The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-01-18
The ESnunds Resolution.

Senator Edmunds' resolution on the
money question sets out with the assertion
of downright untruth. 1t begins with
these words: BE it enacted that all
bonds of the United States issued or
authorized to be issued under acts of
congress are payable principal and interest
in gold coin or it's equivalent" This is a
literal and historical fAlsehood, and we
appeal to the bonds themselves on the
issue. These bonds declare that they are
payable, not in gold coin or its equiva
lent" as the Edmunds proposition asserts. |
but in standard coin of the United States,
as the following recital on the A per cent, |
bonds proves:
Principal and interest payable in coin.
The United States of America are in
debted To-, f, or assigns, in the
sum Of - dollars
This bond is issued in accordance with
the provisions OF an act Of congress en-
titled An act to authorize the refunding
OF the national debt, approved July IA,
loiO,ameDded by an act approved January
~, 1871, and is redeemable at the pleas
ure OF the United States after the LIST day
OF September A d. 1891, 10 coin of the
standard value Of the United States on
sad july IA, 1870, with interest in such
coin from the day of the date hereof at
the rate of a per centum per annum."
The bonds themselves and the law under
which they have been issued therefore say
coin OF the standard value of the United
States and this expression means gold
and silver coin, for both gold and silver
were standard coins of the United States
down to 1873. When Senator Edmund s
resolution rejects the words we have quot
ed, and substitutes gold coin, or its
equivalent" it proposes mutiation
OF the record and fraud on the people,
by whom the bonds are to be paid.
1t IS precisely as if merchant, holding the
obligation Of farmer to pay him one
thousand bushels of corn or oats, should
claim that the contract meant corn and
nothing else. The Edmunds resolution
assumes TO interpret the contract. But
the contract does not need an interpreta
ton; it interprets itself 1t is as plain as
words cun make it, and it does not mean
what the .Edmund5 resolution declares.
That resolution is misinterpretation; it
recites fragrant uutruth.
In addition to this, it assumes that the
creditor is the proper and final adiudicator
OF contract. 1t declares that any other
payment Of the bonds, except 10 gold coin
or itsiequivalent, without consent of the
creditors would be in violation of the pub
lie faith and in derogation of his rights, =
IL this we're true the debtor would have nc
rights, whatever, under a contract. lie
would be entirely at the mercy of the
creditor. He could make no payment ex
cept with the consent of the creditor, and
therefore would be bound TO pay in what
ever the creditor might see proper to de-
msnd, whether that were silver, gold, OF
diamonds.
1t is true that, down to a very recep
tune, the silver dollar was practicall,
obsolete, aud before the issue Of green
backs, all large debts were paid in gold
But.why? Simply because gold was, then
the cheaper metal; and being the cheaper
it drove silver dollars, which were III
dearer, out the country. Debtors, 10 paw
ing their debts in gold, were merei
exercising their lawful option of paying i
the coin which was the more abundant an
could be lgot most easily. Why shout
they not continue to have this option
1t they had the right to pay in gold whe
it was the cheaper, they surely have tn
RICH; to pay in silver when 1t is th
cheaper The option of paying 10 eithe
of the two standard coins of the countr
belongs to them always and congress itse
has no authority to take it away frol
them. The claim in the Edmunds resou
ton that the act aof 1873 demonetizing 81
YER debars the people from paying thei