Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-03-01

payment Of silver for both the principal and in.
tefest OF the public debt.
One billion one hundred and forty -thres million
four hundred and ninety three thousand four hun
dred dollars of the bonded debt now outstanding.
was issued prior to February 1873, when the Ill.
yer dollar was unknown in the circu ation of thi,
county, and with only convenient form of silver
bullion for expectation. Five hundred and eighty
lhree million four hundred and forty thousand
three hundred aud fifty dollars of the bonded
debt has been issued sicne February 1879 when
goia alone was the coin for which the bonds were
SOLO, ana gold alone was the coin in which both
pariles 70 the contract understood that the bonds
could be paid.
Those bonds flowed into the markets of IN.
world They were paid for 10 gold when silver
bad greatly deprecated, and when no one would
have bought them If il had been understood they
would be paid in silver.
The sum of S225 900 900 of these bonds ba.
been sold during my sdministf ation for geld coin
and the United States received the benefit of
these sales, by reduction Of the rate of interest
to four per cent.
During the progress Of those sales, doubt was
suggested as to the coin in which the payment of
those bonds would be made. The public an
nouncement was tbereupon authorized that it was
not TO be anticipated that any further legislation
OF congress, or any action Of any department Of
the government would sanction or tolerate the re-.
demption of the principal of these bonds or the
payment Of the Interest thereon, except in the
com eXacted by the government in exchange for
the same.
In view of that fact. it will be Justly regarded
as grave breach OF the public faIlh to undertake
TO pay these bonds, principal interest In silver
com worth IN the market less than the coin re.
ceiyed for them.
II IS SAID the silver dollar made legal ender BY
TINS DILL Will under its operation be equivalent in
full to tue gold dollar. Many supporters of the
bill believe this, bat would not justify attempt TO
pay debs, either public or private, in com inferior
IN value TO the money OF the world. The capital de-
iect ol the measures that il contains no provi-
sion protecting from its operation pre-existing
debts IN case the coinage which il creates shall
continue to be OF less value than that which was
the sole legal tender when they were contracted,
Ii 1t Is now proposed for the purpose of taking adj
vantage OF the depreciation of silver in the nav.
ment If debts, to coin aud make legal terder A
SILVER dollar of less commercial value than doll
lar whether OF gold or paper which is now the
lawful money OF this country, such a measure II
viii be hardly questioned will in the judgment of
mankind be an act OF bad faith as to all debts
heretofore contracted. The silver dollar should
be made legal tender only at its market value.
The standard of value should not be changed with
out the consent OF both parties to the contract.
The national promises should be kept with nm
hlnchug hdeiiy. There is no power to compel a
nation TO pay It's just debts. Its credit rests on its
honor. l cannot approve bill which in nv judg-
ment authorizes the violation of sacred obliga-
tons. Inc obligation of public faith transcends
all questions of profit or puDlic advantage Its
uLquestlonaole maintenance is the dictate as well
OF The highest experience as OF the most necessary
duty, and shonld ever be carefully guarded by the
executive, by Congress and by the people.
II Is my firm conviction that If the country Is TO
be benefited BY a silver coinage, it can be done
only by the issue of silver dollar of foil value
winch will def aud no man, and currency worth
less than 1t purports to be, will in the end defraud
not only Creditors, but all who engaged in le-
= itimate business, aud none more assuredly than
those who are dependent on their daily bread.
RUTHERFORD Is. HAYES.