New-York tribune., 1868-08-25

quote the whole first section OF the Legal len
der act
A. Act to apo,, n, sg Or r,j Sl' aor, dsd r , ~ n,
demD5n Jgpfpg thereof ad J'rJ"'d"g He f'a"' @f''
stCTIoS ne il enacted &C. That the Secretary OF the
Treasury is hereby authorized 10 sue' on ,he
the United States, one hundred auI my ! hie 0
lars OF United States notes, not bearing interest pay
bearer at the Treasury OF lhe Uneu ~ i I ~
such denominations as he may deem eApedeh'' not Ic
Trorided Locert, That fifty millions Of said notes shall
be in lieu of the Demand Treasury NOTES authoIzu 70 "a
issued by the act OF July H. iql, Shlc sald a'snd @
notes shall be taken up as TdpuE as Pac.t"Oo' 9nI
the notes herein provided for suhstlueh lor them Af
Pr0rdcd UfTter That the amount OF te Two issues shil
nj no time exceed the sum Of hundred and hy mil
lions Of dollars and such notes herein authorized snal
be receivable in payment OF all taxes. internal dues
excise- debts except duties Imports and demands
against the United States OF every KIND WIatSOeVGf'
except for interest upon Dohds u P,S, & "lic I a M MI %
paid In coin and shall also be awiu money ana egai
lender in payment Of all debts pubic ana private WIN
IN the United states ana oI an Vtls i Hnu uuiu"o1
against the United States OF every knd Whatsoever eh
cept duties on imports and interest rs aforesaid ana
any holder OF said United states notes deposlting any
sum not less than fifty dollars, or some multiple OF fy
dollars WIN the treasurer Vi thc Si,l'vi W i I
Of the Assistant 1reasnrers sinai receive III e1chShge
therefor duplicate certificates OF deposit one OF which
may be transmitted to the Secretary OF the Treasury
shall thereupon issue TO the holder an equa amount OF
bonds Of the United States registered rs may
by said holder be desired bearing interest at the rate OF
six per centum per aiUum' payanle seulanhuay, anu
rrdeemabe at the pleasure Of the United states acf Ie
years ana payable twenty years ron ON lue UNI un,I ,
aud such United States notes shall be received the e
coin at their par value in payment OF any loans mat
may hereafter DO sold or negotiated by me secretary OF
the Treasury and may be Icssucd from time to time as
the xigeucy OF the public interests may require
Now if the bonds are not hut the Legal
Tender act is, indeed (as Nh Sherman asSerts6
"the contract" between the Government and
the holders of those bonds, it is very clear that
il is the WhOIe act, and not a few words
wrcnchcd from it, that constitutes such CON
tract. Here is the only section relied on by
Mr. Sherman and The World to prove that the
Fivc-Twenty bonds may, after they have run
five years, be paid of in Greenbacks; and
their reliance is solely on the words these
"notes shall be lawful money and legal
"tendcr in payment of ALL debts, public and
"priyater &c. suppose, now, that this meant
as we know it did not-that the Fiye-Twcnty
bonds might he paid of in Greenbacks that
provision would not nullify the contract
that the aggregate Of Greenbacks in existence
should never exceed one hundred and fifty
millions of dollars, nor that equally important
stipulation that any holder of Greenbacks TO
the amount of $50, or any multiple OF $50, may
at pleasure send them to the Treasury and
receive Fiye-Twenty six per cent. bonds to the
same amount. Does not this provision clearly
prove that Mr.. Shcrman's and The Worlds
construction of the Legal Tender provision is
false2 Can the law really mean that the
Government may pay off the bonds in Green
backs, but that the holder of the Greenbacks
may instantly demand that they be converted
into bonds again. What honest man can need
further proof that the Sherman construction is
fallaciousg
But look at the fifth and last section of the
same act:
SECTION g. AYd6 IL nn1ier cnaccd. That all duties on
imported goods shall he paid IN coin, OF ~ demand notes
heretofore authorized 10 be received ana uy Iw leCey
able in payment Of public dues aud the coin so paid
shall be set apart rs special fund.- ana applied as oI
Firs': To the payment in coin OF the Interest the
bonds and notes OF the United states.
second To the purchase or payment OF one per centnn
OF the entire debt OF the United states to be made within
each fiscal year after the fret day OF july ls2 which ~
10 be set apart sinking fund; and the interest OF
which shall in like manner be applied TO the purchase or
Treasury shall. from time 20 time, direct
Third The residue thereof TO be paid into the Treasury
OF tho United states
- This is the law tthe intervening sections
relating to the new loan, and not bearing upon
the matter in hand) Of which Mr. Sherman
and The World wrest a single line from its
context to prove that the Fiye-Twenty bonds
are legally payable in Grecnbacks. We submit
that the very section whence their line is
wrenched proves the exact opposite.
But, if there can be room for doubt on the
subject we submit that the cotempOraneous
exposition of those who framed the law and
those who sold the bonds, must dispel that
doubt. We have already quoted over and
again Mr.. Thaddeus Stevens's avcrmcnt in ad-
vOcating the Legal Tender act, that every
Greenbacl, was fundablc "in United States
"loans, redecmable in gold in twenty years.
payable in gOd in twenty years." secured
"at the end of twenty years to be paid in coin, y
&c. We have quoted also Gen. Garfield's aver
ment. in the face of Mr.. Stevens, Gen. Butler,
and their Democratic allies, that
THUS Mr.. Speaker, / have shown that, when the
original FveTwenty Bond hill passed the House IN 1902,
ALL trO referred 10 me subject sdted mat he principal Of
L0s, bonds irdS pnybte ~ g0id: that Ms gentleman from
Pennsylvania Mr. stevens 50 stated dre distinct times
aud member suggested anything 10 the contrary that
when in 1868 that gentleman raised doubt on the sub
iect lie was promptly by the statement OF leading
member Of the Committee OF Ways and Means that ne
~ ijee f W,s mi Usans d,1,s NJ he oossi jii,, ~
paying mem ut anything Ont CON-
is this the truth? Three successive Secre-
taries Of the Treasury have officially couobo-
rated it. Who cOntroyertS it7 Nobody at
tempted to do so ia Congress. We have chal-
lenged The World to attempt it; its only an
swer is the silence of conscious villainy. Who
answers Gen. Garfeld7 If no one speaks, then
is not the pretense that the Fiye-Twenty bonds
may lawfully and honestly be paid off in Green
backs the most barefaced scoundreism that
ever provoked the general scOrn of mankind
|
The recent eclipse naturally excited the en-