The New York herald., 1877-09-14

be satisfied This brings us to the question In hand,
suppose silver to be remonetized.
rHK PUBLIC DEnT.
Can We, legally ana honestly pay our public DEBT In
silver as we'll as gold
Owing to the peculiar phraseoogy OF the laws under
which some OF our bonds were authorized, IL was
claimed that the principal OF them was payable IN
greenbacks and tho interest only IN coin THIS was
open question, and a movement was started 10
close IT.. To accomplish this the Forticth Congress
passed the following bull
Be sS:f.s By r.: senate and Hsa Of EsD.s.s%
bed That order any DOUBT as to the purpose
public creditors and 80 settle conflicting questions and in
,sprsatops Of the laws BY virtue o which such ooSs %
siared that tho unitsa States is soIsmny
DSsons '"s Of sSs United sG" STATES nos
known as The United states notes aud OF all the n.sres.
where the law auhorsing the Issue OF such hs,
tss1 and u
ss nS dIs n Ss
States shall be convertible at the option OF
bearing lower rate OF interest than the bonds he
be sSS a. s $ to s sS
earliest prnceabe period for the redemption o the United
There was another section In the bin but IL had no
reference to the subject undor consideration aud Is
therefore omitted This bull was passed BY both
houses OF tho Fortleth' Congress, aud sent to tho
President for his approval. II came TO him so latc
that Congress expired while he was considering II,
and the work had to be done over again. he Forty
first Congress met Immediately upon the close OF tho
prcceung one. and tho identical bill was at once
u o The Of 1862 o. to o
Senate on tho 18th OF March ana passed the same
day. II was thcn hurried 10 the President was
approved and became law on the 18th OF
March. II will be noticed that It's express
and only object is TO remove doubts aud settle con-
nictng Interpretations We may therefore, look to 1t
as a careful review OF tho whole subject aud par.
taking somewhat OF the gravity ani concusvcness ot
But lot us first 60 To Congress aud lind what was SAID
thcro In explanation OF It. The bill was debated at
length and in all It's aspects, but all We seek to know
tust shaft ~atp amt
whether they meant silver well AS gold. We are in
the Senate, very dchberatvc body Is tho 21th OF
SION. senator Hendricks has the noor Hc
says as tolows:-"Now, Mr.. President existing
laws do not authorze such construction IN regard
to a portion OF the public debt. There are.
perhaps, ", 600, 100000 oil the debt in tho form OF
bonds thai do not provide that the principal shall DO
paid Ia gold or silver but that do provide that the In
lerest shall be paid gold silver" Senator Morton
says:-"When you return to specie payments you
have nothing pay any OF your bonds with but gold
favor OF bonds payable expressly In currency Is utterly
worthless, because We shall have nothing then but
gold and silver with which to pay these bonds. T"
Senator Fessnden former Secretary OF tho Treasury
says, speaking OF tho grecnbacks;--"Sir l meant
meant what 1t said, that It would pay SO
many dollars. What was dollars dol
silver coin Senator Sherman tho present Secretary
Of tho Treasury, says, speaking of the obligation TO ro
sumo specie payments:-"rhe honor OF tho country,
the good aith OF tho nation, tho interest OF the la
borcr tho rich and the poor, all classes demand that
We should resume specie payments rs carry possi
blc and place all the obligations OF the people OF the
United States upon the solid basis OF gold and silver
con;' ana again. speaking OF tho bonds anu green
backs he says:-"what Is the first section OF this bill?
1t is simply solemn pledge Of tho United States that
all tho obligations Of tho United states, notes and
bonds shall be pad in gold and silver coin, except only
those where the law expressly provides that they shall
be paid IN lawful money.
FAITH or THE GOVERNMENT.
Let us now turn to the law itself What docs say
In substance this:-To remove doubts auh settle
ncting interpretations the faith ol tho United States
q s Sons 70 ae IN S0n or Its
where the law has expressly provided that the samc
may be paid IN lawful money or other currency than
expressly payable In lawful money were to be paid IN
gold aud silver.
