The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1878-12-04

New York SUM-

New ork sun
/ We are asked to cite the law and the facts
/ Tor Tie statement that the 5-29 bonds were
/ d st made payable in greenbacks and were
"a qurntiy. BY act OF Congress. converted
into COIN bosd-, in Contradiction of thu.
terms of the original contract. Toe task is
simple. and the subject ought to be fairly
understood The act of Feb 25 1872 com
monty known ss the Legal Tender act au-
t-ioflzed tue issue vi one hundred ami fi!Ly
millions OF United States, ana declared as
follows:
such notes shall b: receivable in pay
meat OF ali taxes. Internal duties. excuses.
debts, AMI demands Of every HI ID due 60 the
I aited- States except dntie> on i'm ports, aud
O. ali claims anu demands against the Unit.
states ot every kind VIVA socver, except for
laters,t upon boItds and notes which shall be
paid IN coin. dnsi snail ais b. Ldtcfat money
aud legal tender in pay menG OF all debts.
public aad private, within the United
States except duties on imports and interest
a. Aforesaid"
The function, range and power of the
green ba are thus fully desc ibed as sslaw-
tai money The second section OF the
same act declares:
the Secretary of the Treasury is here
6y authorized To issue, on the credit OF tn
United States. coupon bonds. or registered
bonds, 10 An amount not exceeding nve
hundred millions of dollars, redeemaDIe Ut
the pleasure OF the United States alter five
years, and payable twenty years from date,
centrum per ar num, payable semi-annual-
ly."
Not a word in the act refers to the pay
meut OF the principal of these bonds, and
the first section above cited clearly shows
Ihey Were purchA>edb!e and redee,nable in
legal tenders, Bat ii aay DOUBT existed on
this point, which is no longer in dispute, it
would he removed by the fifth section, as
follows:
TIL all duties on impor ed goods shall
ne raid % haUahlA d.
Inaud heretofore authorized to be issued
and by law recoverable in payment of pub
lie dues, and TIE coin so paid shall be set
apart ;is a special fund, aud shall be applied
as f,.lawS: First. To the payment in coin
Of the interest on the bonds and notes of
| the United States"
| This coin payment of interest was the in
| ducement which was offered to the invest or
| though Ihadd-uS Stevens declared it was
| the pound flesh of the extortiOner when the
| ry was suffering. Ii is certain that
coin provided for interest on these
| bonds, and for nothing else.
The act of June 30, 1864, authorized the
| Secretary OF The Treasury TO borrow, from
time to time, on the credit of the United
/ States. four hundred millions OF dollars,
under the following provisions:
And the Secretary OF the Treasury may
| dispose of such bonds of any part thereof.
| or OF any bonds commonly known five
| tweaties Remaining unsOld, at any time, on
>uch terms rs he may deem most lvisable,
tor Idt0fak money of the uited States, or, at
his discretion, for Treasury notes, certiti
Gates of indebtne-s, or certificates of deposit
Issued unier any act OF Congress"
All these bonds were known as five
twenties, the principal of which was paya-
bic in lawful money, ard the interest alone
In coin. Or the three classes, the following
| were outstanding on June 80, 1868
Act of Fec. %, 1862 ..... S5l47SO,5OO
! Act of June 30, 1864 ........... I25.56I 300
| Act of March }, 1865 .......... aI7.502 800
Total INSTRUMENTATION. $l.557 ,944 600
The Pacific Railroad bonds aud the navy
pensions fund bonds, amounting together
! To seventy eight millions OF dollars. and
expressly payable in legal tenders, were al
| Sn mn Ia Min at that nj Ennrtepn d. Us