The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-11-28
The Bonds Payable in Silver.

| Behind this recent conspiracy OF the
National Banks to defeat the silver law
of Congress, that has the added en-
phasis of having been passed over the
Presidents veto, is the fact that the
bonds of the United States are paya.
BILE in standard silver dollars, the dol
lars of the fathers. 1t is not the bear.
ing of the silver question upon the
resumption that will be attempted
about six weeks hence that has caused
this concerted action of the banks and
John Sherman against silver. 1t is
something more and beyond. When
resumption is attempted there will
have been about seventeen or eighteen
millions of standard silver dollars
coined. Properly distributed, they
would be inappreciable for any pur-
pose save to facilitate business little.
But these dollars must be constantly
coined at the rate of S2,OOO,OOO pei
month, and in these dollars the Nation
al debt is payable. The bondholder
is alarmed, He will repeal the law
if possible, and the country sees the
method he has adopted, There seems
to be some doubt in the minds of sew
eral of our Cincinnati bankers, as En-
Quirer interviews show, as to the man.
ner in which the various bonds issued
by the United States are payable.
There is no doubt in New York, where
| this movement started. An eXamina-
ton of the various acts of Congress
authorizing the several original issues
of bonds will be instructive. The first
is the act of July II, 1861, which pro-
vides for the issue of S25O,OO0,O 600, ir-
redeemable till after twenty years, ,and
then redeemable at the pleasure of the
! United States, with interest payable
semi-annually.' The words tcoin,' or
lawful money! do not appear in the
section of the act directing the mode of
payment. They were payable in what
should be lawful money at their ma
turity. '.'
The next act is February 25, 1862.
This act authorizes the issue of reg
istered bonds to the sum of fiye hun
dred millions, redeemable after five
years and at the end of twenty, with
interest at per cent. The second Sec
ton provides that Duties shall be ap-
piled to the payment
IN COIN of the interest of the bonds
The principal was payable in lawful
money. 3
The next act is March 3, 1868. This
act authorizes the issue of bonds re-
deemable in not less than ten and at
the end of forty years. These bonds
are redeemable in 'coin,' and the in
terest is payable IN COIN
Next comes the act of June 80, 1864.
This provides for an issue of OOOO,-
600, redeemable in not less then five
nor more than forty years. These
bonds are payable, principal and in
terest, IN COIN. The same act pro-
yides for the bond known as the sew
eD-thirty,' which was payable, princi-
pal and interest in lawful money
Next is the act of March 3, 1865.
This provides for an issue of 5000, ,OOO,-
600, redeemable in not less than five
nor more than forty years. The prin-
cipal or interest, or both, may be made
payable IN COIN, or in other lawful
money. Provided, if payable in coin,
the interest shall not exceed per
cent, and when not payable in coin
shall not exceed $40 per cent
Next in order of time is the act of
March Is, 1869. known as the Public
Credit Act The first section is as
follows: The faith of the United
States is solemnly pledged to the pay
| ment in coin or it's equivalent of all
the obligations of the United States
not bearing interest, known as United
States notes, and of all the interest
bearing obligations of the United
States, except in cases where the law
authorizing the issue of any such OBJ
legation has expressly provided that
the same may be paid in law full mon,
ey or other currency than gold and
silver This was the act changing
the contract from one to pay in green
backs to one to pay in coin. The Sec
ond section re-enacts the act of Feb
ruary %. 1862, as follows: The coin
Maid for duties shall be
applied first to bonds and
notes of the United States.'
Last, is the act of July IA, 1870. This
provides for the issue of 5000 OOO, 900
of five per cents; 3OO,O0O,OOO of four
aud half per cents,and $1,000, 100000
of four per cents. These bonds are
'redeemable in COIN of the present
standard value The interest is pay
able in LIKE COIN
The acts demonetizing silver were
passed in 1S73-74. These extracts
from the various acts are copied from
the United States Statutes at Large
for the several years, officially publish
ed. There is nothing in any of these
acts to warrant the assumption that
the various issues of United States
bonds are payable, either principal or
interest, in gold alone. They were
all made payable in coin, including
the old silver dollar, though the letter
and the spirit of the bond authorized
the payment of the five-twenties in
greenbacks. There is no outstanding
bond of the United States not payable
in silver, which explains the attempt
of the Money Power to drive it out Of
commerce and out of law Enquirer.
On Friday last fire which started
in the postoffice in Mayville, New