, 1876-08-07
STRANGE ERRORS ON THE s1LVEn CUES

tho party.
STRANGE ERRORS ON THE s1LvEn CUES
TON.
Tho New York Tribune publishes tho
viows Of Mr.. HATCH, who, with others, In
sis.s that tho legislation Of Congress on tho
subject Of tho public debt, though It used
tho word "coin," implied gold coin. As an
authority for this hoquotea the Funding not of
July, 1870, III which 1t is stated that tho now
bonds are to bo rcileemable in coin Of the
present standard value of the United States"
This, Mr. HATCH says, and tho Tribune Beena-
ingly indorses 1t, means that tho bonds aro
payable IN coin having tho samo purchasing
power thatit Ind in July, 1870; TINT in other
words the United atntes contracted to gunrnn-
tco the silver mud gold against. a decline in
value. The ''st andnrtlvaiuo of the coin referred
to in the Funding net was tho existing weight
and fneness of tho thon legal-tender coin.
Tho reason for the incorporation Of those
words WINS, that tho schomo Of an interna-
tional coinage had been considered and
recommended by Congress held IN Europe
If VIC re1nembar rightly, gold coin of tho
6LAAAAIL fGAAt VA - AAAA@0 Az tSAA " 10 ~ ~
the unit F.; this corTespondod 30 very nearly
to ono-fifth Of the British sovereign MS to ill.,
yolvo no change in that coin, but it did mike
q serious difference in tho case Of our gold
dollar, which would hare to bo reduced in
weight to correspond with tho international
coin. Tho American representative at this
Coinage Congrcss gavo assurances on his
own responsibility TINT the United States,
in caso the international standard WAS adopt
cd, would not tako advantage Of tho change,
but would pay ita bonds in " dollar" Of tho
standard weight and inoness as it stood
when tho bonds were issued. This led to
tho introduction Of those words in the Fund
ing net ct 1870.
Tho Now York Journal Of Commerce, com-
monting on tho letter OF T1unIow WEED,
goes far beyond 1Ir. HATCH, md makes
so,ne worry singular statements. It says:
bonded leLt Of Tho United States s payable in gold
coin. Mr. WEED must he sad!y ignnrant of the
subject upon which he wl'!ea a. ugh !ength ~ no.to
subject, this pledge Was carefully tnAorteu In Tho
bonds TINT wcre Issued.
And again:
Even tic promise In the bonds to pay them in tho
sufficient It Ia trus that thia must 10 redeemed In
gold, but under tho later fung of tho Court; my
quantity 81 go made sga.,S,,naer TOR a., dollsr
taliatH Of Earopn might lend to the United States
ayu hundred mlIons ut t,;e ra.c Of 70 a.1o Kralns
Fssn'a payrat :s - ,ash sses
gralna should DO lrga' 'tendcr far dnl1at: !hls
,co, " ths prispss ot ho ,in ee1lo on,
payable In gold wtero there Waa no further stula-
ton. 10 meet this new difficulty tho Old plates
stipulating nut only to ply tho debt In Eola coin.
hut IN nniD co,k or THE Uk1rEp STATES or Tnk
PRESENT WEIGHT AND risENEHsl
Tho journal Of Commerce iB Que Of tho
most profitable newspaper properties In the
United States, md its proprietor ought to
have handsome amount Of Government
bonds In hia safe, but II 80, ao cannot have
read them. TO saye him from worso re-
rroacla, wo shnll have to charge that he Is
"sadiy ignorant" None Of tho acts author
izing tho issno Of bonds, and none Of the
bonds themselves, contain the words he
alleges they bcar. Tho text Of tho now 6s
is as follows:
This bond IL Issued in accordance with tha pro-
authorize The tetunIIng of tho national debt" up.
proved a. Jgiy IT, ls7o. amended BY ~ act apptovst!
sstss sa Il a II ,4 s ~ Y
1851. in coin of the stan,'a1d value of the Un!tod
state.. on 5ad Jaly II lS3o with interest IT, .ue
a.i: r. yesr fhe Principal ana ia,ets:t s;s esen,rI nj
;e ss w y ssasn fs a%s; Il sn; s
by or under Ntato, municipal, OF l0ca; authority.
These aro the latest bonds Issued by tllt
United States. Nothing is sald in then
about gold coin. What can have become d
| fhe nay rlntaa Tint yyore onprnvotl nccnrilfnt