The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-07-31
Communicated
liquidation.

ton" The argument ofthe article IL basel
on this statement made therein, viz
"That the faith of the country is pledged "a
pay the bonds, principal and interest In gold
there can DO no Doubt
If this statement is true, then tie third
plank in the democratic platform Heans re-
pudiatlon if not, it is right and Just Inc
faith OF the country can only b. pledeeu Dy
the law making for they are the repre-
sentatives of the people ard can only iul'
fill promises. Any promise made by other
persons caunot bind the people, because
they have never delegated to any other per.
son or persons the power 10 make such
promises. 1t is no answer to say that the
| Secretary of the Treasury, or Jay Cooke,
made representations, for they had no power
to promise, or to construe a promise. Con.
gress, with the approval of the President,
only had power to promise; aud the courts
ony have power to construe the promises.
What then, is the promise in regard to
these fyetwenty bonds? The first act
authorizing greenbacks lin the usual accep.
taton Of that term was approved February
| 18th A. ID. 1862. All of the first section Of
that act, pertinent to the purpose of this dis.
cussion, is in these words:
Be it enacted Iy the Senate and House Of Rep
resent atiyes Of the United States VI America, in
| Congress assembled: That the Secretary Of the
| Treasury is hereby authorized 10 Issue, on the
credit Of the nited States one hundred and fifty
million Of dollars Of United Stntes notes, not
bearing interest payable to bearer, at the Treas
ury Of the nted States, and Of such dcnomina-
lions as he shall deem eXpedent, not less than
| five dollars each and
such r.Ita hprpiu ant hgri7sl shall to rpppiy
in pay ment Of all taxes internal duties excuses,
| inht-, aud demands Of every kind due 10 tho
| ultnI States, except duties on imports aud Of
all claims and demands against the United States,
| Ol every kind whatsoever, except for interest
| upon bonds and notes, which shall be paid in
| coin and shall also be lawful money and legal
| tender in payment Of all debts, public and
private, within the United States, except duties
on imports and interest as aforesaid"
The second section Of that act provided
That to enable the Secretary OF the Treasury
| to fund the treasury notes and floating debt Of
| the United States, he Is hereby authorized to is
sue, on the credit OF the United States, coupon
| bonds, or registered bonds 10 an amount not
exceeding FIVE hundred millions of dollars, re-
deonable at the pleasure Of the United States,
after five years, and payable twenty years from
date, and benring interest at the rate of six per
cent, per annum, payable semi annually"
This section says nothing as to how the
principal or interest should be paid, because
that was fixed by the first section Of the
act, which provides that the interest shouI4
be paid in coin and the principal, with all
other debtG in United States notes.
The article in the Union intmstes that,
to insert provision that the principal should !
be paid in coin would have been to dscred. |
: 40 linn, .Il1aratinnu ,F tba En, |
ernmont issued before suspension of specie |
payments and paper money we're looked |
upon as possibilities
Did the provision making the interest due
in coin discredit these obligations Was
that supertluous and would it have been
more superfuous 20 provide that the princi.
pal should be paid in gold than it was to
provide that the interest should be so paid !
If give a note to my neighbor and promise |
in it that | will pay him one hundred dollars |
five years from this day, and will pay him |
interest in gold coin thereon at the end Of |
each and every year, at the rate of six per
cent is the principal due in gold com or in
lawful money? 1t seems to me that the
fact of my agreeing to pay the interest in
coin precludes the idea Of n promise to pay
the principal sum in coin, for it shows on its
face that the distinction between lawful mon
ey and gold coin was clearly in my mind
at the time | made the promise,
But the same promise that is made TO pay
the interest in coin contains the provision
that the principal shall be payable in these
United States notes. Notice the language
If the first section: "They shall be receiv.
able in payment of all claims
and demands against the United States
IF every kind whatsoever, except for interest
IN bonds and notes, which shall be paid in
coin, and shall also be lawful money and a
legal tender in payment of all debts public
and private Can anything he more ex.
piCt? IL it any cleares from this that the
interest is payable in coin than that the
principal is payable in these greenbocks?
How then is it that the faith of the c0un.
try is pledged to pay the principal Of these
bonds III gold? Is there mo doHdt' about
this statement?
And to close the whoe argument by
question-Whl it weaken our credit to paw
the principal of the bonds in legal tender
notes of equal value 10 those with which
they re purchascd2 And what makes it
reputation to offer TO do SO? II borrow
! 900 Of my neighbor, in greenbacks, when
they are worth 10 cents on the dollar, and
promise to repay him in five wears. is it re.
puljaton to pay him grcenbachs worth GO
cents on tue dollar for that note, when nev
er promised to Eay anything else
GRGENRAcHs.