Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1877-12-19
CLEARFIELD Pa. WEDNESDAY, DECEMBER 10, 1877

ment Of these high rates of interest is
By adyuutupeously feiundinr the In.
dubtedn.ss. Whether the debt ia ulti
muteIy paid in voId esr silver coin il Of
h,,le iuom,ut cou,parttI with the possi.
bic r,duct,on of Interest 10 une.tbird
bv ret,,ndiny IL nt s,Iuh reduced ra,e
| Ii the Unled States had the unaues.
toned right to Ray ils bonds In silver
com, the llttlc bcneht from that pro
cess would oe greatly overoalanced by
Tue injurious ehcct o' such pay ment' II
made or proposed against the honest
convictions Of thc pubic creditors. All
thc bonds That huv" peen ISSUED since
February, 1873, when The only uhlim-
Ited lcBal tehucr WAS IN the metallic
currency ui Tue couptiy, are Justly pay.
aoic III goou com, or ~ CON oi equai
value. during thcumc oi These ISSUES,
the only dollar that could be, or was
received by The uvverI''nent, IN ex
uhanSe ior ooiius, wasNhe goid uvilar'
L" require The public crcditor 10 take
III repay meit any dollar oi less com
Inercial value, would Dc regarded by
them lbs rupuuiatinn oi the iuii ooii.
CATION assumed. The bonds issued
PRIOR TO 1913 were Issued at tlmc
when the gOlu dollar was Inc ohiy com
IN circulation or contemplated by either
the Government or the holders of the
bonds rs the coin in which they were
To bc paid. II is far better to pay
these bonds in that coin, than 10 seem
TO take advantage oi the unforeseen fall
in silver bullion TO pay in new issue
Of silver coin thus made 50 much less
valuable. The power Of the United
States to coin money, 10 regulate the
value thereof, ought never to be cxer.
cised for the purpose Of enabling the
Government 10 pay lts Obligations IN II
coin Of less value than that contempla-
ted by the parties when the bonds
were issued Any attempt TO pay the
national Indebtedness IN u coinage Of
less commercial value than the money
ui the world would involve violation
oi the public faith and work lrrepara
bic injury 10 the public credit. IL was
the great merit OF the act oi March,
1869, III strengthening the public credit,
that it removed all doubt Ms to the pur-
pose OF the United States to pay their
bonded debt in coin. That act was ac-
cepted Us II pledge OF public faith.
A REDUCTION OF Tue INTEREST RATE.
m. cov.r,m.rt b.s der,ved great
A.'a, - !, 4, H., u,,,,r.ss nm far
n,ad,. i, r..f,nd;n,, ,ba nullic d.bt -, !,
,'''' iass ,.',,. ~ y, ,n,ar,.s, wy sJheren,s m
49,, 49,. .nJ ,ns, ,ol;ov ~ an .v.c,
''hs.rr.n,',. ~ -, ,b. nnt,,ic Gnh will
.,,aJ,,', ~, c,r.rnm,in, ra,;dlv IN re,
Jnc. ,hs hnrd.n nf interest nm the
n.,;n,',I % d,.h, ~ an anonn, axc,ediu,
s9o o0, 400 ,er nnnum mud effect un n
upptep,te saving 10 the United States
ol more than $500, 100000 before the
bonds can be fully paid. In adopting
the new silver coInugo TO the ordinary
uscs Of currency IN the every day trans
actions OF life, and prescribing the
quality OF legal tender To bc assigned
10 It, II consideration OF the first i'm
porlance should be TO no adjust the
ratio between the silver and the gold
coinage which now constitutes oul
specie curre"cy, US ~ aooo'''Pnsn 'n'
desired emu o' '''"'n'a'"'"R 'hc c'rcu'a
tioh oi tho Two ''e'a'io ourioncics ahe
Keeping up tne V"'uh'o VI '"o '"o pr9
cious ihe'a's US our .'''i'''s'o 'so"oy' =
Is u 'h'Aeu q"cr''o' 'o' So'e''''no 'oaso' w
lng ana historical experience 70 ue,er
mine now iar anu oy w'ia' 'ic'nous
praciicai equ'ioriun' ca' oo '''a'''a'ne'
when WIN Keep ooln metals u, c'rcu'a
'ion IN 'he'f "Ppropr'a'o sPue,us P,'. = y
common use "a" aoso'u'e eq'"',y y
eoh''herc'ai 'a'"e' ''vo ''o'' u's'"'o'"t ,,
huctuai'ohs Is nu'u'l a''a''""'e' ano
without u ah un''n'''ou ''sa' '."'.'
i"r private lra',s'c'lons asr's"ou y .
ooth me'a's wou'u ''roN's''o', ',"u y
uriVo out 'i circu'a''o' 'no uea'o
coinage ana u,SapPo'h' 'no p''"o'fa
ooJee' propoScu " '"' '''' =
view
npPrenenu' 'nerV'oro' .na' Wv IVY ~,
conditions o' near hpproaoa " el,a' =,
Ivy oi co'an'cro'n' Na'"o oe."es" .,e..'' Wv i''
Bo'u anu sn'er .o'.'"go " 'uo e"'ro ~ ~
ho!n'ha'oh, anu ., ',''''a.'o" ., y; Wv
aihouhtr ior "n'on 'no e''''' oo''"S