Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1867-12-19
The Public Debt.
sPRtCH or THE HON. gro. v. EDNuSDS
IN THR UNITED STATES SENATE,
DIG. 4, 1867.

munds pledging the faith OF the United
States to the payment OF the public debt
In coin or Its equivalent, which had been
made the special order in the Senate for
the 5.h Instant, was called up on the
day appointed for its consideration aud
Its adoption advocated by the mover in
one OF the ablest speeches yet made on
the floor OF Congress during the present
session.
The Honorable Senator avoided all
personalities, questioned the motives OF
none who might oppose him, used no
sophistry or circumlocutlon, but met
and discussed the question fairly aud
squarely on It's merits. Senator Cole OF
California, who spoke in opposition, paid
but deserved compliment when he said
the Senator from Vermont presented In
Almost unexcepLionable manner, the only
really pertinent argument that had yet
appeared in defense OF the resolution"
and like q sound lawyer as he was, be
deigned to refer to the statutes and
sought TO sustain his views without =
resort TO denunciatIon."
Senator Eimunds in his debate con-
fined himself chiefly to discussion Of
the legal obligation OF the government
and the historic evidence bearing upon
the subject.
His argument is so concise upon the
legal aspect OF the case that we can con-
vey no Just idea of 1t without giving
much of the speech verbatim, and we
hnd ample apology for so doing in the
fact that many Vermonters have so es-
pecial interest in the question by reason
of an ownership OF more or les OF these
obligations which some would redeem,
not in dollars" but promises.
Mr.. Edmunds said:
Mr.. President, the subject-matter OF
this resolution, l think we shall all
.gree, is one of immeasurable impor'
tsuce, because the consequences OF our
action on the subject Especially If II
should unfortunately be in one direction,
cannot be loretold. 1t Is q subject thai
In nv Judgment it is tlt and indeed nee
essarv that we should declare our posi-
ton upon now.
| know it is said by some gentlemen
that discussion OF this subject Is pre-
mature-that we ought to wait until oul
bonds shall have become payable. Tha
would have been true had not men Oc
cupying official positions Of great in
huence and Importance volunteered II
advance the doctrine and spread it 10
dustriouslY through the prints OF tht
country that the obligations oftheNnitet
States in respect TO the particular elias
money But wg s Ssffy n this this resolution
OF renewal to change debt bearing Ii
terest into another debt not bearing IL
tercet
Now it is said by all those who hol
these species Of securities, and I thin
by all those who largely participated i
the events which produced them, tina
this would be an impeachment of tn
public faith, a direct and volunteer dis
honor OF the solemn pledges Of the gov
ernment under the circumstances.
thinkso and thinking so, We should il
my judgment allow no motives OF mer
policy TO induce us to hesitate for a mo
ment in declaring exactly where w
stand.
The outstanding debt OF the United
States at this time altogether is, as il
reported by the Secretary of the Treas
ury, g. 692 l99 2l5 L. or this larg,
debt, the class Of securities known a.
hve-twenties which are obnoxious to tn,
criticism that Is made upon the statutes
authorizing them, as II Is claimed, anC
including the skies OF 1881 under the sc
Of July II, 1861, which would be obnox
ious to the same criticism II the statute
is to be so construed amount to 5000,
34l, 500 The legal tenders, as they are
called, or United States notes" as they
are termed In the statutes authorizing
them now outstanding amount to S37l
783,597. This is our condition; and the
first question Is the question OF fact oil
law as to the true construction OF the
statutes which have authorized these
loans. How would court of law con.
strue them If the United States stood 10
the position OF an individual who could
be sued in the courts and have the ques
ton OF its liability determined by the
rules Of judicial construction We
know that we cannot be sued 10 the
courts, and therefore there is the higher
reason for our being especially careful
our statutes or refine upon their mean
ing when we are considering our rela
tious to those who have become oul
creditors, because there is no sppea
from our decision.
The act of July II, 1861, which pro
vIded for the arst issue Of seven .thirties
&c, en4cted in its ninth section thai
1.-THE faith OF the United States
is hereby solemnly pledged for the
payment OF the interest and the redemp
ton o. the principal Of the loan author.
led by this act. Nothing was said 10
terms as to its being paid in coin. In.
deed, at that time there was no currency
IN circulation which the law considered
or authorized to be used as q legal ten.
der for anything. By force OF the las
gold sud silver was the money OF tht
country, and the only money of Jh(
country which debtor. could compe