New-York tribune., 1876-07-27
NEW YORK DAILY TRIBUNE THURSDAY, JULY q, 1875
This debt Is Authorized by act of Congress approved

This debt Is authorized 10y net Of Congress approved
:fa:ch ,. 1864
Gcn ulno,s, the Assistant Treasurer. whose aten-
tiou 9aa been called ~ he important point raised IN view
uf the possible aseayc II the silver hill, said tat "c
r had not examined recently tue text of TIC several
issues bonds cry critically nc bclieTed ihet they fcAd
p,yaai, "in COIN" II, lad not given the subject
y Great deal ~ con iItr,tior uor mad he
had any correspondence Cn the su'JecI~ lhe
course oi tnc Government IN the event OF the
passage thr silver l could not be predicted with GER
ttIuiy. Making 1ycr unlimited legal tender woEd
cuabj. the Government to pay % its Obligations IN that
run. The natural hu!.U's" = iniiSid9as would be 10
yl oG thcir r rEr iarss "a DE least valuable currency
Dat NLciicr Dc g. v,rrn,Et would do anything OF that
lind remained &, be seen. rho Government might be
Compelled 20 r.f ia bonds silver, out % decfence to
ic popular wilt Ilc people ught call upon il TO avail
itself u Size oToruutcs offered to ana mad" use ot ny
private c,tln- fnp4y it, indebtedness IN t" least vat
table clr,iry. Should tIc measure pass, there might
Do SciiUus comp.i .iHsti,U'.
Nj Ii.uch ~ ..r aria # Fisk & Hatch probably the
best known dcaici 10 Goyernmcus bonds in the United
States ~ NE prosn ne said that the spirit of the
several acts lajiG the bonded debt intended mat 1t
should bc lNil iu rui. and in no other currency 10
o,r to pay the Government bonds ia deprecated silver
currency wrong IA lGinctpe aud - much epnH-
ton in iIicaDn rs 80 oir 10 pay tacm IN reelh"ck'
II rrud!acn all The -amc The oalY diir nee being
p d,glc'. T,tirs cy-sccrtary Richardson's hand
70 .yod .l possible question To the nearing Of the
Dol aye uicul uu, IN Funded Loan, %" Ace Oi July
II 1870. winch Authorized Z, i,su', expressly lr"NrIS
trn e. bonds ~hH pe ;ri.'Hholr T c'." ~ 80 E H'I
sDH69rd rGrs: 'hai tie interest s'HI he ild ~ SnH
c,.'. rud tnt tIp-c coni ZION, should y" "t form ana
cNi-'i Hpou the ;tcr ul Lh, bonds IHr obligation 10
pay coin ~ H,cd ,;andaid v,!ur, BENG thcS c%-
pressed ~ the IL" aud on al tr bonds Themselves en-
I .s.d lrfms pan 81 the original Contract WIN
too % dcrs iGcor scc'r'tirs and ean never 90 qu''
uon.d.
Following tbia mp. Mr. Hatch read the act to
strrur; ~ uc Public Credit" passcd in 1869. as follows
Re II cnoc'd by Ht S'nqts ami iorse of fcDresehtt
br'S ol ~ ',d Stt.'s ~ AH''r'd ~ t"''9f'ss as
uur.os oi thr Govcrncut di-cuarer al Su't oh
ha lon, 10 me pubic creditors, ahl 10 settle tohhcIhg
w.rh .ucI ,bl liI"us nave bon Contracted u s hct'I
bS prov drd "ni d,"'urd ;hai the l'iil ni lAc Ohu
STATE, sormuly pied to Tire payment ~ cou, or iis
,qu'H'u., oi % the "hlSfl'ohN oi l"r ILlui H' '"'
a., n ~, n , arpg obli.1tiors. cxccpt ia
ta-> "i'it "o a" authorizing tn' I''4t oi u '"OH ',y
i,at nu ua, expressly rruFid thai The same may hc
pad 90 lawful Nancy or other currency than go'd anh
sI,!. Igt -.ld m;orc, tD"atiug obEan"ns not
ar, dy due sinai. br redeemed or paid brfor maturity
uul,s. 80 suc lin United sta", rot shall be convert
b. in.o co q o.tou "i the holder, or unless at ca
bonds co. o.. Cu.tri srio, bearing lower rate ~
interest lHau tie bonds To bee Io'rrmrd can be sold al
AaI l, Uard states also scemrly pledges its faith TO
rlr pr.fi-i.ua earnest practicable period Tor thc
rcfiDm.t of "a. UaIicd states notes Ia com.
Nj Hat addict nat tine whole tenor O legislation on
tL, .gu,rc. VS. ru. {, demonstrate that Wac the
-YI .r intention oi thc Government to pay the bonds
iu r..,L Putting tar word "Eo!I' before the word
"r.n" was probably REGARDED ~ sup,rAIou-, aud il
c. emitted f1. .u. ot.cr reason. liked currency oi
% uarI vain. meant gold and nothing else The silver
bI uli not passed aud might never become law II u
a the dutc, which payable IN gold would be
payable in -iivcr. us 10 would be- a measure which
would U.rG both ways. Certainly the bill would
Dee immediately dci'atyd n IL were known or Thought
tat t.cfc was any intention 10 Use u fnr purposes
Of r,pudiat.lu. so one would be- likely to under
TAI, tu carry cu' deyr,ditbi' scheme; bur %
guard aLam., l contingencies Congress should pas "n
act rcaGuu.us Tho obligation, o' tuc Government ond
declaring tucau payable IN go. had been Intended
a.N.tt.