The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-11-28
THE SILVER QUESTION.

Ho IhkoIeOuTS OeHtWeG lnslsls luhI
even with the silver restored to its old
position as far as Senator HEREFoRD's S
| bill can restore 1t, the bonds OF the Uni
ted tates and its customs duties would
still oe payable only in gold. OF course
we give the editor credit with believing
in what he teaches, and, therefore, the
more cheeriully do We attempt the be-
nevolent task of enlightening him.
II he will turn to the report
made by the Senatorial Silver
Com mission which was transmitted TO the
Senate on the End of March last, he will
find on page SO, and subsequent pages, q
pretty complete history of the legislation
under which the Government bonds were
issued. From that he will learn that the
United States owes no gold debt, and
that, were Senator HEREFoRD's bill d
law, every obligation which the govern
ment owes would be payable i'll silver.
We quote from this report:
can the debts of the United States,
when any special medium OF the pay
ment of either interest or principal Is ex-
pressed, are made payable either in paper
money or I'm coin," but never In gold.
The 5-20 bonds issued under the act OF
February 25, 1862, were made payable
the principal in dollars, without specify
ing the kind, and which might mean
dollars in paper or coin, and tie Interest
in coin; and, in order TO secure the coin
for paying the interest, the act specially
appropriates the customs duties, and pro
vldes that they shall be collected ''tn
coin" only, whicn includes silver as well
u gold coin. The latest and still con-
tinuing law in respect to those duties,
which is found in section 3473 OF the
Revised Statutes of 1874, declares that
they may be paid in gold and Silvsr coin
The act OF March 3, 1868, under winch
the l0-40 bonds were issued, makes both
the principal and interest OF those bonds
payable ''in COIN.
The weii-known declarstory resolution
of March IS, 1869, to "StTengthen the
public credit" makes 10 promise OF gold,
out expressly recognizes "gotd or sitrer"
as constituting the com promised IN
prior acts. The special pledge of the law
of March Is, 1869, is that all national
obligations snail be paid in "coin or It's
equivalent" except those in respect to
which 1t may have been expressly pro-
vided that the same may be paid in law
ful money, or other currency than gold
or SiLUer."
"The act of July IA, 1870, under
which the national debt is cow being re-
funded, provides tor payments, not in
gold, but IN coin, and the only new pro-
vision which it contains is that payments
shall be made in coin Of The present stan.
dag'd vaLus.'
"Bonds issued under the act of July
IA, 1870, have printed on them the fol-
lowing words:
This bond is issued IN accordance
with the provisions OF An act OF Congress
entitled 'An act to authorize the Iernd-
ing OF the national debt, approved July
IA, 1870, amended by an act approved
January 20, 1871, and is redeemable at
the ple, sure of the United States, after,
&c.. in coiD OF the standard value OF the
United States on said July IA, 1870, with
interest IN such coin.
"On the l4th OF July, 1870, the silver
dollar contained 1925 grains OF standard
silver, and was the legal equivalent OF
the gold dollar, which then contained, as
it does now, 25.S grains of standard gold.
Both the silver and gold dollars were IN
vested with the same function as money,
and were equally legal tender Tor all
debts, public and private, and for al
sums. Any person having either geld
or silver bullion had the right to deposit
it st the mint, and have it coined for his
account, in the order of its presentation,
into full legaI.tender money, and, being
so coined, it became coin OF the ''PreSent
Standard val,le," rs intended by the act
of July IA, 1870, and in which bonds
issued under that act may be legally
psid.
"The legal right of the United States
to pay its boz ds in gold or silver, at Its
option, is so clear that no serious denial
OF it is made. The claim that they
should be paid only in gold is placed on
vague and shsdowy grounds"