The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1878-12-26
HOW TIE PUBLIC DEBT SHOULD
BE PAID.


tandard was adopted by our COVER
nent as the unit of value, by act of
April 2, 1892.
By act of January 18, 1887, the
,ilver unit of value, dollar, was reduc-
ed to 4124 grains standard, nineteen
tbs fine.
No dollar had ever been coined or
When the term "dollar"
was used in any contract or CONNER
cial transaction, silver coin of 4121
grains was understood.
The first gold dollar coined was un-
der the act Of March 3, 1s49, but it
was not declared by law dollar, or
the unit of value, but "to be of the
value of one dollar" of the silver
until.
At the close of the war, in 1865,
the entire public dept, growing out of
the war, had been contracted.
With the exceptions of the 1O-40s
of 1868, amounting to s75,0O0,0 900,
and the 1O-40's of 1864, amounting to
9194, $685. the entire public dept
was payable. by the terms of its con
traction, in lawful money, legal ten
der, whatever it might be at the time
of its maturity.
With this understanding, and on
these terms and conditions, over fit.
teen hundred million. of 5-20 bonds
were issued and sold
By the treachery of the Thirty
eight congress, the terms Of paymen
were construed to mean "coin or it
equivalent without specifying the kint
or character of the coin"
But this act of congress, being siml
ly declaratory in its nature, and o
questionable validity, did not entirel.
satisfy the bondhelders, when the fac
Of the bonds called simply for claw
full money" which greenbacks were
. then, and now are.
, So to get rid of these bonds and t
substitute in their place one who's
r face should correspond to the declal
atory credit Strengthening act of 18e
} the funding act OF July 15, 1870, wa
passed, authorizing the funding of a
the 5-20's into new bonds, "reden
= able in coin of the present standar
value"
. The legal coin at that time was tt
standard silver dollar of25.8 grain
,, $40 fine, of the value ofa dollar.
Not satisfied with this, after tn
general demonstration of silver
Europe, the bondholders prostitute
congress again in 1873, and by the a
70 of 1873 the silver dollar, the unit
value on which the contract was base
= and with which it was finally to
paid, was demonetized, abolished, al
. the gold dollar was declared to be Il
\. unit of value.
Here we have chain of repudi
o. ton acts, which ought to make t
most hardened congressman blus
~ and enkindle in the breast of every v
ter and taxpayer, an indignation whi
a. would unite them in efforts to dema
and receive restituation.
re- But to escape all charge of b
faith, and to assume the obligatic
n and carry out to the letter the unau
!, orized contracts Of our treachere
agents, let US pay in coin. that viii
H. was the legal unit of value and le,
tender for any amount at the time t
ng contract was last modified and agre
to pay both parties.
m' At the time the bonds were issu,
" and at the time the funding act v
NJ, passed, the double coin standard c
IN. listed.
We have the Republican hard M
Of ey authority of the Chicago Tribu
that "ths essence of the dounle st
"e dard has always been the debtors
wo ton to pay in the cheaper of the t
metals"
lest Ofthis there is no question.
If debtor gives his obligation
1ge pay creditor hundred bushels
wheat, without specifying whether
shall be spring or winter wheat, {
in when the obligation natures, win
wheat should be worth twenty f
nat cents more bushel than spring whit
for no man could charge the debtor W
re- bad faith or reputation if he sho
,en elect to pay in the cheapest variety.
uld is his right
- Congress should demand of the
the retary of the treasury to call and
ind the bonds In silver as fast as mints
me turn out the dollars. At the pres
ng price of silver $40, ,O00,0 900 can
,m- saved the people, by paying the bo
the in silver purchased With greenbac
aid should silver be worth more t
greenbacks, resort to the debtors
of tion and pay the latter.
~ toast at an Irish soctsty's dinner '
'no "Here's to the President of our sooi