary of the
Treasury to issue bonds
"To ~ amo9ntnO exceeding $500. OOO,-
000S redeemabIe at the pleasure of the Uni
Ted. States after Eve, and payable twenty
years from date, and bearing interest at the
rate of six per cent. per annum, payable
semi.annually."
Persons who are discussing the payment
of these bonds shoald, however, bear in
mind that the several acts authorizing the
issue Of legal tenders especially state that
such legal tenders are not to be used in
payment Of interest on the Government
bonds, it being understood, of course, that
the interest is to be paid In coin.
The Loan law of FEBRUARY Is, 1868, au-
thOrized the issueof greenbacks. to the ex-
tent of $3.50, 900, 900, and it expressed
their functions as follows in section 1
Such notes shall be receivable in nav.
ment of all claims and demands against
the United States of every. kind .whatso-
ever, except for interest ON bonds and
notes, which shall be paid in coin. and nj.
so shalI'be legal tender in payment of All
debts, public and private within the Uni
ted States, except duties on imports and
interest aforesaid
on.the llth July, 1862, S15O,OoO, OnO
more greenbacks were authorized By law,
section ], receivable.
"For all claims and demands against
the United States, excepE iintey,.ss mon
bonds, notes and certificates of debt or de-
pOsit and shall also be lawful money md
legal tender for debEs, public and pri.
Yate, within the United States except du-
ties on, imports and interest as Aforesaid. p
The law of March 8, 1863, Section 3,
again authorized s15o,OOO.O 600 of green
backs:
Which notes shall be lawful money and
a legal tender for all debts, public and
private, within the United States. except
for duties on imports and interest on the
public debt
The new Ten-FOrty bonds, expected to
be issued before great while, and which
were authorized March Sd, 1868, are pay
able, by the express wording of the act, in
coin, principal and interest {:
Act March 3, 1863, section l, author
ICES to issue 100000, "payable at the
pleasure ofithe Government after such
periods as may be fixed by the Secretary,
not less than ten nor more than forty
years from date, IL coin, bearing interest
not exceeding six per cent in con"
The only authority for paying the Five
twenty interest in coin is that derived
from the laws creating the legal tenders,
which are not applicable to the interest
but are applicable to the principal.
1t seems that if tits really the in teution
Of the government to pay these bo1ds of
in coin the law ough. TO be SO amended as
to say so. The people have SO understood
it all along, aud ittwouid be injurious to
the governments credit 70 throw any suspi.
cion on the bonds. Perfoctly fair dealing
and steep taxes are the. only things that
can save our finances from the fate of the
Southern oonfederacy.
Three years hence, when ST. 400 600 GOO
of paper Is aflOat, and perhaps a great deal
more. the Secretary then in power will be
governed BY these laws, aud not blythe
opinion of the present Treasury officers
1t capital is then SO cheap that it may be
had at Eve per cent. the same fate will
oVertake the Five, twenties that now over.
takes the seven.thirties, viz: the alterna.
tive OF being paid off in paper or converted
tqt 10, new bonds with a lower rate of in.
terest. lus ..I,.. =! ..s...
THR Germans have been sverywher,
suocsssiuliu schlsswtg, have driven tn,
Danes out of the Duchy, and hlve things
their own way generally Az bor,a ~,