, 1874-06-27

dollar. Moreover, tho act authorizing tho 1910
loan authorized tho Eeorothr of Elm Trau.rv IN
! maAo tho l,nndu honr ,,or do,t ln,.-a.t u,,.t
orcaoalnt 4 ~. s,,t ~ ~ T., uea' ~, u'
-. '"h ~ rot ee'" III soo LANGUAGE OF tho
NV ~ would havo boon tho ght Of abeurdt~
cent intoroBt, tho principal Of whlol, was pavablo
~ery ~ ~ tte eGhts y, ,G on ,oa tue olar II At TINT
aaro , 'so ru - =, au peou borrowing money ee INC
ce,ita OH dollar, or wlatevor might hnppou to
be tho valuo 1T tho rrooubaoks al tho t,no Of
| paymaut. Euet, NJ, mt NJ fol,v ,sos ,.rox ho,r1
et. LUG IDEA That tho $40 bonds nro payable In
| lTroueemaolo paref ID m afterthought. 1t WAS
not tho Bpirit Of the contract. Tha spirit Of tho
contract III tho life of Tho contract and any con-
| construction
| Again, by tho not Of June no. 1g0t. 'nonrraaa
| authorized the tgsrp OF $500, QUO. 100 OF TreaB-
ury noten bearing intorcst at Z 8-1o
| per cont uor anu1fn. the prjuonnl pnvnbfa
| throo yeara from date in lawful money y uou-
yertibfo after maturity into 6-q0n hoarinr intar.
cst at 0 por cont per annum. II tho 6ofla wore
also payable in currency. il Ia har1fjy nrobabIo
that INV person woud yaiuntnriiv sxahsmre %
| security Denriug intorost nj AIN nor
cent for. another boarinr tntorost at
| @ por cent, botl f,etnr nnya6lo in ihe same
! kind Of doprooiated nnpsr. T'l,o truth in, that
| tho 7-3O currency bombs woro mado conyertihln
| into 5-20 gold bonds for Tic srnroea nurnnaa Of
giving them higher charnotcr And value than
thay would othorwso hnve ilad.
| nErup1Ar1oN,
But aB a mattor Of fact tho letter and tho spirit
OF tho CONTRACT do nut ltitor from oaoh othars a
debt cannot be paid by tho dobtoy giving bis
/ nota for It. Tho grconIack ia tho nron,fsa of
tho Unltot Station e INV NO many doliarss viii.
out tatorost. Tho bond ia tho promise OF tho
Unieta Btates to nay 40 many dpilnrs.
with interest. To s,,bstituto greopbacns for tLo
bonds Ia to repud,at, tho iutorest Tic interest
on debt H. ofton AZ valuable part Of If It as lie
| principal, aud III aiwaya an exaenttal a nnrt. M
ILL., # no19 u, proposed to pay The orost In groom.
aneh Violation II national faith. but IL not .
tVtus topuunAtlon ot Inc h'terest 1ar WofHc
lhan partial ono? Rear IN mind that nothing is
gained by paying tho principat Of tho bonds in
ented, W6at wo 1a b, 's tts ttouuht G or n slr II
ho IL: eaonla borrow money OF Mr. D, swing hm
as hosa 1 oease interest, ana A. maturity should
In the common transactions Of lifo n mao who
sbonld propose to discharge llis obligations in
,hat xa YOU'D b9 expelled from eusi''ess circles
tnmnt IN no,isv viii III crsl;.nro mi ~ ar,no
viii them % as serious % 20 QUESTION tbat ,e Ind =
bo sent to the hospital to have hls hoad borcd for
erument aud private ,lobtor ia that tho fol MGR
huy tho mower. tho sheer brute force, to compol
GrodGf 1t r. :? eho Tatoyos IL choos?s @ H. l9
oatlon ol 1ts aeos' IL can compel nlm 10 taRo
or oyaer-shells or anything which 1nay bo most
convenient to itsolf and least convenient to tho
Of ls 1a SGgstons tot Gan e 5eiuxo to pay
no1or It in the eane poxsr wbieh ts s"1dJa. XIX.
e1osssss apsb II tj,s sS road liz Ok esoretsss
1t hie own tsk < nna m u orll. Iho aovernmeut
A4S e &o il At dtca t s and 1a pof Il. Nav vo
ysrv elem 1irht ~ t'1o'~''' ~1''@ ''1''o' -
1
THE o',S7nAo1.
fsm @ ,as Yn,l.t Ns'c ioa t1a1"gt% { n catsms1es
s-2o bondn3 planly ~ that tug United stases hay-
~ od fsa Tug net o
.nan s"ensy SeA1S alo ~ ate, WIN interest o. por
ons n paynno ySo aocan M ca nn Is M tnen
r. + ns; saa
pfEsss :; ys e liz e.: Il
psy 90 IT r bond, as fs. as the ava gesrs
IT. ~ ot 9aSa1 wtat Is grscnoaek nes? is ronl.
" nG 9 " y SO nrsn s n 20 m H the
" the virtual !rrceenoab'e 70 compel tue holder
in.sr;st il sxs|, ios promise tedssn!apls i
t. aIo W WI interest," nat paymsnt o. tue dobt
tho bod s w hug to exchange It for nnotler romac,
inen the aaa.s y . mstaor Of ssrRain Dnt snnpusa
bo presented eallod for :? Tho only way to execute
e nn " wan ,n a. es to ssop the niesess on Tug bonds st
no en- .. te I'VE yoafs nha th,s TO compel tho hold
ers 70 present item OF allow their cutsl to lo qnpro.
asSo ~ npose .nst 1nntsad oa RlslnH te holder Of
tso unhas u amount IN greenoacks, aw should bs
pasao' anpy ssoppina the interest," nna ailo%ng tho
@ oMner 70 pay cut us ooaa ior Na tace as
| inohsy 70 anJ ono. nc might owe, anh
t1ns a,, msk ,,l those documents legal lender
@ Moat IT,. anro ; 10 any ropliantion ~ thts And
now dees 1his differ tn any respect from the thing
Mhss is ths dorenes newssn 1tonpfng
the iero At on tho bonde, after authorizing them br
act Of Co ,gross 70 circulate as money for their face
Ysne an an exsnanKng Inam Tor smaller r'ec9 as
paper cor tannR IN indefinite rromFe pay IN another
lnrin o. words. anu declarnR this tn \ legal tenaGr
auch an exchange made under any form OF coercion
Il rorn hation: IT II not payment aud payment mas
tug tllir 'g which tho GovSrnment rfoInsed.,.
We sihse Hsde no os"sion thns far TO the distinct
| pedEcY made both IN and out Of Congress. hnter
wh,sh ths 1ns were nsgosiass because we ere ow
arGnNAK win thosa VINO profess to 10 In favor Of
@ @falhl inE tho contract according TO its tcrms.r
1hs s. NV says nnting about goa; tho bond itae'f
nist that we pay eo!n7 That, in brfef, is
the question continually Hsked. W. are roatly
TO raaot IT, Wslay aade for the moment al tho aa-
v"u1age we haso for tho other pledges, and nm will