The New York herald., 1878-02-21

H. 1870, TO refund the national debt. That act pro-
vocd ior the sue OF new bonds 10 tho amount OF
per cent interest The bonds SO TO be ISSUED were
De exchanged Tor the outstanding hve-twcny bonds,
par for par" or sold for coin aud tho proceeds were
10 be used in redeeming the fve-twenty bonds.
10 the first section oi the law It was
provided inat the new bonds should be made ere
deemabie in coin at tho present standard value"
Thas law, gentlemen, had no uncertain meaning. Tho
new bonds were to be substituted for all tho out
standing dvewenty bonds. They were TO be sold Tor
com. and ~ was 10 be made part OF their language
mat they shall be "redeemable- In coin OF
The present standard value" Ny views on
thls subject wore recently considered OF sufficient
importance by distinguished citlzen OF New York
call Tor a review and answer by himself. He had un-
quesiona1y gwen the pnraseology OF the law rela-
lug to the bondsa closer study than had, Tor was
In the line OF his business and his profits had OK
amIned these laws with no prof ssona or business
purpose, but only as citizen Interested in tho naucial
policy OF the country. He found IL useful 10 his
argument to show, II possible, that the laws under
which tho public debt was being refunded required
tho bonds be paid IN gold He used this ianguage-
"Yet am supported by theu0pinion Of ilustrious
lawyers IN tho land that gold payments OF
Reiundng act oil 1870 ITSELF which, indeed.
mentions generally 'coin' In It's lrsl section
ciues silver and specifically commands the Secretary
OF the Treasury to receive only gold coin The coin
OF deposit and payment" l am sure It viii astonish
YOU after hearing this passage read TO learn that the
NTH section has nothing whatever 10 do with the pro-
visions aud sales OF tho bonds.
II PROVIDES Tor this and no uiorc-ThHt the SecPa-
tary oi tho Treasury might Tor two years gold
on deposit aud issue gold certificates bearing low
rate oil interest," and that the deposit might be with
drawn at any time after thirty days upon ten days
notice. and twenty five per cent should be retained in
tho Treasury to pay tao certificates and the residue
used 10 redeem the nve.twenty bonds was criticised
by this gentleman for using tho words gold and con
az synononous IN pubic speech, yet to maintain
his argument he asked that II be believed that coin
unpi cold coin are loosely used tho
different sections Of one oil tho most important laws
OF the United. states Gold certificates were TO issue
only upon gold deposits, but IN the second section
the bonds were to sell tor coin and In the first
section they were 10 be rcdecmabc III coin OF
tho presen; standard value. The solemn assurance
gwen by that law the public creditor was
that the bonds issued under It should be redeemed
in gold and silver OF tho weight ana iinencss then
fixed by law upon this SUBJECT have no new
opinions 10 express.
SPECIE RESUMPTION.
In my letter accepting the l. Louis nomination for
Vice President said ."God ana silver are tho real
standard OF value. lnaeci, would rejoice II
for Tho wants OF trade and commerce
but VIC all know that IL Is insufficient, and also
have paper currency; and therefore, have opposed
the policy OF forced resunp pt0n Of specie payments
notes from circulation. The Treasury note has becn
a sale currency aud the people have had confidence
IN IT, and have not asked for It's redemption. While
II IL sao currency II is also cheap currency, in The
sense that Il does not represent an interest bear
Ing obligation OF tho government In that respect
and IN the respect that II Is legal tender, II is
better currency than the natsona tank note. Because
OF these views, have urged tho repeal not only
oi the resumptiop clause, but also OF the provisions
that sought 10 substitute bank notes tor the
outstanding Treasury notes. No higher duty
prompt and final settlement OF financial
questions upon right and permanent basis From
the farm and the snop and the market place thoro
comes the earnest appeal ior final decison that iur
mny be finance may be taken from politics, that
under stable adjustment confidence and prosperity
may return 10 every interest,""