Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-09-12
Is 1T REPUOIATION TO PAY THE
BONDS WITH GREENRACkh?
From tbs Cincinnati Enquirer, Sept 10.

From tbs Cincinnati Enquirer, Sept. 10.
The government did not agree to pay the
fve-twenties in coin, only the interest.
There is nothing in the law under which
these bonds were issued, nothing on the face
of the bonds themselves to show that they
were to be paid in gold In running de-
bate between the Chairman Of the House
Committee of Ways and Means Mr. Thad
deus Stevens and other members of the
House, in June, 1854 We find that Mr.
Stevens disavowed any such construction as
that Of the obligation to pay these bonds
in coin. We copy the following from the
report Of the debate
Mr.. Spalding-I desire to ask the gentle
man If, in his judgment, the principal Of
the S500,0O0,0O0 of fve-twenty bonds is
payable in gold2
Mr.. Stevens-ft is just as clear as any
thing is clear that The interest is payable in
gold, but the principal in lawful money.
Mr. Spalding-I ask the gentleman if he
knows whether that is the opinion OF the
head Of the Treasury Department.
Mr.. Stevens-Well, sir, 1 have not con-
suited him. l know that great many
legal gentlemen Of distinction agree with
me in the opinion / have expressed.
suppose I should bow to the opinion Of the
Secretary Of the Treasury on the subject if
/ had IL and it was right, but have not.
Mr.. Pruyn-I would like, with the per
mission of the gentleman from Pemsylya-
MIA. 10 ask the gentleman from Ohio Mr..
| Spalding) whether he has any information
| that the Secretary of the Treasury has de-
cided that the principal of the tiye-twenty
bonds was payable in gold
Mr.. Spalding--If ! may be permitted to
| reply 10 the gentleman from New York, |
| will say that have this morning learned
from the Secretary of the Treasury that, in
his opinion, the principal OF the hye-twenty
bonds is payable in gold.
Mr.. Stevens-Then, sir, his opinion Is
| entirely different from the law. These bonds
are made payable in money by the express
terms Of the law, and if legal tender note.
! are money, then the notes are payable in
that. But, sir, if both principal and inter
est are payable in gold, then the ditticultie.
in which the government is becoming IN
yolved are all the more aggravated.
Mr.. Wilson-Was not the statement just
now made by the gentleman from Pennsyi
vania, based upon the payment Of these
| fve-twenties in gold?
| Mr. Steyens-Upon the payment Oh th'
interest in gold, There is no doubt that the
interest is payable in gold.
Mr.. Wilson, speak OF the principal.
understood the gentleman to say that there
were now about eight hundred million dol
lars Of the public debt payable in gold.
Mr.. Stevens-No, sir; the interest /
payable in gold. ! say that no man wn'
is a lawyer-snd / could not say that th'
Secretary Of the Treasury is not lawye
who will carefully read the law can pos
sibly come 10 any otner. conclusion thai
that the principal OF these fve-tyent,
bonds IS payable in currency. The iay
says expressly that the interest is payabl,
in coin, and that the principal is payabl
in money The difference 10 the term
employed is as distinct and definite as if
had been, ia so many words, that one
payable in coin and the other in pape
currency.
Aside from the fact that the law unde
which the bonds were issued said nothin
about paying them IN coin, and the otht
fact that there is nothing on the face
the bonds promising their redemption
coin. there is that other fact that upon Il