The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1878-03-14

bonds were sold, and gold alone
was the coin in which both parties to the
contract understood that the bonds would be
paid. These bonds entered into tine markets
OF the world. They were paid for in gold
when silver had greatly, deprecated, and
had been understood that they would he paid
in silver. The sum of 1925 600 of these
bonds has been sold during my Adj
ministration for gold coin, and the
United States received the benefit of
these sales by reduction of the rate of
interest to 4 per cent. During the
progress Of these sales doubt was suggested
rs to the coin in which payment of these bonds
would be made. The public announcement
was thcrcupOn authorized that it was not to be
anticipated that any further legislation of Con-
Sress, or any action OF any Department of the
Governments, would sanction or tolerate re-
demption of the principal of these bonds. or
payment of interest thereon, in coin of less
value than the coin authorized by law ut the
time of the issue of the bonds, being the coin
eXactcd by the Government in exchange for
the same.
In view Of these facts, it will be justly re-
gar,led as 4 grave breach of public faith to
undertake to pay thcse'bonls, principal or in
| terest, in silver coin worth in the market less
| than the coin received for them. 1t is said
that the silver dollar made Il lcyal-tendcr by
this bill will, under its operation, be equiva-
lent in value to the gold dollar. Many sup
porters of the bill believe this, and would not
justify an attempt to pay debts, either public
or private, in coin of inferior value to the
money of the world.
The capital defect of the bill is, that it con-
tains no provision protecting from its opera
ton pre- existing debts in case the coinage
which it creates shall continue to be of less
value than that which was the sole lcgal-tcll-
der when they were contracted. If it is now
proposed, for the purpose OF taking advantage
of the tla, Of silver in p1ynleut Of
debts, to coin and make a lcgaltcnder silver
dollar of less commercial value than any dol
lar, whether of gold or paper, which is now law
full money in this country. such measure, il.
will hardly be questioned, will, in the juds-
mcnt of mankind tie an act of bad faith.
As to all debts heretofore contracted, the
silver dollar should be made u legal-tcndcr
only at its market value. The standard of
value should not be changed without
the consent Of both parties to the contract.
unflnching fidelity. There is no power to
compel Nation to pay its just debts Its
credit depends on it's honor. The Nation
owes what it has led or allowed it's cred
itOrs to expect. ! cannot approve bill
which, in my Judgment, authorizes the viola
ton of sacred obligations. The obligation of
public faith transccnds all questions Of profit
or public advantage. Its unquestionahlc MAIN
tcnance is the dictate as well of the highest
eNpcdiencv as of the most necessary duty. and
should ever be carefully guarded by the Exec
utive, by Congress and by the people.
1t is my firm conviction that if the country
is to be benefited by II silver coinage, it can
be done only by the issue of silver dollars of
full value, which will defrau,l no man. 4
currency worth less than it purports to he
worth will i'll the end defraud not only the
creditors, but all who are engaged in le@iti-
mate business, and none more surely than those
who are dependent Oh their daily labor for their
daily bread. X, B. HAYES