The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1878-02-14

cent, ana tnOusAnQ mllllOne TO Dear
per cent. This reduction In the ratio c
interest has, st first, the appearance {
q concession to the people, but mC
ments calculation will show tn
amount thus saved utterly trihing II
comparison with the enormous los
they suff 5red by the whole transaction
Nor is it TO be supposed that the hold
ers of the $40 per cent. bonds would
surrender them voluntarily in exchsng
for bonds of q less rate Of interest, un
less they knew they were getting bond
of higher value and were to reap sub
stsntiAl advantages by the operation
To draw q different conclusion woulC
| be to reverse the we'll asoertaIned law
of human nature. The archives OF his
tory may be ransHcked in vain to find {
single instance where q moneyed in
vestment relinquished without compul
sion superior for an inferior security
Such thing was never known and
never will be.
When, however, this elaborate
scheme for the destruction of the rights
of the people in regard to the payment
of the $40 bonds was supposed to be
finished; when the gstewsys of justice,
all been closed, and double
barred, and bolted against the
taxpayers by the repudiating acts of
March, 1869, and July, 1870, did the
practice of bad faith on the part of the
government toward Its own citizens
stop even then2 a anality appeared to
have been attained. Proclamation wa
made in every quarter that a perma-
nent settlement had been reached of the
manner in which every dollar of our ma
tional debt should be paid. We were
constantly reminded from that day for
ward that no lsw-abIding, honorable
citizen would ever again seek to reopen
or agitste the question. The bond
holders were for the time being content,
but they did not remain so 3 moment
longer than q new opportunity present
ed itself for another encroschment upon
the heavily taxed industries of the
country. By both the laws of March.
1869, and July, 1870, framed In their
interest and under their dictation, 1t is
so plainly written that the bonds then
and afterward to be issued
were payable in Ooin-not in gold alone,
nor in silver alone, but in coin-that it
is impossible to construct an argument
against tbs proposition.
Indeed, it is almost equally difficult
TO make an argument in Its favor, for
truth that is self evident does not admit
The ordinary methods of reason in its
support. In the Fl rst section of the act
IF July IA, 1870, the bonds therein au
.horized are m sde "redeemAble in coin
Of the present standard value" What
Is there here for construction. What
word here taken from the law can the
xeenest csusist construe into even q
doubtful meaning2 We ell know what
he term coin means in connection with
he use of the precious metals in the
rade and commerce of the world. Even,
however, if we did not, and we desired |
> seek q still palmer and more explicit |
guarantee, we have only to turn to the |
vet of March, 1869 1t declares its OBJ |
act in the following language
"Tbat in order to remove any doubt |
Is to the purpose of the government to
discharge all It's obligations to the pub
ic creditors and to settle conflicting |
uestious and interpretations of the
avs, by virtue of which such obligs-
ions have been contracted, it is hereby |
and declared that the faith OF
he United States is solemnly pledged
o the payment, in coin or its equiva-
ant, of all the obligations of the U nited
tates not bearing interest, known as
United States notes, and of all the in
crest bearing obligations of the United
tates, except in cases where the law
uthoriZng the issue of any such Obli-
alton has expressly provided that the
anne be paid in lawful money or other
urrency than gold and silver"
False and eperfious as this law is
newn to be, yet it has at least one
lerit. 1t is absolutely clear and I'M
ambiguous. Ii human language can
9 made to convey an unequivocsl
then this law pledged the
.ith of the government to the people
nd to the world, for the payment of
ne national debt in "gold and silver"
t is o rule of court, however, in fnd-
lg the true meaning of q law under {
onsideration, to resort, if necessary, TO {
le opinions of those by whom it was
II We do so in the present in-
.ance We are amply rewarded by rich I
William Pitt Fessenden,
len a Senator from Maine, aud who &
$50 served as Secretary of the Treas I
~, used on this floor the following G
nguage:
"Sir, L meant what said, and the
ongress of the United States meant
hat it said, that it would pay so many q
pillars. What was q dollar2 A dollar
as defined by statute. 1t was gold or G
liver CON-" t
Senator Morton, when pleading here t
81 Ia.
10 original contract, made the follow o
z statement: n
"When you return to specie pay b
ents you have nothing to pay any of
our bonds with but god or its eqIIva- Il
mt, and therefore the exception here a
favor of bonds payable expressly in il
Irrency is utterly worthless, because
q shall have nothing then but gold v
I'd silver with which to pay these 5
,nds"
But the evidence on this point would Ii
u be complete If did not call Sena- .
r Sherman, now Secretary OF the n
to refute not only all the v
esent enemies of silver as q coin Of d
gal tender, but especially to retute
Id coufound, as usual, his own subse- C
tent views. In his recent report on Il
q state of the finances, now on our Il
bles, he ssys: b
"If the market value of the silver in
g new com lie less than the gold dol j
r, 9 forced payment in the new coin o
Reputation of q part of the q
,bt" n
Now it is repudiAtion to pay the na- Il
1nAl debt in anything but gold What
as his position when the act of March, n
69, wss here on its passage7 AT that
ne he exclaimed: q,
"What is the ii rst section of this bill7 Z,
Is simply solemn pledge of the a
nited States that all the obligations of r,
70 United States, notes and bonds, a
All be paid in gold and silver com, ex- Z,
pit only those where the law expressly n
Divides that they shall be paid in law o
/ money" ii
And again, in speaking of the re- b
mption OF specie payments, be says: n