The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-12-21
KEEP THE CONTRACT.
The Record OF tEae SILVER Ques
Hon.


The Record OF tEae SILVER Ques-
11On.
From the Lawrence Daily Journal
Senator Stanley Matthews has intro
duced a concurrent resolution reciting
the various acts of Congress authOriz-
ing the issue of bonds, and declaring
that all bonds of the United States is
sued under these acts are payable,
principal and interest, at tile option of
the government, in silver dollars of
41215 grains OF standard silver, and
such payment is not in violation of the
public faith.
This is in direct antagonism to the
views expresse1 by the President in his
message and by Secretary Sherman in
his report, and we think Mr.. Matthews
has the best of the argument.
The Language of the various acts I'M
der which the public debt was created
contains no intimation whatever that
the debt was to be paid exclusively In
gold. The act of February 25, 1862,
authorizing the issue of $50 bonds, pro-
vides that the interest shall be paid in
coin not in gold, but coin. That act
also provides that duties on imports
shall be paid in coin not in gold, but
sinking fund, payable in coin; not in
gold, but in coin.
The act of February IL, 1862, makes
its obligations payable in coin; not in
gold, but in coin.
The act of July IL, 1862, makes its
obligation payable in coin; not in gold,
but in coin.
The act of March 3, 1868, providing
for the issue of 100000, 900, makes
them payable in coin; not in gold. but
in coin:
The act of March 3, 1864, for loan
of 5000, O00,0O0 makes it payable in
coin; not in gold, but coin.
The act of June 80, 1864, to borrow
$4O0, 900. 900, makes 1t payable in coin;
not in gold, but coin. .as- -.
The act of March 8, 1866, for 5000
100000, makes them payable in "cOin
or other lawful money ;" not gold, but
coin or greenbacks.
At the time of. the passage of all
these acts the silver dollar of 412R
grains of standard silver was one OF
the "coins" of the United States, as 1t
had been from the days of Alexander
Hamilton down.
The public credit act of 1869 is equal
ly explicit. The following is the act
in full:
March Is, 1S69.-Revised Statutes,
page 735, Sec. 1868: The faith of the
United States is solemDly pledged to
the payment in coin, or its equivalent,
of all the obligations of the United
States not bearing interest, known as
United States notes, and of all the in
terest- bearing obi igations OF the Unit
ed States, except in cases where the
law authorizing the Issue Of any such
obligation has expressly provided that
the same may be paid in lawful money
or other currency than gold and siLUer.
But none of the interest bearing obli-
cations not already due shall be re-
deemed or paid before maturity, unless
at such time United States notes are
convertible into coin at the option Aof
the holder, or unless at such time bonds
of the United States bearing a lower
rate of interest than the bonds to be
redeemed can be sold at par In coin.
The faith of the United States is also
solemnlY pledged to make provision g
at the earliest practicable period for
the redemption of the United States
notes Ia coin.
Here we have the same use of the
word "coin," and gold is only mem
toned in connection with silver.
We now come to the rounding act of
1870 in which the whole matter, it
seems TO US, is set at rest in language
too plain to admit of doubt or miscon-
struction. That law required that the
following condition should be set forth
in the bond itself, and all the bonds is
sued since July, 1870, contain it upon
their face, viz:
s'This bond Is issued in accordance
with the provisions of an act of Con-
gress entitled "An act to authorize the
refunding OF the national debt, approx
ed July IA, 1870, amended by an act
approved January 20, 1871" and Is re-
deemable at the pleasure of the Unit
ed States after the first day of Septem-
Der, A. ID. 1891, in coin of the standard
value of the United States on said July
IA, 1870, with interest in such coin
from the day of date thereof" etc., etc.
This not only fixes the payment in
''coin" but coin of certain standard,
viz, that of July IA, 1870. The silver
dollar OF APPS grains is part of the
''coin'' so described. Every man who
has bought a bond since 1870 has
bought it with this contract before his
eyes.
The claim which is now put forth
that the government is bound to pay
these bonds in gold is In our view en-
tirely untenable. And since that claim
is made and is Endorsed by the execu-
tive branch of the government, it i:
eminently proper that the national
legislature should put on record it:
Construction of the contract. We have
no doubt that Senator Matthew's res.
olution will pass both branches of Con.
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