The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1866-09-15
a NeedIess Ann.

Ihere are frequent inquiries in Wall
street into the exact terms of the sever
al acts authorizing the issue ofour gov
ernment bonds; the text of the law is
scrutinized to see whether the little
word coin can be found applied to the
payment of the.principal. But the oc-
cnrrence or the omission ofthis word is
of no importance.
When, our government promises to
pay a dollar, it is bound to deliver, in
fulhllment OF that promise, certain
weight of fine gold, unless it has ex-
pressly reserved in the contract the
right to pay in some other form. The
payment of the government debt in
coin is the rule; the payment of any
part of it in any other way is the ex-
ception; and this exceptional mode of
payment can only be resorted to where
1t has been agreed upon by both the
contracting parties.
There never has been any doubt in
the public mind here, as 10 which of
the government securities may proper
| ly be paid in, paper money and which
are to be paid in coin. The distinction
between the two classes of bonds is
broadly marked by their current prices.
The six per cent. bonds payable in 1881
are at thirteen or fourteen per cent.
premium; the six per cent. bonds pay
able in 1886 are worth only par, quot
ing both in currency. The latter, hav-
ing the longest time to run, would, of
the two, be selling at much the higher
price, If it were not that the former are
understood to be gold bonds, while the
latter nre, by their express terms, cur
reney bonds.
The temporary loans, the compound
interest notes, the seven thirty notes,
all these were we'll understood to be
payable In currency, and no one ex-
poets or asks for any other payment,
In the thirty-year bonds, PAYABLE in
1885, which are those issued to the Pa
cihe Railroad, the promise is explicit to
pay in our lawful money, which words
are understood by all to mean our le-
gal-tender notes. So with the short
obligations the agreement to pay and
TO receive in payment this lawful mon
ey was explicitly understood on both
sides. Where no such agreement was
made, the obligation to pay in coin is
of course. The United States cannot,
in the latter instances, pay, without dis
honor, in anything but gold coin.
The language of the Secretary of the
Treasury, in his annual report, cannot
be construed in any other way than as
| recognising this obligation TO pay in
coin the principal of all those stocks
which are commonly called gold bear
ing stocks. The language of the Secre-
tary who issued them, Mr.. Chase, was
equally free from the slightest sugges-
ton of a right to pay in anything but
gold. There is not to be found in con-
nectfon with these bonds anything in
the shape of an agreement, or reser-
vation, ora notice thatthe Government
may pay them in our paper money.
The faith of the Government is these
fore pledged to pay a dollar of fine gold
for every dollar of principal expressed
in the bonds. Nothing could relieve it
from this except an express notice
given at the time.the bonds were is
sued.
% NO one, therefore, need feel the slight
est uneasiness on this point. Theprin-
cipal of all these bonds will be paid in
gold, unless the governments shall make
up it's mind to suffer the disgrace and
the loss of credit that would result from
unblushing repudiation. With an over
flowing Treasury and the people both
able, TO bear and patient TO endure taxa
ton, our government has no tempta-
tion to commit an act of bad faith.
The occurrence of these inquiries
shows that the government cannot ex-
pect to enjoy full credit until it returns
to the use, in all its transactions, of the
money OF the Constitution. Every days
delay in reaolins the condition of gen
eraI specie payIhents is of heavy cost
10 the country. Every day we incur se-
we're losses in sending our bonds
abroad, and taking in exchange for
them twenty-five per cent. less than we
shall pay en.they mature.