The interior journal. [volume] (Stanford, Ky.) 1872-1881, 1876-12-08

contracting PARTIES fnr -four aud oue-h.r pcr cent
compton 81 United States nyeiw en,y bcnds. act
March >. iss. have been is-uet, wat
cs :s,ss ssg,smcsr isle.........s,ccc go 90
sa,i q "a s,pt mssr AZ 1919 ............ ieccceee
Cal ss,ss essoSss isis s'e: Sccccs
Total $50 ooooce
Issues to the extent Of ssSs7t $50 Of fcur-and-
cpe-haif per cent bonds have been made, and 70
fundias operations are still In progress.
RIsUxruos on srscIs rArxssrs.
In March. 1850. by an set entiticd IAN Get 10
strrnstten the pnbiic rctit." the faith OF the
iion. Of the United sistes. not bearing interest.
Ss sssa. ' q se i uS,s 2,
aud. far,ncr. 10 mako provision. ~ the earliest
grsei,e-,.ls period. for the rsdemp,Vo Of ne
ny the act Of January, ISIS. Congress Declared
the purtcee 81 resumption Of spec,e payments on
q tho pcse OF hs &c, Of isss pro, ,dsS Tor the ~
demption ~ the unred states notes, aud for the
isa.. sm eSsd,oesps theories, declared. 70 :s-cs.
. nioneiary ~ sHern ecmh,ned 81 scin ana National
ss so. n sSp me ss
the traditional policy OF the American people,
ny ~. LEGISLATION Z, VIII b perceived ihss the
sary. ISIS. by the me,hsd Of redemp,ios q United
SoS 9. Ssss sS% %. ' "a.
equivalent Of money ~ US eoaverubity Into
sas Witch ''% iss .nassmen p s.s ssI sst
looking to the consummatfon ~ an extscut meas-
ar, o. sSo,s nss e, M -ss @1ass Ssy an
terms 20 acconplish its eDd. Atoturn TO the eou-
.inut,ousI standard OF values a. sny time viii
doubtless 10 some extent, involve q rcfuction I n
nominal prices and con<squeat oniracti oa Of The
volume ~ curreney but ihis is 81 Itself peees-
20 = vicious system. mot eprrd bY tho contnu an &c
u the evil, While the measure lfsrli - demand I'd
ciplss Of boas II sieahas among men. Besides the
trouoies uksiy togroS cat Of enforced resumption
&c, &c oslesed 70 ss sIsa,y s,agsrrsiss' ksstos.,
resumption. aud tue extinction OF irrcdccmsbie
notes eurr,ni az nonev, AID the enforcement Of
ray ment ~ c In Gu demand. OF tn. Naiional bank
mates treated NJ the equivalent of money. are OBJ
v,oa.iy alike OF Ma. ionai obligation aud pahic
osvcrnmenr, aud 10 ise National coyernmeni
tie people properly Look 10 take the INITIATIVE In
resumption, lis.,ns. asas' ns sa,h.nty 20 ec,n
cuuhtrr, anu The States arr inhibited 80 maks
anythins has sold an silver eoln a tender IN pay
vertihir naper currency is especially rcpuspant
Ia toe yriueipies Of the Constitution aud the trsfi
iioual peiicv OF the American lrnople. 10 10 obvi-
ou.iy i.eumbeut on the Oosern asent 70 main
tam aud preserve the money standard Of values
Of paymenti 10 cosn on dsrnand al the Option o. The
holder. OF nil raper moosy. Nov. 40 for
long time hereloforo it mas been. q large prcpor
by tho Government 81 the United states. 70 shks
irreJesnabie. lnconvertible ADD depree aied psper
money; hut u has heen enforced as substitute for
the money OF tho Con.utufioB-coin. The United
States notes. commonly toown as lernl-tenfer. re-
~ our msnsiary sysiem. toirrab'e aud pcssibls
only IN tue eNiecnci.s OF civil war-ine onsprtnf
Of rs periis and lImiiei to its nees.sitss 10 a..
