The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-04

nensy preserve its szsssncs the balance whom ~
d SSssoss 70 ana 70 g i: gallant
~ whom the nation had besn saved Good nisn ana
public homer which % nation are Of prosisss wos'n
require that these contracts should b complied with N
The spirit in which they were mada the holders o. our
bonds q home and abroad Who understand the ehaac-
Ter OF the people Of the United States and the greatness
Of the national resources ought not TO need an assur
ance that they viii be 50 complied with:
necessary 70 discuss might be closed but the great Ia
tersst excited BY the doctrines recently pro-
~S.D tie scs Of February 1861 in some respects the
most important Of the loan bills was under considsra
tion IN order tbs, the acton and intention OF Congress
which authorized the issue OF may be understood.
THIS authorized an issue OF one hundred and nfty
millions Of United States notes, which made
csvable for all government dues except duties inn
ports, and OF all claims against the United States except
in coin II also authorized the issue OF nvs hundred
millions Of bonds redeemabls at the pleasure Of the
s51%s1s ate, ss Year, nom date ID: 70.
to enable the Secretary Of the Treasury 20 fund the
Treasury notes and noang debt OF the Unted satea"
she market value thereof for coin Of the
Dotted States Or for any Treasury notss
United States notes that might DO issued under this
Hcen Regarding only the act ITSELF Il is not supposabls
that Congress intended to provide for funding the noa
Ing debt in bonds which might at the expiration OF Ave
Pears be called 10 and paid In tho very notes which,
with tho Treasury notes. thus to BE- funded These
Intended 70 be part Of the funded debt Of the Unisd
katss the right TO redeem them atsr ave years having
Ss called il and paid Il dsprscasc ted currency ur but IN
erdor that bonds bearing lower or interest might
3 substituted for thsms Il should happen that be-
Iere their maturity money could BE- borrowed on
favorable ermA The provides that the United States
notes Of which authorized the issue shall b recsva
United States u every kind whatsoever except interest
upon bonds and noteA which shall be paid in
Tor the principal Of the bonds Tor The very obvious rss
SON that they were expected TO be but temporary cir
. msSs ,smpory NO. ~
Tor the payment Of the principal Of bonds which were
not redeemable for nvs years, would II had been ad-
have prevented their issue The public Judgment had
not then been perverted by rrsdssmabls currency
and proposition that indicated long continued Dc.
psrare from the specie standard would have found few
supporters in Congress or among tho people.
ars not sucsnsv indicated ~ ne lanauspS Of shs sc
Ill doubts must BE- removed by reference the dc.
bates while II was under consideration From thsse de-
bates 1t clear that the issue Of tho legal tender
vas sxpectsd to BE- limited 70 hundred and nfty mil
lions On this point OF the representatives from the
State Of New York spoke as folows:-
Then the whole success lies simply
e or rather IN funding the floating
that authorized BY this
s snS Shs . g 2 e
nas e e s As
similar has been expressly repudated BY every sup
One Of tho Representatives from Massachusetts, put to
The distinguished chairman Of the Committee OF Ways
and Means the following question =
Let the gentleman from Pennsylvania whether he
these q hat his Is , sapses
TO which question he received the following reply
rs e ! expect that 10 the maximum amount 70 be
Later in the debate the same distinguished gentleman
used the following language
When this question was discussed before, tho dstn.
su.hsd geat,san from Kentucky lNr Crienden> asked
70 90 on and issue more than Of notes
was my expectation that no more ore
wssd e ana ssa * h that they would bs
II is clear from these quotations and the whole tenor
Of the debate that the intention Of Congress that
lation and that IL confidently expected that this
circulation would soon he converted into the five
bonds known as the bonds OF 1882 and which now
fedeemable according their TENOR This OF itself il
sufficient explanation Of the fact that 1t deemed
Unnecessary to provide that these should DO
receivable for the principal OF the bonds As the amount
% be issued limited to $3.50 000 provision that
they should be receivable principal Of 000
600 Of bonds Issued under tho came act IN which
they expected to be funded, and to
be subject to the control OF the government for i've
years. would certainly have been regarded as being as
singular II would have been unnecessarily But this
is not all. The same gentleman Who as chairman OF
shs COMMITTEES on Ways and keans was the exponent Of
the views OF the House upon this question: In speaking
Of these bonds remarked as foiows:-
dollar In misers safe, unproductvc, is dis
cans a. ak per cent redeemaSie in gold IN twenty
the best and most valuable permanent investments that
Would he have regarded these bonds most valuable
permanent investment II no had supposed that they
pration OF five years from date? Again, he said
But widows and orphans interested and in tears lest
their eAtates should be badly invested pity
who has money Invested in the United States bonds
payable n gold In twenty years, with Interest semi-
In these debates very ttls was said upon the subject
Of the payment Of the principal OF the bonds apparent
for tue reason that no one supposed that they would
could be paid anything else than In the heretofore
recognized Constitutional currency or the country The
same may be said regard 10 the debates upon the bills
isss, and March 1854 are The only acts which sato
expressly that the bonds TO be issued under them eha
mo IL hs
Congress with the public. Under the former act
$4,000 600 Of six per cent bonds part OF
those known bonds 1851 were issued, and under
the latter nearly $500 900 OF ger cont bonds
known tsnorss and the fact that these per cent
Of the same class the per honda never
popular security, and have In the market, until
~ az ys csn spS
exclusively that dealers In government securities
and the people gsaeray have not regarded this pro-
kind Of money ~ which they arc TO BIO paid, from the
bonds issued under acts containing such provision
There nothing In the condition OF the country when
these acts pass,d that required unusual pro-
von. In order that the loans authorized By them might
BE- successfully negotiated tho contrary the national
credit better then than at periods whom other loan
bills were passed nor was there any intmaiion BY any
msmbsr q Cossrsss, nor was ever thought BY the
officers OF the Treasury Department. that the bonds
thorixed BY them Of q different character from
those iuusd under other acts. II IL unreasonable
suppose that u the intention OF Congress that the
bosds ahorized By ths acts Of February IS 1862 and
June 90 1864 might be paid In legal tonder notes.
who those authorized by the acts Of March lsc3 and
March q 1854, could 30 iad only In Gotta Ts various
issuss OF honda constituting the national funded bebt,
stand upon The same footing, snd al should be paid IN
ocsn any are % paid
Madonna debts arc subject TO the moral law o. tho
nstonA whensvss there IL expression 70 10 con-
trary. CON paymear In such OBJ ssl Aonorsby
Implied. The policy Of the govern me ID az the Uriia1
esatss Ia regard 10 ths payment Of - debts ant
form and cunsztsnd Pfior February 20 f&G& th~se
was 70 The United Sss1s iAwisI money b1 spe
oeqosaty Ne Treasury notes. AIT bonds pFesio1sy
Issued. we're payable IN ths same carrsncy sans<-
que Thy n nistess ts&rnk notes made pay Able IA
ts~lul money. bat no chsnxc made fora u
the obis aion 81 tha bonds Thus an thrAs
tenth ~u after that dsr. Tire Are per cenl nesa
and me compound nierca nefes we're made PAYABLE IN
iss.ui money, wbse the bonds MOI hslhs Sde psyA.
be have ever been rccoss ned ~ ccnFs ~ the Urea
sury Dopsr msut and ~ the people payable only ia
coin I4sAs different clakMfN ~ 80 urta. .rs