The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-26

wherever it was intended TO bind the Govern
ment TO pay the principal in coin, that is ex-
pressly provided for in the law and mentioned
on the bonds. There is a small amount of
securities of this kind. The greater part of
the debt-and we may mention the Five
twenties particularly-carry no such obliga-
ton on them. 1t was not an accident or over
sight on the part of Congress, when creating
this portion of the debt in emitting to say in
what the bonds should be paid. There was
clear understanding and purpose in not saying
they should be paid in coin or its equivalent
1t was intended they should be paid in what.
ever might be the currency or lawful money
at the time OF payment, whether paper or
specie. The chairman of the Committee of
Ways and Means and the leader of the domi-
nant party in the House, Mr.. Stevens, expli-
city states this to be So and he made expla-
nations to that effect at the time the Five
twenty bill was discussed. How can Mr.. Ed
munds OF. any one else, in the face of these
facts, say that the Government is pledged to
pay this portion Of the debt in coin or its euui-
valent2 Thus far, then, as to the law. The
bondholders have no legal claim to be paid in
coin or its equivalent. The Government can
suit its convenience and the welfare of the
country in paying at maturity or buying up
previously the debt in whatever money It
chooses to use for that purpose.
But the bondholders say they have a Just
and equitable claim to be paid in coin what
ever the law or face of their bonds may ex-
press or fail to express. They talk great
deal about the honor of the Government and
its credit. We are quite sure the credit of the
Government will be preserved better by pay
ing off the debt as rapidly as possible while
the currency is deprecated than by perpe-
tuating it. Should specie payments be forced
there would be poor prospect of liquidating
the debt 1t would become perpetual bur
den, like the debt of England, and we should
be in danger of reputation No, the way to
preserve the credit of the Government is to pay
the debt as rapidly as possible while the cur
rency is abundant and deprecated. AS to the
equity of the case, it is the height of presump-
tlon to talk of that. The claim is usurious
and extortionate. These bondholders gave
the Government fifty or sixty in paper for
their bonds, and now demand hundred in
coin. Where is the equity or justice in that
Justice is not one-sided. Something is due to
the people-to the overburdened taxpayers
as well as to the bondholders. All debtors are
paid in lawful currency; the courts of law
compel them to receive that, no matter when
or in what debts were contracted Why.
then, should there be one rule for the
bondholders and another for all the rest of the
people
But the Shylock bondholders say, force i'm
mediate specie payments in order that we may
be paid in specie cvrrency. That is Just what
they mean and are aiming at. The people and
statesmen say we want to get rid Of portion
of the tremendous burden first. If the bonds
were paid at their present market value, the
holders would get much more than the Gov
ernment received for them; still the people
would willingly pay that. They will hardly
consent to pay forty or fifty per cent. more if
it can be avoided. There is no disposition to
take advantage of the bondholders by inAat-
ing the currency beyond measure and bringing
down. their bonds to low figure; but, if we
mistake not there is growing determination
not to force up the bonds by immediate re-
sumption, and thus to favor few capitalists at
the expense of the rest ofthe community. The.
country will anxiously watch the conduct of
Congress with regard to this very important
matter