The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1868-07-23
THE / FNE-TWENTYs BONDS j
HOW THEY-SHALL BE PAID.i
SPEECH of SENATOR kIORTGN

HOW THEY5SHALL BE PAID.
SPEECH of SENATOR kIORTGN
On the 18th inst, the Senate debated
the Funding bill. In the course of the
discussion. Senator Morton. OF Indiana.
said :e-e 81 M ii 4ais.tsj3 haA "a
'sfr. Pi.esidtntLtbc question rs to
whether tile tiyostwentics are payable
only in coipjpr MAY be paid in, legal
tender notes has been brought ,promi-
nently into this 'ebate. The chairman
ofthe Committee on Finance. who has
had much to do " ith rlie fiuallciai at.
fairs Of this. countFSiftor six or seven
years past insists Hlat the Government
has right to pay the five twenties in TX,
isting legal tender notes! II say" "eAiar-
ing" as contradistingusf sficd from notes
yeti to. be issu led, a Tho distinguished
Senator frsu, Massachusetts Mr.. Stun
neTC on saturday. IN 4 very elaborate
speech, argued at length that the Gov
efnmentjwas compelled by law to pay
these bonds in collie An argument oi
great ability and length was made to
tbs same effect by The Senator from Yer
mont earlyin the session. This iques-
tionesis not IMPORTANT bcyon the
timethat the Government, shall resume
specie payments. Whenever we make
the legal tender note as gold then the
question is'settlcd.' But it is an ilnpor-
tant questions. and may be an impor-
tant and troublesome question until
that time occurs. /, for one, believe
that the true policy for the Government
,.4f ~ al OF tp
bring about the resumption of specie
payments. II i believe, - that dies at
the foundation of our financial troubles
and there is right where weshou1d be-
gin -a'fJ.s '@i;1 39Gs BIKE t-siai
l will remark that this question is en-
tifely distinct from the question of the
right Of the eGovernnent to mako a new
issue of legal tender notes and pay of
the tive-twentiestin in that new issue
ASH shall speak, OF the quest ion, j shall
speak of the right of the Government
to redeem the ffve-twenties in existing
legal tender notes. 49,, -, 40
MIR. President, Believe that the law
land it is to the law that we mustilook
i'll regard to the question after all-is
with the Senator. from Ohio. on this
question. When 1t is asserted that the
Government is, bound to redeem the
l.
without the law, but it is in express
violation of at least four statutes. The
law authorizing the ten-forties declares
that principal and interest shall be paid
in coin. The several laws creating the
five-twenties declare that, the interest
shall be paid in coin, but are silent as
to the principal of the debt. and do
not say in what Kind of money the
principal shall be paid. Thissilence is
very significant, -g Hafs.s o. fs9rt,. al
But it is said by the Senator from
Massachusetts ana the Senator from
Vermont that the Government is as
much bound to pay the principal OF the
fiye-twenties in coin as if it was so eX-
pressed in the several acts authorizing
and creating those bonds. and that
there is no difference between the legal
0 obligationof the eGovernrnent ini egard
to the tiVe-twenties and in regard to
the ten-forties. Let me say toithe Sem
ator from Vermont and the Senator
from Massachusetts that if they desire
to ascertain the qualities and capaci-y
ties of the legal tender notes, what debts
they will pay, and what debts they will
not pay, they must look t." the laws
creating the legal tender notes and not
to the statues authorizing the five
twenty bonds. a. l,,,...--sl EHA
The act of February 25, 1862, by its
second section authorized the first is
sue of legal tender notes: and in said
first section declares such notes herein
authorized shall be received in payment
of all taxes. internal duties, excise,
debts and demands of every kind due
the United States except duties on i'm
ports, andc all claims and demands
against the United States of any kind
whatsoever, except for Interest upon
bonds and notes, which Shall be paid in
coin. and shall also be lawful money
andIegal tender in payment of all debts
public and private, within the United
States, except duties on Imports and
interest as aforsaid.
The declaration is that such mote
shah be receivable in payment9'f 'fofi all
claims and demands against the United
States ofevery Kind whatsoever, except
for interest upon bonds and notes, VIII ich
shall be paid i'll coin.r More eompre-
hensive language could not: be e;employ-
ed, and you can not conceive of any
debt against the United states left out
of this phrase save that which is es-
pecially excepted Itcomprehends all
claims and demands of whatsoever
kind. 4 A bond is a claim; a bond is a
demand. The, very exception proves
that bonds We're comprehended in the
phrase, for lifIthey were not there was
no necessity for excepting the. interest
upon them. But the statute does not
srop-here. Tt goes on to say tautolog-
ically thatsuch notes ''shall also be law
ment of all debts, public and private,
within the United States, eNceptduties
on imports and interest as aforesaid
Every debt which the United States
owes is q public debt; it has no ;pfi-
vate de BITS. and a ive-twenty' bond is a
public debt in the fullest sense of those
words for which the law declares such
notes shall be lawful money and a le-
gal tender. Was ever a statute more
Comprehensive ,runequiyocal or plainly
written? If the effect of this language
can be vaSied or destroyed by argument
then no statute can be drawn which
can withstand the lawyers ingenuity.
But there are three other statutes to the
same. effect with the one, l have just
The act of theI1t ofJuly following
provided for the issuesof another 81 So
100000 Of legal tender notes, and de-
4clared, like the former, that they should
and demands of whatsoever kind
against the United States, except inter
est on notes and bonds, and further de-
clared that these notes 80
''Shall also be lawful money and a le-
gal tender in payment of all debts,
public and private, in the United Stat es
except duties on imports and interest
as aforesaid ~
4 There are but two exceptions stated
in the law, but it is sought by argu-
ment, to establish "a third compared
with which the two stated in the law are
mere 'triffes.' i'
) This statute is connected with any
provision forithe issue of bonds, and
was passed before any bonds were sold,
authorized by the preceding act ofFeb7
) Again, in january, 1863, Congress
passed "a iointeresolution authorizing
the issue. ofanother g$10o.000,000 of le-
gal tender notes, in Which it was again
declared that they Should be received
a. f1f,,. 81 ,,s rff