Prior the passage OF the law OF 1862 during ITS pas
sage and subsequent to IT, there was not single utter
ance In Congress or Of Congress- in tho press or
elsewhere, that these bonds were payable IN gold
alone. From the time they were Issued. to 1871,
silvar was worth moro than gold a. tho relation wo
had established between them. There was no occa-
sion, therefore, to discriminate against IT, Those
selling would not be eager TO represent the
buying would not object that they were payable in
both metals. The clam that they were mado
payable in gold only is an aiterthought OF which We
heard until 1t began TO hc apprehended that sl
yer would doprsciate. IL was this apprehension that
boeAtthe claim, and abored earnestly tor demonsttzs-
top have sad that contracts are 10 be executed not
In what legal tender when they were made but III
what Is legal tender when they mature and tnat tho
bost and iarest policy that which preserves for the
maturity OF the contract the Same tender tnat was
force when IL was entered INTO When that is the
the government cannot be held responsible TOR any
changes that may occur, and neither party can be
wrOugod aud both must be satisfied.
Let US now apply this doctrine According to the
construction 0 the contract ~ liked by tho law OF
1850. whom these bonds were sold by the government
they were payable In coin Of gold and silver Lot us
with tho identical tender which was In force
when the government parted with them. That will bO
legal that will be just that WIN bo iair that viii be
est. But IL s asked would you pay in silver II II had
deprecatedY Let me ask. on the other hang, would
you pay in gold alone If It had approciatedy The
continued decentralization oil silver proongs the ap-
probation OF gold We know therefore that by TINS
policy we impose u hardship and do a wrong
I've do not know that silver will continue To
be deprecated If 1t should DO rcmonc,-
lied ON the contrary, II Is reliably Ger,
SILVER 60 up, and that the two metals would again
stand in arm and side by SIDE 1t is always duty
to undo an admitted wrong, and We should make the
trial, although there may be possible uncertainty in
the remedy. On any other theory wrongs would be
perPetuaed But II Is SAID we must tako care OF me
III gold only. Who gave these bondss Not
tho Secretary of tho Treasury. not the Congress,
and neither tho secretary or tho members OF
Congress bound to pay thcm Tho people OF the
United States gave tnern and thcy alone are bound TO
pay them. How do the people of the United States
bind themselves or mako q contracts Not by adver-
tsements or syndicatcs or secretaries or presidents.
There but one possible way, and that Is by duly
enacted law The constitution prescrbes the way aud
Congress alone Is the agency All that may DO done
any other way or by any other agency 10 entirely with
truest highest and noblcst faith in government by
the people, that faith which Is best calculated and
surest cxat and establish It's honor and credit at
homo and abroad2 1t is this. Adherence TO law In
all trials and temptations, always and In all things
cutting IN letter and In spirit Lot us be thankful IL
MAINTAIN this princplo IN all our conduct and
policy and let execute these bonds, recognizing
dischargng the entire and the exact obligation
interpreted by the law OF 1869. With this the people
will be satisfied; with this the bondhoder must and
should be satisfied By this course the stability and
safety OF the bond through all the years may bo out
1tnn In thR fu nf
fully maintained. There doubt about IT. We car
legally and nonorably pay our public debt IN silver
woll as gold, and such being our privilege we should
not abandon u.
RESUMPTION
We are In q state Of suspension on currency o.
about seven hundred millions, including bank notes
and this also should bc considered in deciding III,
question am told that the subject OF resumption
specie payments has boon set apart by you for
separate and special d scussion shall not therefor,
consider II. There must be truc and best plan io
resumption. Let mo express the hope that you may
find II, and believing as do, that evcry agency tha
Will contribute TO that result should be utzed, allow
me TO commend the remonctIzation Of silver Thcre