The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1878-02-02

National issues, especially the financial
situation of the country. A brief reca-
pitulation of the bonded debt of the
United States, may not be without IN
terest to numerous readers. The amount |
of this debt on the 1st of December,
1877, was s1,72S,832, 622. 1t was Gre
ated as follows:
BY act of Congress, February s, 1861,
s18,415,O00 of bonds bearing e per
cent. interest were issued, payable De-
cember 81, 1880. The faith of the
United States was pledged for the pay
ment of the principal and interest Of
that amount of "dolars," but is silent
as to the kind of dollars, because at that
day there was no dollar, except of gold
and silver. Both were legal tender, and
the silver dollar was worth at that time
$1.O3 in gold.
March 2, 1861, $3.50 were issued
for the Oregon, Qndian,) war debt. At
that date the silver dollar was worth
s1.03 in gold
August 5, 1861, there was an issue of
$1S9, 32I $50 of per cent. bonds, pay
able at pleasure after June 30, 1881.
The conditions of this loan are as above,
and silver was then worth $1.O3 in
gold.
March 3, 1863, SIS, 10000 of 6 per
cents. were issued, payable at pleasure
after June 80, 1881. United States
notes at this date had been made legal
tender, so the act authorizing this issue
of bonds made them payable in "coin"
gold and silver being the coin, and the
silver dollar being then worth $104 in
gold.
March 3, 1868, $116, 9O3, $50 of bonds
were issued known as Five-Twenties
that is they were redemGble at the option
of the Government after five years, and
payable absolutel y after twenty years.
These bonds are made payable in dollars,
and that term has been construed at the
Treasury to mean coin. Gold and silver
were the coin, and silver worth 81. 03 J in
gold
Under the same act $40, 617, 800 Five
Twentes were issued in 1867, and S37, :
465, 800 ditto in 1868. In 1867, the sill
yer dollar was worth Sl.02s in gold, and
in 1868, $1O2 57-1OO in gold.
July l, 1862, and July 2,s.1864, $64,-
623, 512, of Currency Skies" were issu-
ed, so called, because the interest is pay
able in treasury notes or any other ours
reney declared by the United States to
be lawful money and legal tender.
These bonds are payable in thirty years
after date, and mature at various dates
from 1865 to 1899. In 1865 silver coin
was worth s1.03a, and in 1869, 81, OBJ in
gold coin.
March 3, 1864, were issued 1894, $780,
800 of " Ten-Forties," so called because
redeemable at pleasure of the Govern
ment, after ten years, and payable abso-
lutely in forty years. They are payable
in coin. At date of issue the silver dol
lar was worth s1.04 in gold.
July IA, 1870, and January 20, 1871,
$508, 440, $50 of five per cent. bonds were
issued payable Sin coin of the Chem
present value" In 1870 silver coin was
worth $1.023, and in 1871, s1021 in gold
coin.
SSsAt the same date 5000, 0O0,0O four
and one-half per cent. bonds, and $780,
100000 five per cent. bonds were issued.
Same conditions.
March IS, 1869, was passed what is
known as ''The Public Credit Act" en-
titled San Act to strengthen the public
credit" which it did by pledging the
faith of the United States to the pay
ment of all its obligations sin coin," ex-
cept when it was expressly provided in
the law creating the debt that it "may
be paid in lawful money or other cur
rency than gold and silver" At that
date the value Of silver coin was $1.021 in
gold coin.
And that is the record of the debt.
In 1878, silver was remonetized and
became mere bullion, and, ceasing to be
legal tender for debts, declined in value.
Its reconciliation will of course make it
once more worth premium in gold. 1t
is the habit of opponents of remonetiza-
ton to say that it cannot be made worth
a dollar again, because it has been de
monetized by the world. This is mis-