, 1873-08-04

AAo 4Att4HS IaF4y " uui AIklclo Uu tu1 4ehh4
aspects Of all "watcrod Stock" is exceedingly
drol. Tho poaiton 1t taken is TINT, evon though
tho iBBuing Of such stock WAS unlawful from tho
beginning, yet, because "the peoplo stood by
mud said nothing while tho. queer" was shovod
on tho market and sold to innocent holdera,
they nrc now eatoppod ind must forever aftor
hold their peace. 10 attempt to separate tho
lawful from tho unlawful issues now, would ho
Ike raising money by tho "pnnel-ga1no." THO
"panol-game" Ia supposed to bo m opera
tion whereby conlding capitalist
loses bis paataloona in a house Of ill-famo. Tho
people arc presumed in this instanco to koop q
house for tho convenience Of capitaliats, to 1uro
them on by silence, and then to mako WY with
their clothing and yaluabloH. Designing people |
Ingenuoua stookho1dorsl
Judge Barnard once gaVo correct definition
Of an oct Of tho Now York Legislature 1oga1iz-
Ing On ovor-iaaua Of railway stock. Ho said 1t
VAS fan act to lsgalize eounterfoit money"
Tho sort Of stock nsw under discussion Is that
fion holds that, II countorfoit money
has boon issued aud has COTTON into the channels
Of trade, aud If "tho people" did not protest.
aganat It ut tho time, thuu it should 10 consid-
cred good money, md anybody who says It isn't
Ia stealing cloLhos III q brothol! This atunning
formed that wo can find moro Of tho san1o sort
In the Bible, aud in tho works Of tho Rov. Mr.
Paley. Tho only similar case in the Bible ia tho
ono recorded in tho 38th chapter OF Gonosis. II
tlis iB not what tue Nation means, its roforcnco
to tho Bible and paloy il probably piece of
protcntious guac1tery ind cunt.
But tlero iB another reason, according to tho
Nation, viz: Con. Butler aud Senator Morton
ouco eaid that tho United statos woro not
legally bound by the declarations made in the
House Of Representatives end by tho Secretary
Of tho Treasury when tho bonds woro issued, to
pay them Ia coin, and tllat they might bo paid
In papor all tho sano; sohich aoas quite true.
nut Ill concerned in paying them iu paper uould
hayo boon mono the less knavos, because they
had all stood by silant while tho bonds wore
beinR sold, thua acquiescing in the construction
put ut tho time Of tho loan on tho terms Of tho
contract"
We fancy tho holders of $50 bonds will not
thank tho Nation for its defense Of their rights.
Thoso rights depend not at ull on anything said
by tho Secretary Of tho Treasury, or upon vocf-
erattons in the House Of Representatives, or
upon the Bi1onco Of anybody whomsoovor. Thoao
would bo sandy foundations indeed The panol-
gamo would DO preferable. Butler will be worry
glad to got tho Nafiou's admission tint they rest
upon nothing bottoE. TAoHo rights rest
| upon tho principle that debtor cannot
discharge au obligation bcariug interos,
and payable ut time certain by rendering
another obligation boaring no interest and pay
ablo ut no time. Tho good mud lawful and sole
reason why tito bonds cannot ho paid In greon.
| bachs is, that such procosa would not be pay.
naent but merely M adjournment OF the time Of
| payment without the croditors' consent.
| We copy tho Nation's article elsewhere for tic
| enlightenment Of all other nationa.