New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-04

| n
the United States, Of every kinu G ia i'm COIN
trrest upop bonds and notes winch sha be pa1 49, The
irjc nf me bonds for tho very obvious reason 'na.
they were expected 10 be but temporary fem.
noTary cpereeucyshould not be received ior dC
ent Of the principal 81 ou ad been Tocged and
sisted rp0 have been quito likely 70 nave ~ -
their issue. The pubic 1Gosg ,u a 05 am proposition
Iat indicated long continued departure ron t or
aHT4s intention and understanding Of Congress arc
not sierjeuty indicated by the language OF inc aSl, l
d,vbts tuus be removed by reference 20 the ueDats
While II under consideration from tnIT 49, vyas
is clear that the issue OF the legatender nOs was eA
tJ IN Inc limited to Sl50OO0OOO On this point one OF
e REPRESENTATIVES from the State Of Newl OK spoke as
T e vhos secret oar financial e, simply 10 borrow
log s5OOOO or rather n iundug ne n9, % j , ICED
suhord by this Din and which conceded to os The e'1s
on tle contrary any rr similar issue has been expressly
repudaed 10y every supporter Of this bill
one OF the Representative from Massachusetts, put to
the distinguished Chairman Of the Committee OF ways
and Means the following question; ,.
pec, m.rasug ties, financial natter 20 limit the amount Of these
10 which question he received the following reply
Later the debate the same distinguished gentleman
When his question vas Discussed before he distinguished gentleman
from Kentucky Or Cieniel ASKED e Whether wac as %
ofealudsr pertinent question Which "a. Ih fail ioIes Of
tits clear from these quotations and the whole tenor
OF the debate that IL the intention or Congress tat
Sl5OOOOO should he the limit of the lcgaender crcna
ton aud that 10 was confidently expected that this ccu
atOn would be converted into the hvewenty bonds
known Ms the bonds of 1862 aud which are now reaeea
bic according TO their tenor rms OF user Is suciev
explanation Of the fact that II was deemed unnecessary
10 provide that these notes should not be TcceVaDe
limited To $5OOOOOOO. provision that they should
not be receivable for the principal Of OF bonds
To be issued under the same aet, IN WHEN tneS -
pected 10 he funded ana which were not 10 ne sIot 10
The control OF the Government Tor nye years MEu %
tainy have been regarded as DeHk as hHsu9, a. S,
would have been unnecessary But t1is Is iol NJ. lne
same gentleman who. Chairman OF the committee OF
Ways and Means was the eAloaeht OF 'o so ,I nc
House upon this question: IN speaking OF these oOhus To-
dollar 10 iasss safe uupoductye dersnnce Where
could they invest ui STATES osas cent rrdeeae
in cold in esrthe be and valuable permanent l't
Wond he have regarded these bonds most valuable
perpaneut investment n he had supposed that they might
be redeemed In deprecated currency at the expiration
and orphans are Interested in lest their estates
should be badly invested pity no one who has money
invested in the United states bonds pay able h Soid III ~
years with interest semi-auuuaiy'
In these debates very little was sad upon the subject
Of the payment of the principal OF inc bonds
for the that supposed that they "oud OF
could be PAD III any thue else NJ tie t me s1e
nized constitutional CURRENCY ~ lne CuIll9 III
may be said in regard 60 the debates upon he DIS au
thOrizng subsequent issues. The acts OF Aach - o
aud March s. 66 are the only acts Whieh s4,1 :,
that the bonds To be issued under them shan be NaWo
IN coin and this provision I'm these acts u not accidental
attracted no attention az tNe une ClsicI a.. ~. - w -, en
with the public Under the former act NNeOOO OF 70
/ Of 1881 were issued, and under the laltcr act
! nearly s2OOOOOOO0 Of per cent bonds, known as
have bad no higher reputation than other bonds OF the
class and that the five per cent bonds never we're
80; - 80 70 trsDf,cs Snoyys that dealers
IN Government securities and the people 70 hefa nave
sti az IN fhc Hind 81 money I'm which thev are TO be-
paid from the bonds issued under acts containing no
| such provision There nothing in tie condition oi
fe c6nntry when these acts we're passed that required
Ivy them might be successfully hcCoiiated on me cor
tfary the national credit better then than at periods
when other loan bills passed. nor was there any III
timaton by any member OF Congress nor was IL ever
Thought by the officers ~ the Treasury Department. tot
The bonds authorized 10y them were of different chaac
ter from those sncd under other acts y unIcasoha
bic TO suppose that IL was the intention 81 tongeS ta
the bonds authorized by the acls OF February 2 1902
and June so 1854 might De paid IN lega ttnacr noler
while those authorzcdhy the acts Of hafc " ls" aLu
March o. 1861 could be- paid only IN con- Inc various
issues Of bonds, constituting The nat9udl iunueu HsD
stand upon the same footing, and oil should DO pad 'h
coin, IL any are 80 paid.
