The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-06-28

are In law, for the opinion OF Johr
sherman is of no binding consequence
For what does the law soy these bond,
shall be sold2 In what does the law say
obedience to the law authorizing theil
issue, 10 to be stamped upon each bond
as the contract betwsen seller and
holderf The only authority for
the Issue of the four per cent
bonds, as Mr.. Sherman admits, ss the
law OF July IA, 1870, and this declares:
be IL enacted. ETC., That the Segre-
tary OF the Treasury is hereby author.
lzeu TO issue In sum or sums not ex-
ceedlng In the aggregate 1900, ,0OO,egO,
coupon or registered bonds OF the United
States, in .sueh form as he may pre-
scribe, and OF denominations OF fifty
dollars, or some multiple OF that sum,
redeemable In coin OF thu present stand
ara value, at the pleasure Of the United
States, after ten years from the date OF
their Issue, and bearing interest, pay.
able semiaannually in such coin ut the
rate OF live per cent per annum; also, q
sum or sums not exceeding in the axgre4
gate $500, 600, 900 Of like bonds, the same
In all RESPECTS, but payable at the
pleasure Of tho United States, after
fifteen years from the date OF their
issue, and receiving interest at the rate
OF four and half per cent per annum !,
also O sum or sums not exceeding In the
aggregate one thousand million dollars
or like bonds, the same in all respects.
but payable at the pleasure OF the
United Stales, after thirty years from the
date OF their issue, and bearing interest
ut the rate OF four per cent per annum
~ and the said bonds shall have
set forth and expressed upon their face
the above specified conditions"
sSEr And ha Pa M ouaataI
That the Secretary OF the Treasury is
hereby authorized to sell and dispose Of
any OF the bonds issued under this act
ut not less than par nlue for coin."
The law which m.sises the issue Of
these four per cent bonds possible per-
emptorily says, first, that they shall be
receivable in coin Of the atandard value
or July IL. 1870; second, mat they shall
be sold for ''coin" of that value third.
that these conditions Of their sale and
redemption are to be set forth and ex-
pressed upon the face Of the bonds.
Against oil this is letter from John
Sherman and Is Of small account. The
Secretary OF the Treasury may sell the
bonds, III ne can, at one hundred and
hfty In gold; they arc redeemable at
par In what was "coin" money on the
fAth OF July, 1870, nevertheless that Ia,
they are redeemable in the old silver
uoilaE5, by the terms OF the contract /, |
and we Me notice, with as good q right |
as John Sherman to file notice, that
these bonds will be paid at the pleasure
OF the government, In what was "coin"
onthe lash Of July, 1870. Neither buyers |
nor sellerg oil the bonds should make |
any mistake about that. What is set |
up against this theory?
A coinage act OF 1873, Which ON It's face |
had no relation whatever to tbs bonds |
Issued under the act Of 1870, was not
have and should not have |
any such relation. Indeed any such |
C construction OF that law is forbidden by /
The text OF she law Of 1879 itself, in the |
final section OF which we find this deela-
ration:
"Sgc. 67. That this act shall be known
as the coinage act OF 1878" and all
other acts and parts OF act pertaining to
tae mints, assay offices, and coinage Of
the United States. inconsistent with the
provisions OF this act, are hereby re-
pealed Provided, that this act shall
not be construed to affect any act done,
right accrued, or penalty incurred under
former acts, but every such right Is
hereby saved"
We have thus given the law, and all
the law, pertinent to this issue. Place
the law beside John Sherman's sinister
Letter. and Judge the bonds