The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-08-05

involves the permanent control of loyal inhu-
euces in the Government, and the perpetua-
tion of the legitimate gains of the war. 1t
upholds obligations incurred in its conduct,
and indicates the right of States which re-
mained true to the Union to dictate the con-
ditions of restoration. To support the Re-
publican party now, therefore, is simply to
carry to their proper end measures and
principles which, during the Rebellion, COM
manded the answering approval of the class
whose convictions are expressed in Mr.. Sib-
ley's letter.
How Shall the National Debt be Paid!
From The ". Y. Tribune.
We beg that it be distinctly understood that
the greenback question is not raised by us,
but that we discuss it because those who dis
agree with us will have it SO. They insist
not only on discussing it themselves, but that
we also shall discuss it. The following is one
of the latest statements which have reached
us of their side of the question. W. A. B.
Writes:--
1--WE favor the payment of the debt of the
United States according to the letter and sp rit
twenty bonds in greenbscks, pledging ourselves
that, if IL can be demonstrated that such Is not
The spirit of the law, we Will abandon our posi-
ton, and cheerfuly use our Efforts TO induce
Others to ADOPT Just view of the case-yours, If
"On the face of every legal-tender note OF the
United States Is the pi"ln declaration, This
mole is reCelVaDle Tor all 0ueS pubic ana pr1-
vate,' except duties on imports and interest on
the public debt, which, of course, we Insist
shall be paid In gold. The fve-twenty bonds
we're bought with this plain statement Staring
the purchaser in the face from off he very notes
which he paid in exchange for the five twenties
Is 1t not just that he shall receive his payment
in the same?
1--WE favor the payment OF the Five-twentles
| in greenbacks. You 8sk us how, then, will we
pay the greenbacks? In gold, To the uttermosL
farthing, when we can; but meantime we will
avoid the ruinous interest we pay at present.
declares iSSn1
well; we nave in circulation only 10000 900
We would issue the other $50 00) 600 aud thus
ming"
Comments by the Tribune.
Our correspondent quotes few words from
| the original Legal-tender act which he thinks
| favors his view of the case. Let us quote
| several times as many from the first section of
| that act:-
"And any holders of said United States notes
depositing any sums not less than fifty dol
lars, or some multiple of fifty dollars, with the
Treasurer OF the United states, either Of the
Assistant Treasurers, snail receive therefor
duplicate certificates of deposit, one of which
may be transmitted 10 the Secretary OF the
treasury, who shah tnereufon isaua to- the
holder an equal amount OF bonos of the United
States, coupon or registered may by said
| holder be desired, bearing interest AT the rate
| OF six per centum per aunum, and redeemable
| at the pleasure of the United States after five
| years, and payable twenty years from the date
thereof"
terms of the original Legal-tender act (Feb.
25, 1869, every greenback was fundable at
| the pleasure of the holder in Five-twenty
| bonds. How can you pretend that, while every
| holder of greenbacks was entitled by law to
exchange them for an equal amount in Five
twenty bonds, those bonds could the next
| hour be paid off in his despite in greenbacks
| Do you not see that this would utterly nullify
and destroy the privilege of funding the
greenbacks, which was chief element of their
| value
Now look at another provision of that
same Legal tender aot:-
"Section 8. And be 1t further enacted. That
all duties on imported goods shall be paid in
| authorized to be issued, and by law receivable
In payment OF public dues, aud the coin so paid
! shall be set apart special fund, and shall be
| applied as follows:-
''First-To the payment in coin of the inte-
States. '''
'second-To the purchase and payment OF
| one per centum OF the entire debt of the United
! States, to be made within eacn fiscal year after
! the first day OF July, eighteen hundred and
fund, and the interest of which shall in like
manner be applied to the purchase or payment
OF the public debt as the Secretary of the Trea-
sury shall from time to time direct.
| ''Third-The residue thereof to be paid into
the Treasury OF the United States"
Here you see a provision of coin not
merely to pay all the interest, but to pay at
tire national debt, in each fiscal year beginning
with 1862. Do you propose to abide by that
part of the bargain
The act further prescribed, as you quote,
that the greenbaeks "shall also be lawful
money and legal tender in the payment Of
all debts, public and private, within the
United States" The avowed, notorious OBJ
ject of this provision was to give those notes a
higher current value than they would other
wise possess. But your construction tends
not to increase, but diminish their value
That depended originally on their being
legal tender and on their being fundable in
ive-twenty bonds. If, instead of being thus
fundable, the fivetwenties may be paid off il
greenbacks, their value would be slende
indeed.
We know that the meaning which our CORE
spondent and others puts upon the Legal
tender act is not the intent of those who passed
it. MIR. Stevens, in urging the passage of the
Legal-tender act, at least four times asserted
that the fve-twenties were payable afte
twenty years an coin; SO said several of his col
leagues on the Committee of Ways and Means
and no man demurred. We thus prove tha
no such meaning was intended by those VIII
framed and passed the bill.
Now, then, let us look at facts about whicl
there is no dispute.
When the bonds were to be taken, the ques
tion was publicly asked-"How are they to b.
paid May they not be paid in greenbaoks p
and Secretary Chase replied, "No; they ar
to be paid at maturity in coin." This salts
fed the doubters and silenced the eavlers an
the bonds were taken on the strength of thi
assurance, which was reiterated by Secretarie
Fessenden and McCullOch SUCCESSFULLY. AL
those whose business it was to get people Il