, 1877-12-17

Secretary. They wcrc Issued in pursuance af
laws cnnrtcd for that purpose. atrl their paw
mcnt should ic. and va*. regulated " the laws
Senator kernAn (Dcui.) further claims tha't
by the resolutions or 1853 to strengthen tile
public credit. all bund. fssncd by The tinycrt-
resolutions at i,t,,i; but, from The fals that nt
that time silver was lcEnl.teinicr. hare 10
tica TINT tt,sc resolutions contained any siis-
crtst.IHatiun agaust It as ltgaa-teiulcs Tor tic
debts Ut tic tiuyernucnt.
M,,rh las tcen said concerning the turrersi-
tu,is character OF the nct of February fst:', de-
n,nnctixing silver. This tcctns only Important
rs affecting those responsible fnr tic lcgslatto'.
Tir pnhit creditor n1v well eAv, ~ khHN
nothing rs to how the law was passed; o1,ly
know that It was tic lar"; and this is saslI'
Mr. Thur1ow Weed Inns Of iase ',ccn qui.c III
lastrisus III showing The use ul stIscr l,y the
ancient tsraci.tes. This, tot, Is foreign to- the
matter in hand. Everyone kuowh that silvtr
has been counted precious metal. AM! uscsi ~
medium uf exchange, frutn the enr!!tst Fetnrl-
ell times down tn the pfCscnt; tut that las
nothing 10 do With The question as to whether
silver dollar OF ata grains slsnll l,c lr9a1-
tcn.ler for tic debts oof tic tinted States toy
ernmcnt.
conceive, then, that the law Of the case Is
plain: that, rs 10 bonus !ssacsl. prior to Fc II
fSI5 the tiuyerh,ne1,t has <e legal and n'.fa!
right to tlY In silver Get! Ut ts onin,t; that.
as 10 bonds issued since tint t'"'e thcs "rc pay
While i believe tue law Of tho ease IL be =.
stated, anil TINT tho Government las the IIlolnl
right 10 stan,l UPON IT. legal rights without H.
curing r,atge q untaiacss i, ~ es'',s ,r.
| tun ot pallcy. .,......-.-
| OF tile i;Ovrrniltcnt will bc something nlDrc
Than adequate to It's cl,rreft cxl@,ites; but
II Is also to be expected that the tsn,e may aga|n
come, anti more than nncc, wten tue t;t'srfn-
ment will tc a borrower. No accumulation emu
be made as d provision fur thu wants
| OF tho Hovernmcnt III casc Of another war. It
Is too inucl, to expect that we shall never nGan
be engaged In var. It Is altmpoftailt that t.ie
Government Of the United States b. able to OBJ
tAiu nuncy Mt tho lowest possible ratc Of litter
| eat. This may he sail not only with reference
to future 1oalls, but with reference to existing
Indebtedness. 1t Is but commonplace otscEva-
tipn tllat the debtor Who Is most scrupulouA I'll
meeting lis obligations ohtalns money upon the
| most faToruble terms.
fIho United States Government was alwaya
| most scrupnlous In meeting Its obligations; but
that did not prevent Il from having to sell ita
ro,n-bonis at from 10 to 90 per cunt OF thciz
face. Russia has always been most serupulous
| In meeting her OBLIGATIONS. but, during the
present war, she has been torcc1 to sell her gold
uouls. NJ Is per cent of ttlclr face She suffered
IN equal sllavc during the Czlmcan war.-Ep'
TR1nuSE.1
The absence Of personal responsibility, tht
ctnnres H official life, and comparative case
with which people can find prctc1ts for refusing
to !l1utdatc public obligations, must always u
MI elcnet,t Of Insecurity 10 making Q lon1 to
popular Government. Russia 4 troubled Will II
out any such tirnwback.-Ep. TRlnuSE.] Tho
feeling OF Insecurity was doubtlcss unc OF the
causes Of the low price which ellc bonds Of oal
War. {rhe feeling WINS not !'ascu upon an,
breach IT taitt, evcr committed by our. uoscrn
| mcnt.-Ep. rRrHuxH.l. No pollcy should lt
adopted which woull oive countenanee 70 tnt
theory that our bonds ure not o rcc,tro Unrest
mcnt, Amt, to avoid any such suspicion, Is Il
not better to lean little back In onr deter
In|natIou TINT tto charge Of stopping shall NJ
taeh to Mss [si'ver b!nds arc n good Invest
Willie &c l,aru tha legal ri9ht to pay bon1
issucl prior to ls113 ~ s'veE, still, tnasnueh q
silver tias deprecated In vulue ssucc those hand
-Ep. TR1nusEl, has ceased TO be aleeal.ten
der. md (MvHcnt therein would, III taet, d
matters staul a. pfesett, 10 payment In de
preetatcd currc1lcv. is 1t not tho wIhur aud hot
ness alike, md forcEo The pElsllcEe of 2ayt,ct,
IN stlvert For myself, see nothing Quixott
In this, anl deem Il the wiscst cuurso 10 pursue
rrhe American people will never sas'sont to til
establishment of a o'lcn-prtylcgc-Ep.1 =.
! l. hayo not tho requisite 1ata Ut t!and wit
| which to mike the necessary calculation slloH
Ing what the expense OF tilss et!lrse of proccet
!ng would be, but fell assured tl.at consitleFc
onlcty WIZ sotG'en"c ~ a..o"nt"S . ~ ~,
r.eo. a, MItI H., ~ ,t ha,am,,,.arct III. IN our favr
tn no ruiaoto spncc ug time, even sloui
} silver rou,ains at Its present value. but, II
By true, na claimed by ii.usc u iavor q r.
in9stlzut'o tat .no eses na,a. VI se os'sssn ~ y,
vn,o ~ ~ .Iivnr f,T,"y in,,.t rjaim nr a,i.ut M,
thinv OF the sort.EEp, TRlnuNHL then It
o apparent t!at our t1overuuent would find sti
. lcss advantage In maki,s0 payment In silver.
I 1t II tair to e1pert that, with some lcgislnto
I providing for tIa tnuru extensive use oE klyr
IT, ynluo will be enhanced, though probably u
:: to tho rclaslys saIua With gold ~ IL cx!ste
prior to the War. should think It sato
pruvtdc for coinaga At about halfway bet~c!
, thu prcscnt coinage mud gold value, anil 1nal
It lcgal.tctlcr for all Iebts except customs u
iutcTc4t on tho public ,lubt. u. W.J.
al
9 A NATIONAL POLICY WANTED.
+ " r, I.lusrn, E,o-nKIu AIR: 'rhc .tate
IA y, ~. .'"s.. .ss -. ~ ~ $780,, ~
- my nealth uocs aot pc9'"'' NY W a'tcna ~
! tFnctct political meetings, but fcaa WIN uc
n Interest tho reports Ut sui. meetings. "
o ,,ncc read with interest, and Its perotatio