The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1878-02-06

United States, may not be without IN
terest to numerous readers. The amount
of this debt on the 1st of December,
1877, was 1,728, 1872, 622. 1t was Gre
ated as follows:
By act of Congress, February 8, 1861,
S18, 415,O00 of bonds bearing s per
cent. interest were issued, payable De-
cember 81, 1880. The faith of the
United States was pledged for the pay
ment of the principal and interest of
that amount of ''dollars," but is silent
as to the kind of dollars, because at that
day there was no dollar, except of gold
and silver. Both were legal tender, and
the silver dollar was worth at that time
81. O3 in gold.
March 2, 1861, 1916, 900 were issued
for the Oregon, Indian,) war debt. AT
that date the silver dollar was worth
s1.03 in gold.
August 5, 1861, there was an issue of
$189, 321 $50 of per cent. bonds, pay
able at pleasure after June 80, 1881.
The conditions of this loan are as above,
and silver was then worth $1.O3 in
gold.
March 3, 1863, s75, 900, 900 of 6 per
cents. were issued, payable at pleasure
after June 80, 1881. United States
notes at this date had been made legal
tender, so the act authorizing this issue
of bonds made them payable in fcoin"
gold and silver being the coin, and the
silver dollar being then worth $1.O4 in
gold.
March 3, 1865, $116, 9O3, $50 of bonds
were issued known as Five Twenties !;
that is they were redemsble at the option
of the Government after five years, and
payable absolutely after twenty years.
These bonds are made payable in dollars,
and that term has been construed at the
Treasury to mean coin. Gold and silver
were the coin, and silver worth 81. 03a in
gold.
Under the same act $310,617, 800 Five
Twenties were issued in 1867, and $751;
465, 300 ditto in 1868. In 1867, the sill
yer dollar was worth $1.028 in gold, and
in 1868, $1.O2 57-1OO in gold.
July l, 1862, and July 2, 1864, 1884,,
$685. 12, of Currency Skies" were issu-
ed, so called, because the interest is pay
able in treasury notes or any other cur>
rency declared by the United States to
be lawful money and legal tender.
These bonds are payable in thirty years
after date, and mature at various dates
from 1865 to 1899. In 1865 silver coin
was worth 81. OBJ, and in 1869, 81, 021 in
gold coin.
March 8, 1864, were issued 1874, $685.
800 of " Ten-Forties, so called because
redeemable at pleasure of the Govern
ment, after ten years, and payable abso-
lutely in forty years. They are payable
in coin. AT date of issue the silver dol
lar was worth s1O4 in gold.
July IA, 1870, and January 20, 1871,
$5O6, 44O, $50 of five per cent. bonds were
issued payable Gin coin of the Chem
present value" In 1870 silver coin was
worth 81. O2S, and in 1871, s1.029 in gold
coin.
AT the same date 5000, 100000 four
and one-half per cent. bonds, and $780,
100000 five per cent bonds were issued.
Same conditions.
March IS, 1869, was passed what is
known as ''The Public Credit Act" en-
titled ''an Act to strengthen the public
credit" which it did by pledging the
faith of the United States to the pay
ment of all its obligations Sin CON-" ex
cept when it was expressly provided in
the law creating the debt that it "may
be paid in lawful money or other cur
rency than gold and silver" At that
date the value of silver coin was $1.02a in
gold coin.
And that is the record of the debt.
In 1873, silver was remonetized and
became mere bullion, and, ceasing to be
legal tender for debts, declined in value.
Its demonstration will of course make it
once more worth premium in gold. 1t
is the habit of opponents of remonetiza-
ton to say that it cannot be made worth
a dollar again, because it has been de-
by the world. This is a mis-
take. In France, Italy and Japan, sill
yer is unrestricted legal tender; and in
Austria, China and British India, it is
the only local tender