The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-02-25
1873. PRICE, FIVE CENTS


correspondiEngy m722re important to society and
its value? do not believe the pennyweight Of
gold in the beautiful wine cup is as useful to
gold in the stamped coin, which does its busy
work in channels of trade, and the demonetiza-
tion Of gold would demonstrate that fact. |
have heretofore said that silver has become an
important product of this country. and mas
much as the world recognizes it as money
should not utilize our large product Of that
metal to the greatest extent that may bo found
practicable. Its value as money to this country
1s too great to be thrown away, Should oxpe-
rlence prove that because Of the Increased pro-
duction Of silver there will be permanent and
Congress is clothed with ample power to pro-
vide the proper and adequate remedy
Il is objected to the restoraion OF silver
public creditors II I thought @ That top possible
would not favor restoration however important
ment, men however is 50 entirely satisfied ed that
have no anxiety upont that question. The ques-
tion i settled by the fair reading Of the pubic
credit act OF 1869 and the refunding act OF 1870.
At the date OF the former act 1t was lawful to pay
the 5.2o bonds In treasury notes; but it was con
ing the creation Of the. debt it would not be
proper SO, to construe the laws and that. pay
ment ought not, to be made in papor. TO re-
move doubt and settle all controversy the act
was passed 1t pledged the faith of the United
states Is t3 81 payment in COIN Iopp2. the meas
be to make the law to, read that the debt shall be-
paid in coin;, The bill passed and became q law.
aaereuR3;n a l n the debt @ became payable only in
WELL for, the silver dollar was then part Of the
coin Of the country. as it was honored in law and
Next came came the lay Of July 4 1870 to refund
sue Of new bonds to the amount Of 81 300 100000,
bearing 4. ~ anu per cent interest. The
bonds so to be issued were to be exchanged for
the outstanding $40 bonds par for par or
in redeeming the $40 bonds. III the flrat see
ton of the law it was provided that the new
bonds should be made .redesp1able in coin at
men. had no, uncertain meaning The new
bonds were to be substituted for all outstanding
8 20 bonds. They were to be sold for coin, and
it was to be made part of their language that
they shall be redeemed in coin of the present
My views on this subject we're recently con
sidered, Of sufficient importance by distin-
guished citizen of Now York to call for review
the bonds closer study than had, for It was
in the line Of his business and his profits. !
had examined tn SO laws with no professional
or business purpose, but only as q citizen inter
ested ia the financial policy Of the country. He
posbe that the I. law WIS under Which G the pn6e
be paid in gold He ased this language: Yet
LAWYERS in The land that gold payments Of ho
debt are required and assured BY the refunding
at Of ge sG Which indeed IN. mentions geae
specially commands the Secretary Of the Treas
as fYn O. di
you after hearing the passage read, to learn
that the fifth section has nothing whatever to do
bonds, It provides for this and no more
that the Secretary Of the Treasury might
Ke era eeaess eeqfSs so5 dsp9o eW
| rate Of interest and that the deposit might bs
Withdrawn at any time after thirty days upon ten
in the Treasury to pay the certificates and the
residue used to redeem the fiye,twenty bonds
spg T words ee aHd ~ os IS ynony
nous in, a public speech, yet to maintain his ar,
gument he asked il to be believed that coin and
different sections OF one of the most important
laws of the United States, Gold certificates were
to ss9e only Ipo5n g9d deposits M but in the
deemable in coin Of the present standard value.
public creditor was that the bonds issued under
it should be redeemed in gold and silver at the
weight and tlneness then fixed by law. Upon
for Vice President said gold and silverhre the
fcient for the wants Of our trade and com,
meree, but we all know that it is insufficient and
| have opposed the policy Of forced resumption
of specie payments, based upon contraction, by
withdrawing the Treasury notes from circua-
tion. The Treasury note has been safe cur
reney, and the people have had confidence in it,
and have not asked for its redempt'on. Whilst
it is safe CURRENCY, it is also cheap currency
| in the sense that it does not represent any in
tn respect and in the respect that it is q legal
tender. it is q better currency than the national
| bank note. Because of these views have urged
the repeal not only of the resumption clause,
but also of the provisions that sought to sub
stitute bank notes for Notwithstanding Treasury
of this country than the prompt and final set
tlement of financial questions uDon a right and
permanent basis. From the farm and the shop
appeal for final decision. that as far as may be
finance may be taken from politics. so that un-
der a stable adjustment confidence and pros
perity may return to every interest.