National debts are subject 10 the moral law OF the ma
tous. there 80 the contrary.
coin payments ia such obligations are hoioraey implied
s,re ~ me 1} to zen o. ia ter va IN he ijtr
psyabe in The same currency subsequently an Interest
bearing notes were made payable ~ lawful money, but
change WAS made IA he foru Of tho obligation or me
that date the five per cent notes ana me compound IN
tCrest notes, made payable iu levti money le
the bonds not being 20 nude payable nave ever heen
recognized ~ Congress, 10y tho Treasury Department.
and by the people, payable only IN coin. Ihcao dhcr
ent classes ol securities were negotiated WIN The distinct
| uudeistandius-an understanding which s as binding
| upon the honor OF the nation asltt were explicitly
stated IN One statutes u is true that c bond" ana NOES
convertible into bonds issued after ho passage Of the
first egaieuder get. were pad for ia depreci.od Gun
it not DENIED thai ;hey were sold iory cad that every
one had ample 9tpGi 'Hy 70 .u'-,ine Tor zen
every part Of the country aud hbcrai subscriptions wore
lh utIit,al'u currency "as 'yt ' dlui o." 'ii' guy
scTbers. They were sold 40 The highest price that could
be obtained ior them not chiefly % hc capitalists Of Tho
cluesf nul ' A''h ni H'v'iA." utda llipu-i"ut 'h'
country, who subscribed Tor them not for apoculaou
rebellion; and 1t IS significant fact that, with a..
ceptons thr complaints th1t they WtTe sold az icoint
Inen f tIe i.r'tad STAT. sand h. or, f, torId"(ov,
would ID stand u the estimation OF liH own people, II 10
should decline O pay according TO agre uc EO money
without which % could not have pro-ecut6d tho wBt
the ground that One lenders took advantage tits ucccs
siues and purchased 81, securities at Ices than then
But if the honor OF the nation were moi involved ~ the
auction The iuGury arises ia what shall the h0ud. los
paid not in coins some S5l5OyoOOO of 90 bonds are
now redccInabe according 90 their tenor No ore ccr
tainy would propose that some OF Them shall be called In
aud paid iu currency worth 30 c,uts on tho dollar
rency shall DE sim moro deprecated by add ions 10 ifs
volume or appreciated hy contraction. Tie hOdrrs OF
these bonds stand the fooliug % aUy 70 Dc
paid before maturity deptecatod currency the Whole
Ould be go paid, aud IN currency o. equal value But
the Government has United states noie the Treas
uy and as the annual receipts are NOT kct hereafter
loan 10 money for the purpose OF violating agIce-
mont under which previous loan va negotiated
would Dr. impractcable, thcro would be- Ia which
the bonds redcemabe could DO paid pro-
posed except by putting the printing presses again 90
work. and suG more promises which must themselves
eventually De paid IN coin, converted into coin bonds
| repu1a ted This process OF making money seems ar
ehsy one ont our experience and the experience az
every other nation that las tried H. To- ia neither
judicOus profitable. ~ the paper circulation nf the
country IS already redundant would be- eseuCd a. vaue
by ever addition 70 IL, and by tho dsrust ere
ajd rs depreciation Win doubtless DO in greater ratio
even tAau tho additions would bear 20 Tho volume tn
which they would DO added u ADOt t0omuch 10 saytlat
an additional issue Ol s00OO ~ United 6ates notes
would reduce tho sOOOV.OJ Of paper money cir