The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-06-26

redemption of the four per ccut bonds ia
gold. Mr.. SuLRMANs recent letter has on
tangled il seriously, and viii certainly pro-
woke u litter opposition in Congress, from
both Republicans and Democrats, which he
can neither control nor propitatc. A very
different feeling exists now from that which
existed when coin not nominated in the
bond was substituted for lawful money of
the United States, held 10y this same ions
SHERMAN to be- grccnbacks, in payment of
the livc-twcu'y bonds.
when NJ COLLA'irR Of Vermont pro-
posed in the Senate to make the principal
n we'll ~ the interest, of the j-1Os payable
In gold Mr.. SHERMAN said: There is no
such hurdcnsnmc loan negotiated by any
civilized nation in the world a. our 5-2l
bonds if It is TO be paid in coin" Suisse
Qucntlv, lcgislation-was procured exactly
opposite to that which Mr. SHERMAN then
advocated. Now TIE hard tunes make
men careful and even stringent in constru
4 ing Lew contracts, and in requiring the
( terms of the bonds to be explicit, 80 that
: there shall be no after claps for the adj
vantage of any interest Ii there he diff
/ hculty in the present case. it proceeds en-
/ tircly from the language of the law
authorizing the loan; and for this lam
! gua.gc JoHN SHERMAN is more responsible
/ than any other man in public life, ha ing
/ been Chairman OF the Finance Committee OF
/ the senate when they were all passed.
The country has not forgotten Mr.. SHEER
MASS scaly course during the discussion
+ of the so-oalled resumption act in 1875. He
reported the hill, having concoct"d II in
CONNECTION with the bank and bond inter
r-i. OF which he is now the representative
| in the Treasury. A considerable fraction of
the Republican side We're opposed t. re-
sumption, and therefore the language OF the
bill was framed to guard against opposition
from that quarter. In fact. it was maturcd
in caucus. with an agreement To leave the
discussion "a the Democrats entirely be-
cause If MolrON, LoGAS. and other Rcpub-
lican leaders opened their lips, the trick
would ICE exposed
Mll, Nh SHLRAlAN was asked the mean
Ing of various doubtful phrases IN the bill
which might easily receive opposite inter-
prciations, he refused To- give any direct
| answer, aud said tho proper authorities
wDAld con-trur them when the time came
for practical decision. The bill vas driven
through the Senate in twenty-fuur hours,
and went through the House. under the pre-
viou- question, without any fair consideIa-
tion Whatever. Thus a policy affecting most
graveiy the finances Of the country and all
personal interests was fastened on the
statute book like other partisan measures.
with utter Indifference ~ its Consequences
or feasibility.
Mr.. SHEhMAN's letter relating to tho four
per cent bonds is a mere dictum and not
decision, for he has no power 10 mako one.
1t binds no department OF the Government,
and ha- no more obligation than tho opinion
OF the Treasury clerk who made the official
copy for his signature Besides the state
mcnts lac puts forth are not true in point OF
fact For tance
"rnicr the laws now in force there i' no coin issued
i.suaio which Oh, principal OF he four percent bond.
j. rt,,uaie te interest payable except the ti
o Me uHit,l STATE. tAo standard value nA,d hS the
laNsln '0f,c he lih VI Ju!, l-1O. when iAc uOnd,
Let us test this bold declaration by the
laws. First The act of March -, 1863, for
the Improvement Of the public credit, pro-
Nido-
Tic n.n OF 'e rm,ol state. .olcnn'y rlei.ed TO
u.u,o' fAr ruti state, not ifuIu- interest known as
lui >ic- n'c'. tnd 90 ,i tc interest bearing ol,-a
l..-,.' tMri States. ,itln tI..- vlrf, o., laws
"N 't iI r'ne oi an 't. 10 '.il-lt. 20 base il'.-N
.Nti 900, .ilir nat Doc ialI lu 4anlu n..urs az
o..,. currency ulan J.ato. .t','
-""' '' '' vi WV - ~, "''
'''' ''''' "9' - '''' 90
''' f''
''n' ''N1 ''''u .n '',.' ".', 'l' pro' ,',h'
r.,0,iif. OF uc u,i mad debit approved f.Ivlj $50
a' u,i hf an o'"'r.'"l i'n - l'7l amh' r'i'en'.
G,,o,, ,i.,,..A p i.,l M, ,...' W. ..li,'l.,,.,
Oh. ",r,n.isnr.os oii J'y H. i-,o with interest in
'''' 900" AT ''' '"' ''p per ''''' per "'""'" &C
What WIS coin Of Tn" standard value OF
the United states ON said Jlly "A, l'7O 1t
was s"!d 'l % '-lo gran or silver OF il2i
t.''-' ',.'' "' ".' N'"' I"I''E' o-lo 'h''
WE. WIS ''' "N'l f"N' N"'u com "7eu
h'''. 80 an ".''7 p''F''"- 10 '""' ''"'' nov
i"' "' "l'""9 D" ".'"'i way N''' '''
' J." |''" an" 9''''' '"''' "'' '"'' "''
' '' '''' '''t vi ''r P"",'
'''"' i' ''" 7'N''" ''''' n7 '''''' '"'
".''' .'7 7'' VI "'''''N pre- -F ""',' 10,