Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-04-05


bonds, / can not do it without changin
my convictions as 10 the construction O
the statutes which have entertained fror
the first
Here we find not a suddenly forme
opinion which might give way upon re
Election, but conviction 'from the first,
| a venerable and mature and sober conyic
ton that ''some of the bonds under tn
original law of the contract creating then
lSwcrc not made payable in coin. Tht
Senator, to appease the incoming admin
istration, expressed his benevolent anxiet,
''to have the bonds paid in gold or ii,
equivalents" and predicted the speed,
return to specie payment in order that i
might be done; but his well settled con
yiction of the law of the contract was Sc
strong that even his ardent wishes for tho
bondholder to get gold from your pockets
instead of paper could not suppress it in
the Senate. But having stated that
''some of the bonds" did not call for gold
on their principal, he proceeded most
clearly and ably to define and declare
what bonds and debts he meant by that
expression. / read again from the same
page The Senator says:
F'1o determine by law the question as to
what debts may be paid in legal tender
notes, we must look to the several acts of
Congress creating those notes. The first
act is that Of Feb. %, 1862, creating the
first $3.50, 900, 900, and it contains this
provision:
'And such notes herein authorized
shall be receivable in payment of all taxes,
internal duties. excuses, debts, and de-
mands of every kind due to the United
States, except duties and imports, and of
oil claims and demands against the
United States.
Language cannot be holder than that
Of eUeyy Kind tOtateUer, except for in
terest upon bonds and notes, which shall
be paid in coin; and shall also be Lawful!
money and a legal tender in pay
ment of all debts public and private
within the United States, except duties on
imports and interest as aforesaid"
After thus stating the law, with his
comment interjected in the middle of it,
the Senator proceeded as follows:
''There these notes are made by law
applicable to the payment of every claim
and demand against the United States, of
whatsoever kind, except interest on notes
and bonds, and the act further declares
that they 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 in
terest as aforesaid Language cannot be
broader, cannot be more comprehensive
than this, and this is a part of the con-
tract between the Government and every
purchases of a bond created subsequent
to that time, except where the creation of
that bond is excepted from its operation
as it was in the ten-forty act. 1t is part
of the contract, although it is not con-
tanned in the same identical act of Con
gress that creates the bonds. 1t is the
law in full force and operation when all
these bonds were sold and is in force to-
day.
Here we have the explicit avowal of
Senator Morton put in his most fOrcible
language, that, from and after the twenty
fifth day of February, 1862, every bond
issued and sold by the Government, with
the exception of the small amount created
by the ten-foIty act, are legally payable
in the currency then authorized and made
a legal-tender. | am lost in wonder and
amazcment that he dares, with this record
staring him in the face, to assal the
same doctrines now as fallacy and a
paradox. 1t is difficult to comment with
in proper bounds upon such audacious in
consistency. 1t is made more difficult
because he has become the aggressOr, and
cOarsely assaulted others for entertaining
the same views of the law which are
hardly yet cold from his own lips in the
official columns of the Globe. But hear
him still further:
''But, sir, it does not stop there. Then
we have the next act of Congress of July
II, 1862, creating the next $3.50, 100000 OF
these notes, which declares:
'''And such notes shall be receivable in
payment of all loans made TO tile United
States, and of all taxes, internal duties,
excuses, debts and demands of every kind
due to the United States, except duties on
imports and interest, and IF all claims and
deaands against tie United States, except
for interest upon bonds, notes and certifi-
Gates of debt or deposit.
Nothing can possibly be left out Of the
character of debts which these notes will
pay except those things that are compre-
hended under the exceptions, which are
duties on imports and interest as aforesaid.
It goes on to say that such notes shall also
be lawful money and legal tender in pay
ment of all debts, public and private, within
the United States, excepts duties on i'm
ports and interest as aforesaid. That Hlo
Is part Of tie coRtract under 11lttch all ct
these bonds lr6re subsequently Sold
THE acts Of Congress creating these
bonds do not say in what kind of money
they shall be paid; JUt other acts Of Con-
gress prescribe tie kind of money that shall
be apDlicajle IN tie payment Of eO6ry dOllaT
due from tie United lStHtos egcept on bonds
and notes.
Was anY proposition ever more plainly
statedl He that runs may read. The
wayfaring man, though a fool, cannot be
lost for a moment here. | repeat again
the Senator's conclusive and cOmprehen-
siye statement: 'sBut other acts of Con
gross prescribe the kind of money that
shall be applicable to tie payment of
EVERY DOLLAR due from the United States,
except interest on bonds and notes. >"
There it stands to cOnfute, cOnfound and
condemn him forever. But the Senator
goes on with his argument:
'TIct me turn over to another act of
Cor rress. the act of March 8, 1868, au
thorizing the issue of more of these notes:
"'Which notes so issued shall be lawful
money and a legal tender in payment Of
all debts, public aud private, within the
United States.
care these bonds public debt2 I'm
doubtedly they are. Every debt that is
owed by the General Government is a
pIblic debt, and in this thitd act of Con
rress, there is another one still, it is de-
clarcd that these notes shall be applicable
TO the payment of all public debts, except
that part of the public debt which consists
of interest on notes and bonds. Except
for duties or interest on the public debt,
and any of said notes when returned to
the Treasury may be re-issued from time
TO time, as The exigencies of the public
service may require Now, Mr.. Presi-
dent there are three acts of Congress,
about the construction of which it seems
N me there can be no mistake. Broader,
more comprehensive and explicit declara-
tions of the law making power | have
never read, and when the first one be
,,ine with the declaration that these notes
shaIl be lawful money and legal tender
in navment of all claims and demands
aroinst the United States, of whatsoever
kind. is anything left out there except the
exception which follows in the language
Of the statute, except interest on note:
and bonds? And then this language i:
reneated three times afterward in differen,
acts of Congress, so that although tho
acts creating these bonds are silent as tc
how the principal of the bonds shall be