The Osceola times., 1878-03-02

become an important product OF thil
country, and inasuiuch as the world 70
cognizes it as a money medium OF ex
change, l cannot see why we should moi
utilize cur own large product OF that
metal to tho greatest extent that may be
found practicable. It's value as money
TO this country Is too great to BE- thrown
away. Should experience prsve that
because of the increased production Of
silver there will be permanent and
important difference between silver an
gold, congress is clothed with ample
power ~ provide the proper and adeq uate
remedy. II Is objected to the restoration
of silver money that il will bel in bad
faith toward the public creditors. II
thought that possible, ! would not favor
its restoration, however important to ouI
interests might esteem Il. MY iudg
ment Is 70 entirely satisfied that / have
no anxiety whatever upon that question.
The question is settled by the fair
reading Of the public credit act ol
869, and the refunding act of 1870.
At the date OF the former act
1t was lawful to pay the $40 bonds
In treasury notes, but it., was con
tended that because Of the circumstances
attending the creation OF the debt IL
would not be proper to conatrue the
laws, and that payment ought not to be
made in paper. To remove doubt and
settle all controversy, the act was passed.
1t pledged the faith of the United States
to payment in coin. / opposed the
measure in the senate, and said that its
effect would be to make the law to read
that the debt shall be paid in coin. The
bill passed and became law. There
upon the debt became payable only In
coin, not in gold coin alone, but ia silver
coin as well, for the silver dollar was
then a part. Of the coin Of the country,
as honored in law and commerce as gold.
Next came the law of July IA, 1870, to
refund the hational debt. That act pro-
vided for the issue Of new bonds to the
of fifteen hundred million dol
lars, bearing four, four and half and
five per cent. interest. The bonds 20
issued were 10 be exchanged for the out
standing 5.2ObOnds, par for, par,
or sold for coin, and the proceeds were
to bs used in redseming the $40
bonds. In the frst-s mction OF the
law it was provided that the new
bonds should be made redeemabls' In
coin, at the present standard value.
That law, gentleman, had no uncertain
meaning. The new bonds were TO be
for all the outstanding s 20
bonds. They were to be sold for coin,
and it was to be made a. part Of their
language that they should be redeemed
in coin of the present standard value.
Ny views on this subject were srecently y
considered Of sufficient impostanee by. {
distinguished citizen OF New York 10 cal
for review and answer by himself. III
had unquestionably given the phrase
ology Of the laws relating to the bonds a
closer study than bad, for 1T was In the
line of his business and of his profits.
had examined these laws with no profes
sipnal or business purpose, but only a {
citizen interested in the financial policy
Of the country. He found it essential tc
his argument TO show, II possible, that
the law under which the public debt wa
being refunded nquired the bonds to be
paid in gold. He used this language
" Yet ! am supported BY the opinion Of
some OF the mcst illustrious lawyers Of
The land that gold payments of the debt
are required and assured by the refund,
ing act of 1870 itself which, indeed,
generally coin in its fifth
section, to carry out the act, does exclude
silver, and especially commands thesecfe.
tary Of the treasury to receive only gold
coin as the coin o: deposit and payment -
I am sure it will sstonish you. after hear
ing this passage read to learn that the
fifth section has nothing Whatever to do
with the provisions and sales OF the new
bonds. It provides Tor this, and no more:
That the secretary of the treasury might
for two years receive gold on deposit and
issue gold certificates, bearing low rate
Of interest, and thar the depoeit might
be Withdrawn at any time after thirty
days upon ten days notice, and that
twenty-five per cent. should be retained
in the treasury to pay the certificates,
and the residue used to redeem the
$40 bonds. ! was criticised by this
gentleman Tor using the words "go!d'
and "ooin," as synonymous 10 q public
speech, yet to maintain his argument, he
asks that it be believed that coin and gold
coin are loosely used In the same sense, in
different sections of one of the most i'm.
portant laws of the United States The
gold certificates we've to issue
only upon gold deposits, bu,
in the second section the bonds were to
sell for coin, and in the first section they
were to be redeemablc in "coin Of Che
present standard value" The solemn
assurance given by that law to the publ,
creditor was that the, bonds issued unds,
it should be redeemable in gold and siI
yer, of the weight and fineness then fixet
by law. Upon this subject I have nj
new Aopinisn to express. In my lettel
Accepting the st. Louis nomination fol
vice president, said: "Gold and silvel
are the real standard of value.' Indeed
I would rejoice II our supply of th,
precious metals were sufficient for tn,
wants Of our trade and commerce, b6
we all know that 1t is insufficient, ant
that We must also have paper currency
and therefore, l have opposed the polisy
Of forced resumption ofspecie psymenfi
upon contractions BY Withdrawing tbs
treasury notes from. circulation. Tn,
treasury note has been safe currency
and the people have had great con6deDct
in 1t, and have not asked for its redemp
tion. While it Is a safe currency. 1t h
also cheap currency, in thu sense thai
It does not represent an interest bearing
obligation Of the government. ia thai
respect and in the respect that it 10
legal tender, it is a better currency than
the national bank note. Because OF theSl
views, / have urged the repeal, not oaly
OF the resupption clause, but also ofthe
provisions that are sought 70 substituts