The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1868-01-17

IL
bonds t., be issued under them shall be payable
ilcDil."
On the following page, after refer
ring to the act OF February p 1862,
he adds that
subsequently, all interest bearing notes were
made PAYABLE III lawful money, but no change
was made in the form Of the obligation OF the
bonds. Thus the seven and throe-tenths notes
issued after that date, the five pr cent. notes.
and the compound-intercst notes were made pay
able in lawful money, while the bonds, not being
so made PAYABLE lAaye been recognized by Con
grcss, by the Treasury Department, and by the
people Ms payable only in coin"
Here | mast be allowed to contro-
vert these assertions Congress has
made no such reconnition, except as
to the ten-Forty bonds. Congress
could make no such recognition, un-
less by enactment or resolution, and
in neither way have they done it. The
Secretary supports this part Of bis as
sertion by citing the speeches of indi-
vidual members of Congress rather
than their solemn acts. and the Sena-
tor from Vermont falls into the same
line of argument They both quote
from he voIuminops Congressional
Globe instead OF from the Statutes at
Large.
If the "Treasury Department" has
recognized these tlve-twenty bonds as
payable only IN com, 1t does not so ap-
pear from anything that has been done
by the Secretary himself, or the Assls
taut Secretary, or the Treasury agent
within the line Of the legitimate duty
OF each Nor does It appear wherein
or or ahHt occas.on the people have
given III their recognition Of this new
ide;, tonoin's fhe ive-twenty b nds.
The prop.c hfv" not vet recognized
thoee bonds Is ps,ahle principal as
wei as interest. IN god. unless we
shall have established cur credit. and
are paving gold when they shall he
presented repayment near he end Of
this century But If within tie scope
of the law Of 1863, The interest and he
principal Of those bonds Is included,
then both the bonds ard the notes
may be made payable IN com or il
other lawful money; that IS TO say, in
ell her, at tie option Of the payer Bu;
if the Secretary has it in his discretion
to make the bonds aud the notes both
payable in the one description OF mon
ey, that il, in coin only, he must needs
in some manner indicate the exercise
OF that discretion; and if it does not
appear npon the face Of the bonds hat
they IRE redeemable in coin, they must
be taken as payable IN any 'lawfu
money Again. II the word coin is
applicable t. both bonds aud notes
and Che Secretary having the discre
ton, should 50 exercise it as to make
any portion payable in coin. 10 would
necessarily extend to al; for the word,
"pfmeipa' or interest apply to Treas
dry notes as We'll as TO bonds, and Go'
to the one to The exclusion o. the o1A'
er. Inc pfinclPai o. 'hese treasury
notes has never Deen payaoie IN com
neither can the pnncipal OF the bonds
winch ave issued under the SEINE ia"
VI .neia. &c maue So pa'a'.f
III a"4-er' u then have ,a ;if-'
at iCi. '.ae - demand e-iaia.l'l
irom Congress that they snei be ~
deemed an com or ITS equivalent;
and nn.ess We shall haye reached
specie basis before they fall due, i
woaid be most unreasonable IN then
TO expect the Government to sell IT.
deprecated securities 10 buy com, u
order to return to them gold dollar
forthe deprecated paper dollars "hlcl
they loaned. Their interest they WI
pnnctaahy receive IN CON and th'
principal .Ikewise,if 10 fifteen or TWEEN
ty years hence, when the demands ar
payable, we can raise the com, ane
who doubts that We can ?
fit was unsouud policy to CONVEX
orr Notwithstanding debt, anC
debt bearing interest in currency. int
bonds with interest payable in com
how much more unsound VIII 1t be f
convert the principal Of hat debt
which is payable in lawful money, int,
4 debt wholly payable in coin TO q,
this while dollar in coin is worth il
the market one dollar and forty cent
in paper money, would be in effect nd
ding temporarily, and perhaps lndeh
mteiy, forty per cent to that debt
This can be OF no advantage to any
body; not even to the bond -holde
himself The bare proclamation o
this fact, instead OF enhancing the val
ne OF his chattel, viii, IN my judgment