The New York herald., 1878-01-16

OpcC1o payments
abandoned as the hour Of trial came and gold
and silver covered the while the legal tender
dollar went TO the 'front.' with the nag and stayed there
by this act OF February, 1862, by similar lcgisa.
ton at subsequent periods, every bond issued by
the government which did not on It's lace siipuate
Tor payment IN coin was made payable the xpress
words OF The law IN legal tender notes II was plainly
written In the statute that these notes,
ereenbacks, ''sball oe receivable In payment OF all
taxes, internal duties excise debts ana cenands
against the United States except duties on imports.
and OF al. CLAIMS and demands against the United
States OF every kind whatever except for interest
upon bonds and notes, whica shall be paid IN
coin, and shall also be lawful money and
legal tender IN payment OF all debts, public
ana private, within the United States, except duties
on imports and interest as aforesaid" rnis simple.
explicit and at tho samo time comprehensive enact
mont guaranteed TO the American people the right 20
pay threc-lourths OF tner national debt national
currency II was the law OF the contract when all the
hvelwenty bonds, amounting TO over $1,000, 900 700,
were purchased from tho government by the bond.
holders ana paid Tor in this currency par when 1t
was quoted at from forty 10 sixty per cent below par
IN coin. The net OF February %, 1862, first passed
the House without any provision at all for tho
payment OF interest That tenure Of the law was
attached here in tho Senate as an amendment ana
when the act thus amended returned the House
u violent conflict at once
A GLANCE AT THE RECORDS
An examination oi The Congressional Gots for the
second session OF the Thir.y-seventh Congress, at
pages S2l and 300, Will show that both Mr.. Spading,
oi New YORK. and Mr. Stevens OF Pennsylvania tho
leading members OF the Committee on Ways and
Means, aud one Its chairman, united IN dcnouncng
tho senate amendment IN the bitterest and
terms. They contended, in stern and determine
language, that even the paymen OF interest
Was an odlous anu unjust discrimination IN lavor oi
tho bondhoder and against the soldier tho sailor
the citzen, who wore compelled to .ccvc the legal
tender currency greatly deprecated by this very dis
criminaton. No Claim Tor such construed iou OF the
law in behalf OF tho bondholder Tell from
OF a leading me mber OF the party IN power during tue
same length Of other branch oil Congress or
anywhere else far as the public advised On the
contrary, in many states, and notably in Ohio, the
home OF tho President and his Secretary
Of the Treasury, the dominant party, In It's
staie convention In 1865, expressed its de-
under which the lve.twcnty bonds were issued, said
bonus should be paid IN the currency OF the country
which may be legal tenders when the government
shall be prepared 10 redeem sucn bonds" On tins
doctrine the present Chle Magistrate and his Secre
tary took their stand ouy nine years ago and told tho
people that the doctrine was true.
WHAT SENATOR SHERMAN SAID.
Not only So out secretary sherman, who now In
gave in letter dated March 20 1865 and widely pub.
iished, bis idea OF what constituted Il repuGiator.
Mr. Voorhees, then read the letter Of Secretary Sher-
man referred 10, In which ho says
Your idea that propo,e repudlste or violate a
promise when we offer to redeem the principal In legal
he refuses same Kind u money ho
P"s Tor hs Gsi II The case is S be tested ~ Law am
l am wrong, &c.
The next step in The violation OF It's Obi
cations to It's own citIzens by the American govern
ment was taken IN the enactment OF the law Of July
IA, 1870 known us tho act Tor refundng the national
debt BY sort OF moral forgery on the American
people the Relundng act provides for The
uOuub 10 tue OF UUU,UUO, Win an
mont tor coin payment written on their face, and
then further provides that these coin bonds shall
be substituted for the original Hvstwenty bonds one
In exchange for the other, dollar for dollar Avarico
IN tnc ordinary affairs oil hlo has often tempted tho
holder oi deed, will, bond other obligation for
money or property to obtain tulse construction II
possible or even to change the terms OF the nstru-
ment IN order to enbapco its value. Here
both thcse objects have been obtained by Tho money
powor-hrst false construction oil the cont ract and
next. direct change OF It's most vital terms 1t IS
true that reduction OF tho rate oil interest the
n<.uv hnnIa stou 4,
1870 900 900 OF these bonds ve per cent
$500 600 900 to bear four aud one-haf per aud
the rate vi Interest has ut nrs the Appearance OF
concession to the people, but moments calculation
will show the amount thus saved utterly trifng Ia
comparison with the enormous losses they suner by
the whole transaction.
