The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1876-09-04
Payments in "COin."

n
90 common had become the popular
phrase indicating that our Government
bonds were payable sin gold," tha
many people had come to suppose tina
it was actually $50 nominated in thu
bond" And yet that common supposi
tion was entirely erroneous. The Gov
ernment has never yet issued bont
payable specifically in gold. All tn,
bonds now extant are payable sin coin:'
i. g., in coined money, either silver Of
gold, of the weight and fneness pre-
scribed by our law of coinage anC
values. This correction of common
error has frequently been made since
the subject has come under public dis
cussion, and ought to be perfectly well
known by all intelligent people.
But, that very peculiar paper, the N.
Y. Nation, which superciliously claims to
be edited by Omnlscience, has appar-
emily not yet reached the degree of in
telligence necessary to comprehend that
when bond is, by it's terms, made pay
able in "coin," it is not therefore neces-
sarily payable in gold. The Nation is
fertile Of phrases uncomplimentary tC
its opponents, among which "swin-
dlers," "rascals," "knaVes," and de-
tenders of ''roguery," are common terms
as applied to the advocates of silver
money. This intemperance of language
is of but little moment only as being re-
markable as coming from journal
claiming to possess all the brains of the
nation, without the capitol an" Speak
ing ofus "rascals," "swindlers," &C.. the
Mutton says:
"They seem to suppose, if man prom
ises to pay debt in 'coin,' for in
stance, that it makes no difference what
changes in value the coin has undergone
in the interval between the promise and
the payment-a piece OF moral oblusca-
tion which flows, we can not help think
ing, from the fact that in the currency
discussions of the last ten years we
have become used to payment in coin
Us a synonym for honesty"
We will not, SO far as our part in this
s'roguery" is concerned, leave the Ma.
tainty of mere supposition on this point
We will assert it unequivocally, not
simply as ''they seem to suppose" but
positively, that, SIT man promises to
pay debt In 'coin,' it makes no differ
ence what changes in value the coin has
undergone between the promise and
The payment" We assert that witho ut
any if. but, or whereas. That is exactly
The ''piece of moral obfuscation" which
we maintain without compromise or
modification. And yet the Nation seems
10 revolt at such an idea as thing of
moral turpitude, as a Synonym for dis
honesty"
Ii an individual or Government is
sues promise TO pay SO much coin Of a
given weight and tineness, the payment
Dl that much coin of such weight and
fneness eXtinguishes the obligation, no
matter what may be the market value OF
that coin. This proposition is SO plainly
true that no man, save he who guides
The Nation, can fail to receive it as true
The person making promise of payment
Dt a given quantity of any given thing
can never be presumed to guaranty the
market value Of the thing promised.
The promise to pay thousand bushels
sr wheat on a given day is met and ex-
huguished by the delivery of that guam
nty of.marketable wheat on that day, no
matter whether the market price be one
dollar or ten dollars per bushel. 1t
makes absolutely emo difference what
changes in value the WheQt has under
gone in the interval between the promise
and the payment" And yet the wise
man of the Nation calls this "piece of
moral oDfuscation."
But the Nation does not halt at this
most obvious manifestation Of its dog
matte folly. 1t goes further, saying:
"Coin which varies greatly in value is
no better, or little better, than Govern
ment paper. The reason why men clung
to gold and silver so long as standards
OF value was that they furnished a man
who parted with his property to another
better assurance that he would get it
back again than anything else did. If
either of them loses this power, calling
1t 'coih' does not make it honest or useZ
1ul money"
But il IL be "coin," its payment is ex-
aetlY what was promised, 1t Is there.