Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1867-12-19
RUTLAND HERALD.
THURSDAY, DECEMBER Il, 1867.
The Public Debt,
sPKICH or TIKI NON. gro. v. EDnUNDs
IL THR UNITED STATES SENATE,
DKc. 4, 1867.

1
munds pledging the faith of the United
States to the pay meut of the public debt
Ia coin or It's equivalent, which had been
made the special order in the Senate for
the 9TH instant, was called up on the
day appointed for its consideration aud
It's adoption advocated by the mover in
one OF the sblest speeches yet made on
the moor 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 Its merits. Senator Cole OF
California, who spoke in opposition, paid
but deserved compliment when he said
the Senator from Vermont presented in
Almost unexcepJionable manner, the only
really pertinent argument that had yet
appeared In defense OF the resolution,
and I" like a sound lawyer as he was, be
deigned to refer to the statutes and
sought to sustain his views without
resort to denunciation."
Senator E1munds 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
ind ample apology for so doing in the
fact that many Vermonters have sn es-
peclal interest in the question by reason
of an ownership OF more or less OF these
obligations which some would redeem,
not in dollars" but promises.
Mr.. Edmunds said:
Mr.. President, the subject-matter OF
this resolution, | think we shall all
.gree, is one OF Unreasonable impor-
lance, because the consequences OF our
action on the subject especially If 1t
should unfortunately be in one direction
cannot be toretold. 1t is q subject that
in nv Judgment It is fit and indeed nee
essarv that we should declare our posi-.
tioD upon now.
know it is said by some gentlemen
that discussion OF this subject is pre-
mature-that we ought to wait until our
bonds shall have become payable. That
would have been true had not men oc.
cupylng official positions OF great in.
fluenCe and Importance volunteered to
advance the doctrine and spread it In
- = % nj n
country that the obligations Ofthe0pitec
States in respect to the particular class
money, but WAS Only " Athis resolution
OF renewal to change debt bearing In
terest into another debt not bearing in
terest
Now It is said by all those who holC
these species OF securities, and thinl
by all those who largely participated Ii
the events which produced them, tina
this wou'd be an impeachment of tn
public faith, direct aud volunteer dis
honor OF the solemn pledges OF the gov
eminent under the circumstances.
think so; and thinking so, we should IL
my Judgment allow no motives OF mer
policy TO induce rs to hesitate for mo
ment in declaring exactly where W
stand.
The outstanding debt OF the United
States at this time altogether Is, as i
reported by the Secretary of the Treas
ury, g. 692, 1879 215 Il. OF this larg
debt, the class of securities known q
fve.twenties, which are obnoxious to tn
criticism that Is made upon the statute
authorizing them, as II is claimed, an
including the skies OF 1881 under the &C
Of July II, 1861, which would be obnox
ious to the same criticism II the statut
is to be so construed, amount to $500
1880. The legal tenders, as they ar
called, or United States notes as the
are termed in the statutes authorizin
them, now outstanding amount to ISL
783,597. This is our condition; and tn
first question is the question OF fact
law as to the true construction or th
statutes which have authorized thes
loans, How would court of law cor
strue them il the United States stood |
q the position CT al individual who Coul
be sued In the courts and have the que:
ton OF It's liability determined by th
rnles of judicial construction W
know that we cannot be sued 10 tn
courts, and therefore there is the hight
reason for our being especially Garrett
how we trife with the construction
our statutes or refine upon their meat
ing when we are considering our rel'
tions to those who have become OF
creditors, because there is no apes
from our decision.
The act Of July II, 1861, which PR
vided for the frst issue OF seven .thirtie
&c, enacted in its ninth section th'
1.-THE faith OF the United Stat
is hereby solemnly pledged for ;.
paymenG OK the interest and the red}r-
ton OF the principal OF the loan az in
led by this act Nothing was In
terms as to its being paid in Cheney
deed, at that time there was nQidered
in circulation which the law cal fen.
or authorized to be used as the law
der for anything. By lorhey of the |
cold aud silver was theiev of The
country, and the only ,uld compel !
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