, 1870-04-27
yEAKEN1re PUBLIC CREDIT:

The Hon. freeman Cl&rk6, OF New York,
in IN able article On THE Funding Job y
in tho Rochester Chronicle, calls attention
TO tho tact thst The 6rst act signed by Gen
eral Grant on his accession TO tho Prc.i-
dency, pledges Congress and tho country 10
a policy directly the reverse of that which
has been steadi1y pursued by Mz Boutwell,
in hispurchasea Of bonds heretofore, and Of
that embodied in the Funding bill The
act Is entitled IAN act to strengthen tho
public credit, and was passed March 1s,'
1869, Senator Sherman, among others, rot
ing for it. It is as follows:
Az <.aeted By th< Ssa7e and lolx u Reprex.,ta-
tires n tht limited Stdtt1 Of imerioa, in cvns1ea
"That, in order to remove any doubt ss 10 the
rutpose Of The government 70 discharge all lust
laws by virtue Of which snch obligations hare
tsen contracted, 4 Is hereby p-orttcA and de-
emnI! pledged TO the payment III coin, OF is
tqulvalrnt, Of all the obligations Of the United
States, not BEARING interest known ss United
at,uus ct the United States. except tn cascs
wher the law authorizing the issue nt suy such s-
a,inil ts* expressly prusiled that the s1nr may
se ra,H III aawfui tnoney OF other currency than
rell! auI silver. Hn: nonk # sdid iatere.-btarin9
et'Gattmt not aireaia due sha1l b redeemed tai
lfse maturity Ha1fs. a such TIM United sfd:ts
ho'dsT. nntHs At strh time boals ~ The United
States hearfh9 iouer Ft qf tnttyrst than the tods
!*e< fte.,ntd nan t< eot at par II eo'n: And The
llaks pr1,ssln ut the earliest practicable puioi.
for TIC redemption Of tic United States notes LII
| coin"
This ~ns an authoritative promulgation
| by Congress of the policy of President
Grants administration, ard was IN strict
accord with tho Republican national plat
| form. It wis made as soon after his inau-
guration as possible and it's DECLARED object
~as 10 strengthen the public credit. It n,ay
bu summed MP in ono sentence, !" Paynen!
Of the public debt in coin, first Of the greeu-
hacls5 80 as to asit1re resumption Of Spec
Gle payments, and then of the bonds" II
| seemed to be then clearly seen that Overdue
| promises circulating rs an irredce1naEle cur
rency were the first evils to be removed
None Of the already funded debt was to be
redeemed, paid OF purchased {excspt rs
authorized by law for The sinking
fun5), until United States notes had
been made convertible into coin on de-
mAnd, or until bonds bearing lower ratt
Of interest than now existing could be sots
Mt par in coin The Funding bill, by it,
cocrcive provisions as to the banks, anil b,
| its oHers to issue ita new bonds for green
backs, dollar for dol1ar, admits, on its face
that its lower-intersst bonds cannot be sols
Mt par in coin. The very thing it WAS the,
thought essential to tho public credit ",
should let alone, viz, the already funde'
debt, Ar. Boutwell, is now urging Congress
to refund. The niatter which it was thel
declared should be frat attended to In
dropped out Of consideration
Although tho constitution, in Section !:
Article l, says that "So none
shall be drawn from the Treasnr
but in consequence Of appropriation
made by law, and though no appropriatio
has been made t5 law for The purchase 9
bonds except for the sinking fund, yet Ii
Secretary has, On his own responsibility an
Without warrant of Inv, drawn So, 600. %
from the Treasury for the purchase {
$73, ,000, 900 uf bonds.
II these points are correct, it would Fec,
That constitutions and acts Of Congress has
very little influence with the Secretary {
the Treasury. Would it not be well Il
Congress 10 compare the "!Act to strengh0
the public crodit with the Funding bill
II tho first is cor7ectlJ entitled, the socou
must bo an act 10 weaken the public crcdi