The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-01-27
sHERMiN's OPINION UNCHANGED.
The Technical Right to Pay the Principal OF
the 5-2Os In Legal Tender Notes.

WASHINGTON, Jan. Ex-senator Morrill, has
addressed a letter TO Secretary Sherman. invit-
ing his attention to a letter that he Sherman
wrote 10 DR.. Mann in ls6s. enclosing u speech
made 10y him in March Of that year. and which
has been used Ia prove TINT he had changed his
opinion since that time rs TO the right Of the
United States 20 pay the principal Of the $40
bonds in legal tenders Mr.. Morrill, thinks that
this does Mr.. sherman great injustice. and
adds. Whatever may have been your opinion
As to the technical rights Of the Government.
YOU always held that 1t was its first and para
mount duty To mako United States notes equal
in value TO coin"
Secretary sherman. In reply says that he has
never changed his opinion as 10 the technical
right 10 redeem the principal Of the 5-2D bonds
IN legal tenders hut has always insisted that we
could not avail ourselves OF that legal right
until we complied in all RESPECTS with the legal
and moral obligations imposed 10y the legal
tender note To- redeem It IN coin On demand ~
to restore the right 10 convert It into an interest
bearing bond. H. adds.
VI, position va. that while the Legal Tender act made
AM XVIII ,r es,os dunes ,n @ ,nier INC
public debt YET We could not honestly compel the public
bonds gnu We made sood he pedse Of the putin, lsh
the acs Of e notes issued VA. rcreaedin several
scts u ,onsfss' an was declared valid ana ohs"i',
s /; the pec;g rTace qyoei d !. ne j. az. g
Al ohg atons o the nted states hut Expressly provides
that of the iuervsthearins obligations not already
iue shall be redeemed paid before maturity, unless At
such time the United states notes shall be convertible
into coin at the option Of the holder And the act
further "solemny pledges the public faith 10 make
The redemption United States notes IN coin" This 5
IN xAct harmony with the position held when wrote
the letter to nr Mann and that now maintain the
primary principle being that the United states notes
shall nrs be brought coin before they shall Toe
forced upon the public creditor in payment Of his bond
This ACT IL the settled law. and Whatever any mans
opinions before It passed he would assume grave
responsibility who would seek 10 evHde It, weaken
its authority change its provisions has entered
has passed the ordeal OF four Congresse.
and two elections for President II cannot he
revoked without public dishonor. 80 far as the bond
holder is concerned IL j. AN executed law over sip.
u bonds haze been redeemed in coin under II.
| and the civilized world regards all the remainder ~,
covered BY its sanction and IN their faith In II sccu
rites have the second only IN the markets OF the
world Thu, law l. quite executed far as the
note holder i. concerned is note Is not yet quite A.
SAGE the best mode make II good The senate in $40
| provided, In the third section Of the Reiuniing
| act as Il passed that body that tie. notes might
| be converted into tour per cent bonds, but the
| House would not concur Everybody can now see that
II this had been done these notes would now be AT IN
| com. other cXpeiienis were proposed AMI nnAllN the
Resumption act passed and II undisturicd, Is now
ON the eve OF execution The promise made IN ls. and
often pcated l. about 20 b. fulfilled Agitation or col
he nith written the ~ every United states note
and sacr.dly pledged by the act To strengthen the public
credit Will give neither peace nor assured prospert,
| until IL : fulfilled