New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-07-30
Mr.. SIMON STEVENS on BoYD-P1l

Mr.. SIMON STEVENS on BONDP1YING.
The People of the United States owe a
National Debt of Twenty-Five Hundred Mil
lions of Dollars. Two Billions of it arc in
regular loans, drawing interest which is
specifically payable in coin, but with regard
TO the greater part of this, the bonds say
nothing as to the medium in which the prin-
cipaI is to he paid. And why should they 7
No bond ever issued by our Government prior
to 1868 erer did say "the principal payable in
coin or its equivalent" because " dollars
sufliced. Every one knows what a dollar is,
and what an agreement to pay 50 many dollars
involves and implies. But, as the interest on
certain bonds was likely TO fall due during the
suspension of Specie Payment and under the
operation of the Legal Tender act, the stipula-
ton that the interest was payable in coin was
proper
Now the foes of honesty and public faith
propose tor swindle the public creditors out of
the money they were promised, and Mr.. Stevens
cites from the Legal Tender act words which
he thinks will justify that villainy. But, when
met by the statement" This is not in accord
"ance with the general understanding when this
act passed, as is proved by the language of the
Members of Congress who reported and urged
"tle passage of the bill, including Mr.. Thaddeus
Stevens himself" Mr.. s. Stevens can make no
better response than this:
81 have stated the history Of the introduction OF the
bill and its amendments but its meaning must DO asccr
tanned by its literal construction as 1t finally passed not
consulting the declarations OF Mr. Greeley, Mr. Thaddeus
stevens Mr.. Pcndleton, Mr. Jay Cooke while the bill
was under discussion, or at any other time NOW then
IL 10 the pleasure OF the United states 10 redeem these
bonds AFTER years and before the end Of twenty years.
ID clearly has the right 20 do sOin lawful money am
wy '''f'''''''' ''' "siiioN STEVENS"
The declarations" then, of Mr.. L. Stevens,
Mr. Spaulding and all those who passed the
bill-of Mr.. Secretary Chase Mr. Jay Cooke,
and others on the strength of whose assur-
ances the bonds were taken, are of no account
the Government clearly has the right" to
pay them in Greenbacks, and to print off Two
Billions of new Greenbacks OH purpose to pay
them at no cost The understanding of those
who issued and those who took the bonds has
nothing to do with the matter!
Mr.. Stevens, we infer, has not squandered
much time on the study of Ethics; and yet we
think he cannot have passed several years in
the civilized world without obtaining some
knowledge of q work so elementary and trite
as Paleys Moral Philosophy Even though
he may not have read it, he must have acquired
some knowledge of its standing as textbook
of rational and by no means rigorous morality.
We will therefore cite for his edilication from
Chap. V. "0n Promises" as follows:
I'll. In Whdt sense are promises 10 be nterpreiedl
"Where the terms OF a promise admit Of more senses
than one the promise is TO be performed IN that sense
in phch the pIomiser GppreheRded aIse time that the
PROMISE receired IT,
:" IL is not the sense in which the promiser actually
intended it, that always governs the Interpretation
of an equiyocal promise because, at that rate, you
mi ght excite expectations which YOU never meant
nor would be obliged to satisfy. Much less is it the
sense in which the prOmisee actually received the
promise; for, according 20 that rule you might be
drawn into engagements which you never designed
TO undertake. 1t must therefore, be the sense (f0r
there is no other remaining in Which The prOmiser be-
Hcr6d that the pr0nlisee accepted MS promise"
Mr.. Stevens is not yet an old man, and will
doubtless live to regret that he ever wrote
this letter. 1t cannot be wise to placard such
lax notions of morality and its obligations as
his letter implies. A reputation for integrity
can, at the worst, be sold, and should not be
reclilcssly given or fooled away.