New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-07-08
Notes and provided for funding or paying the

same, expressly says
"&2 -. And all stocks, bonds and other securities
Of the United States had by individuals corporations or
associations within the United STATES, SA'' O N'"P'
from tdIatiOn by or tradtT STATE authority
OF course, this was already the law Cmef-
Justice Marshall having decided, nearly half
century ago, that no loan, bond, or other oDil-
CATION of the Union, could be taxed ny or
under State authority. That decision has never
been legally disturbed or questioned But mere,
in the provision of law just quoted, is an ex-
press stipulation, a compact, fOrtifylng what
was already law by solemn pledge of the
National faith Shall that faith be wantonly
broken7 The Democratic Convention In effect
says, dyes; we are nation of scoundrels: we
"made our own terms and borrowed twenty
" five Hundred Millions thereon: now let us
"repudiate and do our creditors out of part
"of their money" Perhaps a majority of our
people are scoundrels, and so will approve of
this proposition to swindle: but if so, they
will prove themselves fools as well; for every
dollar we thus steal will cost us five in the
negotiation of future loans wherewith to
replace those already existing. We ought to
be able to borrow on long bonds at per cent
the wherewithal to redeem and cancel our
Five-Twenties as fast as the option natures /;
we cannot and shall not because OF these
villainous menaces of Reputation.
Just look at the kindred proposition that all
our Public Debt should be paid in "lawful
money" (Greenbacks)l
"where the obligations OF the Government do not OK
prcssy state upon their face or the law under Snfh
they issued does not provide that they shall DC pad
in coin"
On which. we observe:
/. That there are to-day outstanding several
loans or parts of loans, contracted before there
was any lawful money of the United States
except gold and silver COIN We have looked
through several of these, and find nothing said
as to the medium of payment. Witness this
provision of the act of Feb. 8, 1861:
"sEc T. And be Il further enacted That the faith of the
United States il hereby pledged for the due payment OF
the interest and the redemption OF the principal oil SAID
stock"
This pledge of public faith, to men who
gave hard coin for every dollar of their stock,
the Democratic Convention says, will be made
good by rendering them the face of their bonds
in greenbacks, whether these be worth %, 90,
or rs cents in coin per dollar! If this is not
naked scoundresn, where is the fig-leafP We
don't see it.
III. When the great Treasury Note and Fund
ing Loan of Feb. %, 1862, was authorized, pro-
viding for the issue of S150,0O0,0O0 in Treasury
notes and $500000,000 in six per cent bonds
(the Five-Twenties), it was thereby expressly
provided as follows
"sEC g. And be further enacted That all duties on i'm
ported goods shall be paid In con In payable
on demand therefor authorized TO be issued and by law
receivable in payment Of public dues and the coin paid
shall DO set apart as special fund.- and shall be applied
as S G SNSG First S e pay u So OF sne ~
NE pSeSas1 or Fragment o. one per eetH OF ne t g
year after the first day Of July eighteen hundred and
sixtywO which Is TO be set apart as sinking fund.- and
the interest OF which shall In like be applied 10
the purchase and payment OF the public debt the Score
tary OF the Treasury shall from time 20 time direct Third
The residue thereof to DO paid into the Treasury OF the
United States"
Here, you see, tho Duties on Imports are
all to be collected in coin, and that coin is to
be appropriated, first, To the payment of the
interest on the bonds and notes of the United
States; 2. "To the purchase or payment an
"nualy of one per cent. of the principal of
" the entire Debt of the United States
Are these solemn pledges fulfilled Are
they TO be fulfilled Read the Democratic
platform in connection with the above pro-
visions of law and judge Of the honesty OF
villainy of its trainers.
III. The Legal Tender act was avOwedly a
War measure 1t was impelled by the direst
necessity. 1t was in effect gigantic Forced
Loan. Our Government, fighting desperately
for the Nations existence, said in effect to
those whom it was conscripting into its armies
and constraining to minister TO its enormous
necessities on all sides, "Take our mere prom
Uses as mOney-there is no help for it just
"nOw-and we will make them good so soon
"as we can" Each successive Secretary of the
Treasury being inquired of as TO the medium
of payment of the bonds. which every
one was urged to take, unhesitatingly
responded, "The principal,h as well as
"the interest, will certainly be paid at
maturity in coin" Nobody doubted, nobody
dreamed of contesting, this. Every Treasury
agent advertised far and wide THAT the Five
Twenties were payable in coin. Every journal
that tried to help the Government in it's dis
tress reiterated the assurance. Now the Demo
cratic Convention says they are payable in
lawful money of the United States"-that is,
in Greenbacks to-day 40 per cent. below coin,
and which would soon be much lower If they
were issued to wipe out the bonded Debt.
Should this fraud ever be contaminated. we
rejoice in the knowledge that our party will
not be in power.