~hlrh tu'tlfler thor existsnca had oessed. 10 TO
violate the eonditicu- OF their inception and 20
sanction What vas only tolctanle a. q neces~ity
by ini pressing upJn u tie stamp OF legitimacy.
Inc purP,Ft Of The LEGAL tenier note Was and 10 .
dednIIely setlicd by the Supreme Court Justics
Bradley. N speaking OF u, saya
III Is no, an stt-mp, n ootn Of vaiasess
shells. IL p.siss % ths Ns.isn.I er~ht u i |.
ssTa % value as sss ssans Ths amply
Demands thsl is credit aha b. accepted aud rcsased
ssasS 40 one .appssss taai shsss osesa
,nt cartneaiss are neylro he pAidthst the d.{ q
nss IA shal ior,a u,sy arr i.sSed. rsrsssh
% Js I'D"
Dealing with this question. Senator sherman.
Cnairnian Of the Quantities on Finance. In re-
cent speeea Va the scuate. says:
detalss q Congress fhsi every stsp q the tho
o. ,o,eaS ioss. sus Ian ssesSay sofns and 20 ps
rrdssmsd .ooa ai.e. a.. war wa. eysr Ne
In coin"
These notes an not ana do not purport to be-
money-tn-y are rather III. symbolic expression
Of the Governments authority IN tts extremity 10
;sYs =; p.s we're 1Gs ss e. sTs .ssss,
coex isient ouly with tho necessities OF which
they were the oa.p,ns. Having served their
OF Goysfnnent indebisdnss., 10 he provided
for other OBLIGATIONS. Indeed tina was the logic
/ eepiion and treatment Is interpreted W the pro-
Visions Of the acts by which issued. by the pro
ps Ss6 lT and ~ s9i a 81
Coait 81 the United States. Al the close OF the
war thoy were a portion ~ the public debt. ana
I nfQ \ IA tn
day only because the original provisions for their
funding have not neen enforoed. anu that fancifdl
and speculative theories have prnposet their per
mgnent benrpo atiou into our monetary system
as rot ineompaiiole ~i'n the nard money q tho
people. Thai policy wbiea tolerated the sonnnu-
OF these notes ns money after the close OF he
Al that tune they we're. according TO orisi
nal design and by the logic 81 their existence.
DO emoodied with tue public uebi. and not TO be
treated or tolerated rs an element OF the National
currency. They were 10 pass out OF the category
ho debt. CONGRESS. m is69. treated them ~ por-
tion OF tue public debt, ani pie ieed tho faith OF
the Nation TO their redemption, as such. At the
earliest .prnciicaole period. aud the act af isIs
contemplated their redemption IN January. isTa
non OF p sps",e pa s y so, ONLY sseIa1eS Sa,
a monetary syslem tor the United States clearly
indicated, with pr0yisions Tor the redemption Of
! irredeemable paper current a. money, and tho
ISSUE 10 lieu thereof OF National bank notes re-
deemable IN CON at the option OF tho holder, ami
a " tuN W utluiile stAu9aiu
Of tine Constitution.
Il remains only TO consider tho adequacy of.ihs
provisions OF the MEASURE for resumption In is1s
TO accomplish iis object
As a iuri her provision deemed essential 70 tho
purpose OF resunlp tion. " IL recommended hat
addition 70 the aaihoftty OF tho Secretary OF the
Treasury already conferred, To provide for re-
deInpIon Of iessl-tendor notes on aud after the
day prov ded for resumption. by The Aooumul q.
ton u an sdoq aate amount OF gold 10 meet the
volume OF three hundred million dollars u legal.
tender Doies. which will then be outstan ding, by
the sale of United sIstes bonds. authority 10
given him from tmo 20 tune, as he NAV deem "a,
podient and The STATE al tho finance. admit. 10
Iund these nOtss into a bond bearing rate Of Ia
lercGt not more THAI four aud one-ial per cent.