Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1878-01-31

IrCm the O9l0 OI LuciI lSSuOs dud
bearing interest at the rate of 4
per cent. per annum. gf
And it further provides :
"Also a sum or sums not exceed.
ing in the aggregate 1000, 100000
of like bonds, the same in, all re-
spects, but payable at the pleasure
of the United States after thirty
years from the date of their issue,
and bearing interest at the rate of
4 per cent. per aunum, all of which
said several classes of bonds and
the interest thereon shall be ex.
empt from the payment of all tax
es OF duties of the United States,
as we'll as from taxation in any
form by or under State, municipal
or local authority and the said
bonds shall have set forth and ex-
pressed upon their face the above
specified conditions, and shall, with
their coupons, be made payable at
the Treasury of the United States.
But nothing in this act, or in any
other law now in force, shall be
construed to authorize any in
crease whatever OF the bonded
debt of the United States"
Another act approved March
Is, A. d. 1869, is deemed impor-
tant in view OF the question now
before us. It is in these words
GAN ACT TO STRENGTHEN THE PUBLIC
CREDIT.
Be 1t enacted by the Senate and
House of Representatives. Of the
United States of america IN Con-
gress assembled, That in order to
remove any doubt as to the purpose
of the Government to discharge all
just obligations to the public credi.
tors, and to settle conflicting ques
tions and interpretations of the
laws by virtue of which such obli-
cations have been contracted, it is
hereby provided and declared that
the faith of the United States is
solemnly pledged to the payment
in ccin"-"coin' is the important
word-"or its equivalent of all the
obligations of the United States
not bearing interest, known as
United States notes, and of all the
Interest bearing obligations of the
United States, except in cases
where the law authorizing the is
sue of any such obligation has ex
pressly provided that the same may
be paid in lawful money or other
currency than gold and silver" =
"gold" and "silver" here are two
words that should be rendered in
the course of my argument-"but
none of said interest-bearing obli-
cations not already due shall be re
deemed or paid before maturity
unless at such time United States
notes shall be convertible into coir
at the option of the holder, or On
less at such time bonds IF the Uni
ted States bearing lower rate O
interest than the bonds to be re-
deemed can be sold at par in coin
And the United States also solemn
ly pledges its faith to make provis
ions at the earliest practicable pc
riod for the redemption of th'
United States notes in coin.''
All the bonds and obligation
embraced by the resolution befor
the Senate are embraced by tn
statutes I have cited, and there ar
no others material to the question
under discussion.
Now, 1t is plain that all the bond
. issued in pursuance of the act Q
= the 14th of July, A. d. 1870, an
: all bonds issued before that time
q were certainly solvable in any c
the legal tender coin of the Unite
States. There is no word or claus
4 OF any statute or any bond ths
] designates any particular coin {
r standard value as the coin in whic
# the bonds of the United States sha
9 be paid. Therefore, any legal tende
a coin of standard value may be use
S in payment of such bonds. Their
= we're but two species of coin estat
: lished by law as legal tender at til
;. time mentioned, to wit, gold an
9 silver, the geld dollar and the silve
dollar, the latter containing 412
!, grains of standard silver.
q Taking the state of the law, til
. nature of the bonds, the whole col
= tract, If is manifest that the wore
in the act cited, "redeenaa6ls IN COZ
Of the present standard Ualue
y y mean the legal tender coiu of th
: United States. Gold coin and til
4 silver dollar, weighing 412a grair
:. standard silver, were the only leg'
# tender prescribed by law for a
!, sums. And it follows, therefor
that the bonds were payable in I'll
d gold and silver coin, the silver do
lar of the United States.
y,
e I ask, in view of the statutes cite
n and the bonds resting upon and deri,
,, ing life from them, and what l hav
l. said, by what law or clause of Law
9 the creditor can insist upon recel,
1