The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1878-02-28

oIogy of the laws relating to the bonds a
closer study than had, for it was In the
line of his business and of his profits. ]
had examined these laws with no profess
sional or business purpose, but only as a
citizen interested in the financial policy
of the country. He found it essential to
his argument to show, if possible, that
the law under which the public debt was
being refunded required the bonds to be
paid in gold. He used this language:
if Yet am supported by the opinion of
some of the most 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,
mentions generally 'coin in its fifth
section, to carry out the act, does exclude
silver, and especially commands the secre-
tary of the treasury to receive only gold
coin as the coin o: deposit and payment"
am sure it will astonish 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 for 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 that the deposit 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be Withdrawn at any time after thirty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
500 bonds. l was criticised by this
gentleman for using the words "gold"
and "coin," as Synonymous in a 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, but
in the second section the bonds were to
sell for coin, and in the first section they
were to be redeemable in "coin of the
present standard value" The solemn
| assurance given by that law to the public
creditor was that the bonds issued under
it should be redeemable in gold and sill
yer, of the weight and fneness then fixed
by law. Upon this subject 1 have no
new opinion to express. In my letter
accepting the st. Louis nomination for
vice president, said: "Gold and silver
are the real standard of value Indeed,
| l would rejoice if our supply of the
precious metals were sufficient for the
wants of cur trade and commerce, but
we all know that it is insufficient, and
that we must also have paper currency,
and therefore, have opposed the policy
of forced resumption Of specie pay ments
upon contractinns by Withdrawing the
treasury notes from circulation. The
treasury note has been a safe currency,
and the people have had great confidence
in 1t, and have not asked for its redemp.
ton. While it is a safe currency. it is
also cheap currency, in the sense that
it does not represent an interest bearing
obligation of the government. In that
respect and in the respect that it is a
legal-tender, it is 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 are sought to substitute
bank notes for the outstanding treasury
notes. No higher duty rests upon the
legislators of this country than the
prompt and final settlement OF the finan-
cial questions upon a right and peTms
nent basis. From the farm, the shop
and the market-place there comes the
earnest appeal for a final decision, that,
az far as may be, finance may be taken
from politics, so that under a stable adj
justment, confidence and prosperity may
return to every interest.