Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1867-10-09
The Currency Question.


Editor CHRONICLE We have had Of
late the arguments of Gov. Cox, Gen.
CALDWELL, Perry, and others, trying to
add to the Republican platform of
this State, their own peculiar views of
the Currency.
There may be other Republicans
who concur with them; but 1 think
the Republicans of this State, general
ly, will dissent from their views. Gov
Cox, in his speech, here and at Cleve.
land, insists that to redeem the $40
Q. S. bonds, strictly according to the
law under which issued, would lead to
Reputation. Can this be sol
The act of Congress Feb. 18th, 1868,
authorized the issue of one hundred
and fifty millions of Treasury notes,
not bearing interest, on the credit of the
United States, payable to the bearer
at the Treasury Of the United States,
snd that such notes should be receivs-
bic in payment of all taxes, internal
duties, excuses, debts, Except duties
on imports and demands of any kind
due to the United States, and of all
claims and demands against the Uni
ted States, Of every kind whatsoever,
except for interest upon bonds and notes,
which shall be paid in coin, and should
slso be lawful money, and 8 legal ten
der in payment of all debts, public and
private within the United States, ex
cept duties on imports and interest as
aforesaid; and any holder of said U. S
notes, depositing any sum not less than
fifty dollars, might receive in exchange
therefor duplicate certificates of depos-
it, one of which might be transmitted
to the Secretary of the Treasury, who
should thereupon issue to the holder
an equal amount of the Bonds of the
us. Coupons or registered, as might by
the holder be desired, bearing interest
at the rate ofsix per cent per snnum,
payable semi annually, and redeemsble
at the pleasure of the United States,
after five years ; and payable twenty
years from the date thereof; and such
U. s. notes shall be received the same
a coin st their par value in payment of
any loans that might be thereafter sold
or negotiated by the Secretary of the
Treasury, and might be re-issued from
time to time as the ~exigency'of the pub
lie interest might require.
The I'd Section Of the same bet su-
thorize6 the Secretary of the Treasury
to issue on the credit of the United
States Coupon bonds, or registered
bonds to an amount not exceeding
$500, 00O, 900, and redeemable at the
pleasure of the United States after five,
and payable twenty years from date.
and bearing interest at the rate Of six
per cent per annum, payable semi-snu-
ally.
1t is provided by sec. S of the act
that all duties on imported goods which
shall be paid in coin, &C., shall be set
apart al 8 special fund and applied as
follows: First, to the payment in coin
of the interest on the bonds and notes
of the United States; Second, To the
purchase or payment of one per eentxm
of the entire debt of the Unitee States.
to be made within each fiscal year af-
ter the first of July, 1862, which
is to be set apart as q sinking
fund, and the interest of which shall in
like manner be applied to the purchase
o. payment of the public debt, as
the Secretary Of the Treasury shall
from time to time direct. The 500 mil
lions Of 5.20's dated August, 1869, were
issued under the foregoing provisions
and by supplementary acts We have of
similar 5.20's, as the bonds are called.
those of 1864. 1865, and 1867, in all
over 700 millions. By the terms of
the law under which issued, 500 mil
lions of these bonds became redeems.
bic the LIST, of last August. Others will
become redeemable in 1869, 1870 and
1872, in ike manner. But l only here
consider the true policy of the Govern.
ment as to the 500 millions which have
already become, and are now redeema-
bic, at the option of the Government.