The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-02-09
COZ HENDRICKS aysWERED.
IT Congress Lets Wei Enough Alone tho Cur
rency will Take Care Of I. self

al.
Tor the united states 10 pay cithcr inc interest
or principal of their funded debt In silver.
W,rc M, tho boldcrs NJ that doht ,hrn ;us,iooa
NV ,o7. ~ ' ,~,
IN rcudihg 'e 'olhaee "c'ol 700 Us uNciarh-
ton by the United States that the phrase in
ain - sbouii ,hcrcor,,r mann 'in coId ooir u
'"'" 9"o"'' Wv '''''" -" - NV,"'
s'hce thrre h'ilh'r WIS nor 'ou'i '' 'n'rcu'er'
under that law any other coin but gold coin
t,.,, g., ,,, ,,o,,,,,,, -, ovors,
Right here IL Is. | nm sorry now 10 Ind that
Gov. Hendricks and pnrt company and take
-. H.. T.. 1T. - H., ,,,,.,,i.,, T.. -,
III w. .',''' ,s,.,," ~
respect he has tho advantage. becnhse ne Is
| dis,i,rpishod ln,cvor and mn, , lusinoss man
y, = H. 81, -, -, ui,,., ri,,,
| lawyers in tho land. that gold payments of the
debit nre rroulred and insured by tho Refund
90, ., ~ .,t.n T.. 49,, -.
INK a', oi 100" '7'i WIZ" 'n''N'" ''"''ons
generally coin" in ts first section, but then in
its nth section to carry out the act excludes
! ii,, 49,, a.,ie III. o,,,,,o,,i IL ,b. s,crc,.r,
| sliN'T' Hhu ApeciH'aiN 'ohi'h"hhS 'ht Sv'r'WIJ
Of the Treasury TO receive only gold COIN as
| thn eoin Of d.roet md pnyment: which every
" W W =" 80 IL ~ ,., 49, =, = -
contract by every syndi chtc WIN any secretary
Of the Treasury has thus far conormcd to (;
VIM" ~, ~ ,,'
| bonds az pnr in gold. ana cNnctrd payment IN
gold and upon the tath 81 whirh a. anI such
| Interpretation the, sccurilirs ct w United
! states have been sold on better terms than ever
| before in all our history.
But II * enough Tor m' as business man 10
| C"naGe art al let5 ia Us rrinll"n 10 NE clelm
/ Of gold payment Of the reminding bonds. lust as
ly. under similar cirrumS'an"'s; AMI y twerc
| made, am certain that should pay IN gold
CON- II II took the Inst dollar ! mad. some
man than money. aud among thcm is The pub
| lie confidence That hc stan ia ny business ke
| ntorprrtation of his undertak lnss. however
onorous And 50 believe II Is win Govern
mont
As Gov Hcn1ricks owol said in his speech u
= 4fttUlluar 1874. which quoted with plI4N IA
| confidence IN several speeches during the lust
! Presidential canvass, when ia" was as-ailr'l as
an utiNiiunisi and repudiuior: lower stand
ard cannot tc sci up Tor tn Government dan
that which measures the rights and liabilities
! py. and ilt- the pr sent .l-c' Na.ty ltHinrmcr
has contra I'd mortgage On his iarm. which
he can pay tho inter ot either in wheat or
| year,. but also has given notice Ia the MORTGAGE
That he has anandoqnd tho OPTION 81 PAVING IN
strength OF that public notice the morris age Las
been, sold and IS in the hands Of third parties
pricc Of wheat then repeal his enlargement.
rcpudhtr his noti'c and pay in barley whirh
had fallen oM in its mark I price. and 50 cause
| n SERIOUS loss tn the innocent holder?
As a merchant and banker | am obliged TO
remember that the laws OF 1870 and 1874 are 10
| h,. road together and therefore il the indefinite
word coin " in the former act embraced silver.
81 IN. Infer ont which las, H. siNtv.sevsuti SOC.
ton expressly repealed oil law. inconsistent
NV IN yio ~, sn tnnt lis rrnns uf il yy'r wnrt6
| two nnld ,lollnrs could rs nm honest uarchan nj
ask Tor peymeut in silver dollars Of that wcigLtP
| Could rs nm homes, citizrn nsk Congress- ~ re-.
| p.al tho Coinage act OF 1873 80 that under the
revived Original act uumOiifl.d tho Treasury
hmnsi ys,lno. "'7 ''''V' '0''is - h'V"i''''ie
| | Womb eut N all business in,,r.ourse with
such sharp practice and cannot -rc how Con-
| gross because silver mas fallen can rrunnl ia
Modification In 1873 Of tho Rounding at in
| rrlrt. IN rrsnne IL on,inn undnr ia" law. ~
| 1870 and make pnynnnts hereunder in silver
coin Of now appreciated value
| NV admii Tint the nj Of 1874 contains no
such explicit pledge Of III, nubIic faith as ne
| Public Credit act of 1869 / admit that the
ni,.d,,e In is73 is onl, i'm nlicit But wha, ,yill
| af,.r in,'riicIt nled,res have br.n xio1nted I
admit that tn. Congress OF 1874 cannot bind a
sulssnuDnt Con rrrss unless II nuth oriyed a mi w.
| lic debt the validity OF which cannot be ones.
toned But as little could the Congress of $50
| honor Of the country repose in the wisdom and
| Integrity Of the Forty NTH Congress and Will
surely the sacradness ~ that true may ba ju-t
as much involved IN tho exercise Of H. ,on,inu-
Gus power 20 coin money and regulate the val.
" thereof rs IN lis continuous upwpr 10 " Dor
row MONEY on the credit II the United States %
The validity ~ public debts may b." questioned
ty the exercise 4 either power and either may
interfere with vested rights. ,pudiate a public
pledge. or impair the value of contracts. \ re-
cont amendment % the Constitution itself do
clarrs that tho validity ~ the public debt Of the
United Suites authorized by Law shall not
b. Questioned.
II tn" pres Mt gold dollar unit Of value IA not
sacred and irrepcalahle as agaipst u proposed
AT declaring r eO-cent silver dollar equal to a
lOO-cent gold dollar, / would not give six
pence for its sacrednrss against another act
next yeur declaring one cent equal 10 100 cents.
NJ human being could have iorr-"en that the
Coinage act Of 1878 would result IN pres nrving
to is holders the uniform value OF our public
debt. That uniform value, and the confidence.
thus far mover betrayed. in the faith and honor
of the United states have made II possible TO
effect steady reduction in the interest OF the
public debt. by which sjlopOu,O0o moro would
be- saved in the total burden Of the dctt than the
maximum profit from its fall IN value with. md
payment in. silver Moreover that uniform value
thus preserved by gold standard of the public
debt has been Of quite incs,nnhe importance
in preventing frighuui spread Of financial dis
tress during the last three years or the .126
millions ~ our bonds thus stcddicd in value
| 300 millions, according TO the best timaies.
arr owned in this country. OF these 500 mil
lions not one-twrnticih part are held ly rich in
dydunls. Ningteen-twcnteihs At Least are held
hy savings banks trust companies. Insurance
companies and estates. nearly all representing.
the savings Of the industrlous poor. Or the sup
port IT widow md orphan. while the invest
mrnis Of the rich have been shrinking. their
mills closing. their real estate sunk under
mortgages, tholr railroads deihultlng, ana our
well-to.do merchants and traders breaking
down 10y thousands under falling values on
every hand suffering lar more kcenly and gem
liz in. .aff tau