the REORGANIZATION OF SILVER
When, however, this elaborate scheme for the de-
struction oil tho rights OF the people regard the
payment OF the nvetwsnty bonds was supposed 10 be
finished; when the gateways OF justice, OF law and OF
public morality had all been closed aud barred
and bolted against tho taxpayer by the repudiatng
acts OF March, 1862 aud July, 1870 practice OF
own citizens stop even thenY BY both the laws Of
March. 1859, and july 1870, framed in their interest
and under their direction, It 10 SO plainly written
that The bonds then outstanding and atsrward to be
issued payable IN connot in gold alone, nor In
silver alono, but IN cointhat u is impossible
struct an argument against tho propo ion. Indeed,
It Is equally difficult TO make argument in It's favor
for truth that Is sclf-evdent does not admit the
ordinary methods OF reason in It's support. In the
frs. section OF uIy IA 1870 the bonds therein
authorized uro made 'redee mi abIo In coin of tho
present standard valuc What Is there hero for con-
struction What word there taken from the law can
the kccnist casust oonstrue even into doubtful
mcaningY We all Know what tho term s'coin"
means IA connection with the OF tho precious metals
He commontod at somc length on the passage Of the
law OF February IL. lS73 ami said it's enactment was
as completely unknown 10 the peopo and, indeed. to
iourftbs oil Congress itsel as the presence OF burg
lar IN house ~ midnight Is 10 It's sleeping inmates.
lie argued that the silver dollar was eliminated IRON
money system under OF false preten ces nd
that silver had tatlod In funCtlOuH n
basis any more than gold.
Sir IN tho entire catalogue OF crimes against human
society not ono can DO found SO awful IN all
quences both immediate and remote, government
commits when " deliberately destroys the money OF It's
own citizens Wherever In all the regions Of time such
measures have been accomplished the horrors
tory have taken place. No shrinkago IN the amount
oil money no contraction OF the currency In the hands
OF the people was ever enforced by law 10 any
siderable extent, except amid broken lives, ruined
hopes despair, lost honor, and all tho vices spriugng
from the lowest depths OF poverty and human misery
1t IL said In highly intelligent quarters that at tins
hour there 3. 600, 900 OF own people uneul-
ploycd VINO have no other dependence ior iood ana
shelter than the labor OF their hands and oneha OF
whom are now trampng from place to place tor
crumbs OF charity. PItiabe ana dangerous spec
tace! IL never happened before In this land OF
bounteous nature nor would 1t now but Tor the fact
that ia these latter days class has arisen in our
midst when Is bcnrnted by the scarcity OF
money and the consequent destruction OF all those
great industries which Afford employ ment to labor.
He claimed that at the time the act OF January ~,
1875, was passed our volume OF currency already
reduced In proportion 10 population, far below Eu-
ropean nations, where labor commands barely SUD-
sistence wages We had nearly one-hali less per
capita than Germany, England or France. Tho
money of the country had been diminished nearly
$aOo oy contraction Tho labilitios Tor com.
mcical failures and bankruptcies had arisen from
an average OF Sll, C00,000 per annum TO nearly
00,000,0UQ
THE SPECIE REsUMPrioN ACT.
He commented II some length on the Specie Re
sumption act. aud SAID many Efforts haye been made
to ascertain tho exact amount Of actual gold which
this government now owns, none of when have been
entirely successful tor the reason that tho 10 so
small but It Is perfectly sale TO state alter dcductng
the amount due AZ interest the bonds, that thcre
are not this day 1hy millions OF gold IN the United
States Treasury ana IN all tho national banks besides
Ii resumption rs 10 take place on that basis tho
gigantic task oil this poor pittance Will be to stand
good for the redemption OF $500 V07 30S SO o legal
tender notes and S29, ,s4, 236 OF national bank note
circulation, making IN ali the sum OF $6+l sSl, 544 80
IL Is very PLAIN, even TO those who believe tn~t
dollar IN gold Is sufficient Tor the circulation and
dempon OF three dollars IN paper, tnat our present
condition OF dollar IN god TO ABOUT fourteen In
paper must bc radically revclutionized against tho
day liked Tor specie resumption.
THE NATIONAL BANKS.
Nntn n,Iv hnu t.a ts,I. 10