The Montana post. [volume] (Virginia City, Montana Territory [i.e. Mont.]) 1864-1869, 1867-11-30


TO the public, and pledged the faith and
the resources of the people to pay them
in gold, excepting certain classes which
1t expressly provided for redemption in
currency. The bonds first issued, al
though containing, practically, the same
conditions as the subsequent Five
] Twenties-that is, without an express
I provision to pay in coin-were redeemed
by the Government in coin while the
! Five-Twenties We're on the market, and
when gold commanded as large premi-
um as il does now. The Government
had never recognized anything as a
proper tender for the liquidation of its
I liabilities but gold, and it provided, at
the outset of the strain upon its credit.
that import duties must be paid in the
same money promised in the redemption
of its bonds, thus recognizing the differ
ent standards of money created by its
currency. The Five-Twenties were Off
cially advertised by the Secretary of the
| Treasury, and his accredited agents. un-
der the daily observation of Congress,
and the most solemn pledges given to
purchasers that every bond issued by the
nation, not expressly providing differ
entity, would be paid in coin Upon this
| faith, more than a thousand millions of
bonds were taken. and are now held,
mainly by our own people. In the days
of doubt. and gloom, and trial, they
came TO the rescue of the Republic. took
il at it's word, and 10y their timely aid
our nationality was saved in the bloody
struggle with treason. The war is now
over, and the Republic lives. Our abili-
/ " to maintain our free institutions
/ against foes, within and without, and
/ our national credit under all circum
stances, has been thoroughly tested.
From the very day the war closed the
/ reduction of our debt has been in grad
ual progress, and if to-day our plighted
faith was accepted as equal to our re-
sources, our credit would be better than
any government on earth. But when
I the hope of early relief from our oppres-
! sive taxes began to dawn upon US, faith
4 less men of old came with new devices
to assail the Government they had al
ways hated. That Pendleton, and Val
/ landigham, and Black should advise the
/ violation of our national faith, is but
natural. They grieve at the advance
ment of the regenerated government,
and would labor TO stain its now untar
4 ,,-;+I, Fr1,.y
/ gave their sympatlIies in vain to armed
T treason, and now they are seeking to
/ plunge the Republic into the fatal enl-
( trace of reputation. In this per6dous
effort they are indirectly, and we believe
unintentionally, seconded by several
! prominent Republican leaders. such as
( Mr. Stevens and Gen. Butler 1t is due
I to- Mr. Stevens 10 say that he has ever
been consistent. He maintains now
what he maintained when the loans
were authorized. He urged then,
not only that all national bonds
not expressly promising payment in
coin, should be, and lawfully could be,
paid in the currency of the country.
Whether Mr.. Stevens was wise or not
in his financial theory, we do not pre-
tend to decide, but of one thing he must
be well acquainted-that the Government
did not accept his policy in framing finan-
cial measures, nor did either Congress
or the Government accept his construc-
ton of the laws. While he is justified
victions, he is not warranted in defying
the construction put upon the acts au-
thorizing the loans, by those whom the
President authorized to construe them
officially. 1t may be, that under the
ruling of the courts, as between individ-
uals, currency will liquidate a debt con-
tracted in coin, and persons who claim
their extreme rights at the expense of
their moral obligations, may so pay their
debts but a great Government cannot
plead legal technicalties against its own
precedents and authorized promises to
the world We hold that the faith of
the nation, solemnly given to the pur-
chasers of bonds, by the highest authori-
ty they could look to, imperatively de-
mands the payment of our securities in
coin, unless the holders thereof will ac-
cept different securities in their stead.
We know how plausible it is for reckless
politicians to appeal to the people to
make bond-holders accept the same mon
ey they paid, and the same that is current
between individuals but such men are
the most dangerous foes ofthe prosperity
of the taxpayers. They show that a