Weekly Trinity journal. [volume] (Weaverville, Calif.) 1857-1972, 1868-02-01

The NationA De"s'
IN favor of paying the National
a.,. an imitation of National currency, or in
a,v manner interfering with National secufl'ies
The Democratic proposition Of repudianon Is
-,.,, 70 our ears Still, we are not dis
..a a. nr.seut to advocate the payment of all
-, N..;onaI debt in hard money. The debt in
-. different forms of public securities, all
- ,rh;cb are the offspring of rebellion. A por-
~ this debt there is no cavil about-that
,,t;on known as the long Bonds of 1861, to the
amount of S2s3, 676 900, which are neither pay
.b,e or redeemable until 1881. That portion of
the debt known as the Ten Forty Bonds, for
Sl9s s45, $50, is neither payable or redeemable
until 1874. Both principal and interest on the
amounts above referred to are payable in gold
but how the great bulk of the debt, including
the Five-Twenty Bonds, the Fractional currency
and Legal Tender Notes, is to be paid, is ques-
ton which Government fnanciers find it troub-
lesome to solve.
A large portion of this debt is now redeema-
BILE, at the pleasure of the Government, and the
total amount will be in a short time. Every low
er of his country would gladly see system es-
tablished by which this debt may be gradually
paid, on just and equitable principles, but there
are very grave doubts whether it would be just
and right to pay this portion of the debt Tor
make promise to that effect,) in gold. The
Five-Twenties issued prior to 1855 only amount
to about 500, 900, 900. Since that time, by
changing debt bearing interest in lawful money,
and debt bearing no interest into debt bearing
interest in coin, this description of Indebtedness
has been more than doubled, as shown by the
Report of the Senate Finance Committee, made
December 18th, 1867. The large and liberal ap-
preparations made by Congress during the ex-
istence of rebellion, cannot be continued with
out utter destruction of the National credit, or
such an increase of taxes as will finally compel
the laboring classes to advocate the pernicious
doctrine of REPUTATION. Hence it becomes ev-
cry thinking citizen to weigh well the subject,
whether or not the faith of the nation should be
pledged to the payment, at some future day, of
both the principal and interest about So, $780,
900, 900 in gold coin, when by every reasonable
Interpretation of the law of contracts the inter-
est only is to be paid in coin. These Five-Twen-
ty Bonds say on their face that the interest shall
be paid in coin, thereby at least raising the pre-
sumption that the principal is payable in any
lawful money of the United States which at the
present time may be legal Government tender.
To counteract this idea the friends of the coin
argument attempt to show by established prece-
dent on the part of the Government that the
public debt principal has always been paid in
CON- without any stipulation to that effect
Very well but under the very Act by which the
Five-Twenties were issued is provision made for
the issue of U. S. Notes, with the declaration
that these Notes shall be lawful money, and le-
gal tender in payment of all debts, public or pri-
vate, thereby doing away with any and all in
tendments or presumptions heretofore existing
with reference to Government debts or securities.
When general rule is laid down, and
ception made, it implies that there are no other
exceptions. Duties on imported goods, and in
terest on public debts, excepted, and they
are the only things but what United States Notes
can be rendered in payment Of according to the
laws of Congress. Why should persons who are
fortunate enough to hold Government Bonds
WHICH tuey UouBHI WIN lheSe Legal Acuuer
Notes when gold was worth from 1873 to 142, and
is now but little less complain if they receive
their interest on them regularly, semi-annually,
in gold coin, and their principal in any lawful
money? To day Greenbacks, as they term
ed, sell in our streets at from Is to 80 cents on
the dollar WHAT we all desire is that they
should be worth dollar for dollar Is it reason
able that we should assume debt of $500, 000,-
600 more, which would be the difference in paying
off this 81 500, 900, 900 in coin, its equivalent,
in accordance with resolution offered by Mr..
Edmunds, of Vermont, in the United States Sem
ate, or shall it be paid in any lawful money, the
premium is at present? Instead of paying
interest the So, 500, 000 900, would have the
satisfaction of knowing that we would not only
have the interest to pay, but that we would have
to pay So, loo, 900, 900 merely because we would
persist in making preferred creditors of persons
holding Government Bonds, while at the same
time if any one enlists in the army or navy, or
does any other service for Uncle Sam, he silently
takes lawful money of any kind for his pay. We
think the disticton unjust, and as before stated,
we say that any Government security or debt,
except when otherwise expressly provided on its
face, should be paid in any lawful money of the
United States at the time it falls due, and which
theory we think, would have greater tendency
than anything else to make any and all Govern
ment securities worth dollar for dollar. In our
opinion Senator Cole is on the right side in this
matter Copies of his speech may be had at
this office.
LAckEyBAcHER's operette,-s Leda with the
Swan" which last year was forbidden by the
can,o,s 10 now 10 he brought out at the Carl