The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1878-12-19
s'Thc SoIem. Pledge Of the United
Staics."
Chicago Tri5une,l4l

CllcaSO 1rioune,i5I
The observing reader cannot have failed
to notice that the ordinary money-lender
always prefaces his announcement OF his
measure OF robbery by referring to the
solemn pledge" of his victim The Shy7
lock Of the play ignored all other considera-
tions, and demanded that what was 'nomi-
mated in the bond" should be executed.
The New York Tribune, speaking for the
oddities, thus appeals to the solemn
pledge" as a pretext for the infamous
scheme TO give an extraordinary value to
gold. II says.
The solemn pledge OF the United States
made in 1879 was that the Cegai.tender notes
should be made redeemable on demand, after
a fixed date, in the coin of the United States
At taat time the United states had no coin
other than gold in which IL was possible 10
redeem It's notes. II has no coin nov, other
than gold, In which il would be possible 10
meet for single week the demand for re-
demption of notes. The pledge was neces-
sarily understood, when IL Was made, and
necessarily understood now, as pledge to re-
deem in gold coin. Consequently the legal =
tender has advanc ed, not only beyond Its
market value, considered as a promise to pay
Il2L grains OF standard silver, but beyond the
actual market value either of the standard
silver dollar, or OF the trade dollar, contain
| ing 40 grains of the standard purity. Re
demption of notes, as payment Of any other
coin indebtedness of the United States, in
standard silver dollars, woulI DE "A violation
Of the intent and meaning of a solemn pledge
OF the public faith, a understood by Congre
when IL was made, and by the executive de-
partm. nts and the whole people 10 this day
SEcn an act of bad faith would not restore,
but would under mine and break down The
public credit.
This statement is both a suppression of
| the truth and suggestion of falsehood.
The time for making solemn pledges" as
| TO contracts between creditors and debtors
is when the debt is incurred and the con-
| tract for payment is made. The United
States have three forms OF debt: Bonds is
sued prior to July, 1870. bonds Issued I'M
der the Funding act OF July, 1870, and le-
gal-tender Treasury notes Issued under the
act Of February, 1862. These debts are
payable according to the contracts made
under the law authorizing the indebted
ness. Now, what were the contracts? We
will state them briefly:
/, As to the bonds and notes Issued IN
der the act of 1862 and subsequent acts
The second section provides for their pay
ment as follows:
SIC. 5. That all duties on Imported goods
shall be paid in oOil, ana the
coin 50 paid shall be set apart a special
fund, and shall be applied as follows: ~ TO
the payment In coin OF the interest the
bonds and notes OF the United States. (2) To
the purchase or payment Of per centum OF
the entire de5t OF the United States TO be made
each fiscal year after the LIST day of July, IS6c,
which is 10 be set apart As a sinking fund,
and the interest of which shall In like man.
| ner be applied to the purchase or payment of
the public debt as the Secretary shall FIR. m
time TO time direct.
.. As declaratory of the intention OF Con-
gress TO adhere 10 the original contract for
payment, in 1869 was passed joint resolu-
ton that 1t is hereby declared that the
faith of the United States is so!emnly
pledged to the payment in coin, or it,
equivalent, oil all the obligations OF the
United States not bearing interest, known
as the United States notes"
3. The act of 1870 authorized the fund
ing of all the 6 per cent bonds outstanding
in bonds OF lower rate of interest, such new
bonds to be "redeemable in coin of the pres
ent standard value" the bonds TO have this
stipulation expressed on their face.
These were the contracts made between
debtor and creditor. The payments were
TO be made in the coin OF the United States,
gold and silver being then the standard
coins of the United States The only stip-
ulation was that in the act of 1870, that
the weight of the metal in the coinage
should not be changed, but was to be of the
standard existing in 1870. There ia no
power TO change these contracts. the ''sol-
emn pledge" of the United States was to
pay the greenbacks and all the other debt
in coin-gold or silver-ef the United
States at the option of the debtor, Just as all
the other debts of the United States had
been payable from 1898 down to the con-
tracing of these debts.